Deezer Revenues Up 12.7%, Though Total Subscribers Slip

French headquartered music streaming platform Deezer reports strong revenue growth in 2024, though its total subscribers are down.

The company’s 2024 revenues reached $586 million, up 12.7% year-over-year, exceeding estimates of 10% annual growth. Meanwhile, Deezer’s total subscriber count reached 9.7 million by the end of the year, down 3% year-over-year.

Deezer’s strong revenue growth across the year was attributed primarily to partnerships, including RTL+ and Meli+, and the “12-month positive impact of price increases in [its] Direct segment.” The company also reported an operating loss of $29.76 million — an improvement over its operating loss the year prior, at over $70 million in 2023.

This change, the company says, “mainly reflected increased adjusted gross profit and lower operating costs, including non-recurring charges related to licensing agreements, which amounted to €10.1 million in 2024 compared to €18.8 million in 2023.”

Meanwhile, Deezer generated $338.52 million in its home market of France. That’s an 8.6% year-over-year increase. The company’s “Rest of World” segment (everywhere Deezer is available that isn’t France) generated $247.72 million, up by 18.7% year-over-year.

Deezer says it ended the year with a “solid financial position and free cash flow positive for the first time” in the company’s history. Its free cash flow totaled $7.12 million in 2024.

The company’s change in cash flow is attributed to the “sharp reduction of adjusted EBITDA loss, the higher generation of working capital as compared to 2023, […] as well as lower one-off items (including the impact of tax regularization.”

“2024 was a landmark year for Deezer, marked by progress, innovation, and growth,” said Deezer CEO Alexis Lanternier. “We achieved full-year revenue growth of 12%, above our financial targets, reached adjusted EBITDA break-even in the second half, and Deezer became free cash flow positive for the first time.”

“We also expanded our subscriber base in France and saw strong momentum in our partnerships segment. These milestones are a testament to the hard work and dedication of our entire team, reflecting Deezer’s ability to execute on its strategic vision with discipline and focus. Looking ahead to 2025, we are on track to achieve positive adjusted EBITDA and free cash flow.”