Deezer Reports Strong Revenue Growth in Q1 2024

Deezer announced a 15% increase in total revenue for Q1 2024, reaching €132.5 million. The growth is in line with the company’s annual financial targets, including an expected improved adjusted EBITDA of better than €(15) million for the year. The significant rise partly attributes to a 40.3% increase in partnership-derived revenue, now accounting for about one-third of total revenue.

The company also reported a 12.8% increase in its subscriber base year-over-year, expanding to 10.5 million. This growth is backed by its successful expansions of recent partnership deals. Additionally, Deezer implemented price hikes affecting over 75% of its Direct subscriber base, which contributed to an increase in Average Revenue Per User (ARPU).

Deezer has continued to optimize its music catalog quality, removing over 26 million tracks identified as noise or fraudulent content. This move aligns with Deezer's strategic focus on enhancing user experience and supporting the music industry through fair compensation models, such as their partnership with the independent record label Merlin.

Furthermore, Deezer's inclusion on Fast Company’s list of the world’s most innovative music companies underscores its ongoing contributions to the industry. Looking ahead, Deezer remains confident in achieving a 10% revenue growth for 2024, with positive free cash flow and continued profitability improvements.