French music streaming service Deezer is merging with a special-purpose acquisition company and aiming to go public at a €1.05 billion—or about $1.13 billion valuation—the companies said. (WSJ)
Deezer in 2015 attempted to go public via an IPO, but scrapped the plans. With 9.6 million paying subscribers compared to Spotify’s 180 million, Deezer is a small player in the music streaming market, where it competes with some of the largest technology companies in the world. (FT)
As of Q2 2021, Deezer only held 2 percent of the global streaming music subscription market, though it’s more popular abroad than in the U.S. In France and Brazil, the company holds 29 percent and 17 percent of the market share respectively. (TechCrunch)
Deezer posted a $130 million operating loss on revenue of $431 million in 2021, according to Monday’s press release. The Paris-based company received 60.7 percent of its revenue in France and 7 percent from Brazil. (Billboard)