Streaming service Deezer published its latest financial results yesterday, and they reveal the challenges facing a DSP at its level.
The company’s revenues for the first half of 2023 were up 6.3% to €233.2m ($254.6m at current exchange rates) while its net losses narrowed from €51.9m to €38.4m.
However, Deezer’s total subscribers were down 1.8% to 9.3 million, with direct subscribers (people who pay for Deezer themselves) flat year-on-year. The company has also adjusted its forecast for its annual revenues this year.
Having previously predicted more than 10% growth in 2023, Deezer is now forecasting between 7% and 10% growth due to “a more gradual build-up” of its new partnerships and revenue sources than expected.
“We continue to grow and have cut our losses by almost half compared to last year,” was how CEO Jeronimo Folgueira framed the results.
“Additionally, the recent signatures and launches of large, new partnerships will help us accelerate growth in the years to come.”