Deezer's revenue grew 15% in subscription earnings

French music streamer Deezer reported a nearly 15% rise in revenue for the first half of 2024 and raised a key financial target for the year, according to earnings results filed on Tuesday (July 30).

The Paris-based company generated 268 million euros ($287 million) for the six months ended June 30 — up $35 million from the year-ago period — as average revenue per user (ARPU) improved for both direct and business-to-business subscribers by 6% and 3.5%, respectively.

Deezer executives called it a strong financial performance and said the company was on track to become profitable as it was free cash flow positive in the first half of the year, with about 65 million euros ($70.4 million) at the end of June .

“These positive results are [due to] strong performance across Deezer,” In Bergen, Deezer's interim CEO, said in a statement. “Deezer holds a special place in the music ecosystem,
supporting artists, songwriters and rights holders through initiatives focused on transparency, fairness and innovation.”

Available in more than 180 markets, Deezer's roughly 10.5 million subscribers remained stable from the previous quarter.

The company raised its adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) target to a deficit of €10m, compared to Deezer's previous expected deficit of €15m for 2024, and reiterated its aim to increase revenue by 10% for the year. Deezer generated €485 million ($525 million) in revenue in 2023, up 7.4% from 2022.

Last week, Deezer announced that a former Walmart executive and founder of the consumer goods company Alexis Lanternier would become the streaming company's next CEO, taking over from Bergen, who served as interim CEO after the previous CEO, Jeronimo Folgueirahe left the company in February after a nearly three-year run in the role.

Lanternier co-founded and grew Branded, a digital-first consumer goods company, and was previously executive vice president of Walmart Canada.