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Deezer Q1 revenue grew 15% to €132.5 million ($141.8M) with average revenue per user increasing thanks to a price hike. Business-to-business subscribers continue to drive growth outside of France.
“Deezer’s performance in the first quarter of 2024 highlights the clear momentum and evidence that our strategy is on point,” adds Stu Bergen, interim CEO of Deezer. “By delivering unique experiences to music fans worldwide, Deezer delivers value and innovation to all our stakeholders. We continue to be a catalyst for positive change, challenging the status quo in remuneration and pricing, while maintaining our unwavering support for artists and songwriters.”
Photo Credit: Deezer
Deezer launched the second wave of its brand campaign through national television across digital channels in France and Brazil. Deezer supported the roll-out of Meli+ in Chile in February 2024, followed by Brazil and Mexico in Q3 2023. It also renewed key partnerships with TIM and FNACDarty at the beginning of 2024.
Deezer and Merlin announced another step towards fairer remuneration for artists with a renewed partnership that protects the way independent music is experienced and valued on the platform. Deezer’s artist centric royalty model combined with Merlin’s dynamic membership of independent record labels, distributors, and other rights holders and enables artists to be compensated fairly for their music.
The company is also crowing about the removal of 26+ million tracks since October 2023—including non-artist content, noise, and duplicates. Deezer says its team has trained advanced models capable of recognizing and distinguishing specific types of content such as noise and functional music. As part of its artist-centric model, Deezer says it is enforcing a stricter provider policy to ensure exceptional quality content for its users.
Consolidated revenue for Q1 2024 amounted to €132.5 million ($141.8M), up 15% compared to Q1 2023. Meanwhile, Partnerships revenue amounted to €43.3 million ($46.3M) which is up 40.3% compared to Q1 2023. That revenue is driven by the acquisition of new subscribers (+1.3M, up 35.4%) thanks to the success of deals with MeLi, RTL, and Sonos. partnerships accounted for 32.7% of total revenues in the quarter. Direct revenue reached €86.0 million ($92M), up 5.2% compared to Q1 2023.
Direct revenue growth is supported by a new wave of price increases which are now applied to more than 75% of the subscriber base. Deezer says the improved geographic mix and focus on Direct business in selected key markets is leading to the continued expansion of its subscriber base in France and the rest of the world.
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