Deezer’s latest financial results are a familiar tale for the streaming service: its revenues are growing, but it has yet to turnaround its gentle decline in subscribers.
Deezer generated €115.2m of revenue in the first quarter of 2023, up 6.5% year-on-year. However, its total subscribers fell from 9.5 million a year ago to 9.3 million now.
That’s not the whole story, mind. Deezer’s B2C subscribers – that’s people subscribing directly – actually grew from 5.5 million to 5.6 million over that period. It’s the B2B side of the business, where they fell from 4 million to 3.6 million, that fuelled the overall decline.
In its results, Deezer pointed to its new deal with Sonos, which launched on 20 April (i.e. after the period covered by these financials) as a sign of its ambitions.
Deezer is still reliant on its homeland, France, for the majority of its revenues though: 60.9% of them in Q1 2023, up from 59.7% this time last year.
Deezer also teased its plans for new features “to fuel differentiation and further monetisation”, while also announcing that its wellbeing app Zen by Deezer, which it has been testing since August 2022, will get a full commercial launch at the start of June.
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