Along with many other startup music streaming services Deezer is yet to make a profit despite it’s global popularity, but they hope to change that within 2 years.
Speaking on Friday to BFM Business radio, Deezer’s managing director Alexis de Gemini said that he reckons it will only take another two years for the company to become profitable. Whilst facing much larger streaming competitors Deezer aren’t worried for their future.
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Gemini said that whilst “we have to compete against Spotify, Apple across the world… in France we are making money”. France isn’t just the home of Deezer but also where it holds the largest share of the market, laying claim to over 50% of the French music streaming market.
Is Deezer Profitable
With 6 million paying subscribers Deezer are fairly overshadowed by competitors like Spotify (over 30 million paid subscribers) and Apple Music (around 15 million). However that’s not quelling Deezers aims as they hope to raise more money from investors to be valued at over €1 billion, and be making a profit within the next two years.
Gemini revealed their hopes for the future at the end of the week that Deezer finally launched in the US, after being available in many of the other world’s largest markets. With the world leading music streaming population the US market should bolster Deezer a fair bit and push them towards their ambitious hopes of becoming a for-profit business.
Whilst holding out for years for various reasons, Gemini said of their recent US launch: “We couldn’t not be there given our size.” Whilst still holding out another major market, Japan, Deezer have spread themselves across the globe making themselves available in 180 countries.
Deezer Profit Calculator
Late last year Deezer cancelled an IPO in which they hoped to raise $400 million citing the conditions of the market as their reason. Whilst losing out on a public investment Deezer instead raised $100 million from existing investors, so it didn’t end too badly for them. Using that investment Deezer pushed their marketing and launched in new markets to strengthen the service.
How Does Deezer Make Money
Bell fibe speed test. According to Deezer’s latest publicly released report they made €142 million in 2014 with losses of €27 million. That’s a large margin to reduce but Deezer seem confident.