Deezer CEO Jeronimo Folgueira is stepping down

Jeronimo Folgueira is stepping down as CEO of streaming service Deezer, the company announced on Wednesday (February 28).

Folgueira previously held the role of CEO and board director at Spark Networks – an online dating company – before joining Deezer in 2021. “I am extremely proud of what we have achieved over the past three years,” he said in a statement. on Wednesday. He cited “not only the strong 2023 financial results announced today and our listing on Euronext Paris, but also the adoption of our new brand identity, our evolution into an experience services platform and the introduction of our new artist-centric payment system ».

“Together, we have accelerated Deezer's growth … and put us on a path to profitability and free cash flow generation, consistent with our IPO commitments,” he added. Iris Knobloch, chairman of Deezer's board of directors, in its own statement. “Deezer is back on a growth trajectory and can now build from a strong foundation, with a talented management team to capture the many opportunities in a rapidly evolving music market.”

Folgueira will stay on until the end of March and promised to “remain fully committed to supporting the company during the transition to management.”

Deezer announced this week that its annual consolidated revenue rose 7.4% to 484.7 million euros ($525.2 million). The agency raised prices in France, the UK, Spain, Italy and the Netherlands in September and noted “a sharp acceleration in growth in Q4 2023” as a result.

“Our revenue and subscriber growth accelerated significantly in the fourth quarter, and continued improvements in profitability pave the way for us to achieve cash flow this year,” Folgueira said in a statement. “Our partnership strategy is paying off, driving our overall growth and helping us gain market share outside of France.”