Photo Credit: Deezer
Deezer has reported a 13.8 percent year-over-year (YoY) revenue boost for 2022’s third quarter amid a push for €1 billion in annual income.
The Access Industries-owned platform, which debuted on the Euronext Paris via a special purpose acquisition company merger in July, just recently unveiled its Q3 2022 financials. According to the quarterly breakdown, Deezer generated a total of €115.2 million (the euro and the dollar are near parity at present), for the initially noted 13.8 percent improvement from the same stretch in 2021.
Within the total, higher-ups communicated that business-to-consumer (B2C) income had increased by 11.6 percent YoY to crack €79.8 million. Deezer attributed the hike to “significant” average revenue per user growth (up 14.8 percent to €4.7), which itself is said to have resulted in part “from price increases and the positive impact of the group’s new strategy to focus on selected key markets.”
Meanwhile, B2B deals accounted for €30.5 million (up 13.2 percent YoY) during Q3, the document shows, with the jump “reflecting a robust performance of recent partnerships with SFR (France), Globo (Brazil) and A1 (Europe).”
Rounding out Deezer’s total revenue for Q3 2022 is €4.9 million classified in the “other” category (up 77.7 percent YoY), including “advertising and ancillary revenue” as well as consolidated revenue from livestream platform Driift. (Deezer injected $4.5 million into the latter in September, thereby becoming the largest stakeholder.)
Predictably, the lion’s share of the Paris-headquartered streaming platform’s Q3 revenue, €69.7 million, derived from operations in France (up 13 percent YoY), compared to a 15.1 percent gain for Rest of World and its €45.6 million in income.
In keeping with the totals, 3.4 million of Deezer’s 5.6 million B2C subscribers resided in France as of Q3 (up 9.5 percent YoY). The remaining 2.2 million subscribers resided in Rest of World and dipped by 15.8 percent from Q3 2021, ostensibly due to a company-wide “strategy to focus on selected key markets” – i.e. comparatively lucrative markets including Germany, where industry revenue reportedly approached $1 billion during H1 2022.
B2B subscribers also fell (by 2.8 percent to 3.8 million) during Q3 and contributed to a decrease in overall subscribers at 9.4 million.
For 2022’s initial nine months, Deezer identified €334.6 million in revenue (up 12.7 percent from Q1, Q2, and Q3 of 2021), and execs have forecasted €455 million in income for the entirety of the year. When the market closed today, Deezer stock (DEEZR on the Euronext Paris) was worth €3.40 per share, for a market cap of nearly €385 million.
One month ago, Deezer unveiled a feature that enables users to search for songs by humming, whistling, or singing, having expanded its Sonos partnership (and its voice-control options) over the summer.