Deezer raised its 2026 revenue and profitability outlook after reporting a second consecutive quarter of revenue growth. Its Direct business drove the increase, while subscriber losses in Partnerships weighed on the overall customer base.
Third-quarter results
The Paris-headquartered streaming platform reported third-quarter revenue of €133.8 million, up 1.8% year on year, or 1.0% at constant currency. Revenue for the first nine months rose 0.9% to €402 million, or 0.6% at constant currency.
- Direct revenue increased 7.0% to €94.1 million, or 6.4% at constant currency, supported by subscriber growth and improved retention. Direct subscribers rose 5.7% to 5.8 million, including increases of 6.5% in France and 4.0% elsewhere.
- Partnerships revenue declined 6.2% to €33.4 million, or 7.5% at constant currency, despite a 16.7% rise in average revenue per user (ARPU) to €3.70. Partnerships subscribers fell 17.1% to 2.9 million amid the expected wind-down of legacy distribution agreements.
- Other revenue, including advertising and ancillary income, fell 19.5% to €6.4 million, or 20.6% at constant currency, partly because a content licensing agreement ended.
Deezer’s total subscriber base fell 3.2% year on year to 8.7 million.
Updated full-year outlook
Deezer now expects revenue to rise slightly year on year, compared with its previous forecast of broadly stable revenue. It expects adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to exceed €10 million, replacing earlier guidance for positive adjusted EBITDA. The company also expects positive free cash flow for a third consecutive year.
Chief executive Alexis Lanternier said: “We delivered revenue growth for a second consecutive quarter, supported by the continued expansion of our Direct business. We are focused on building lasting connections between artists and fans, giving listeners more reasons to choose Deezer and stay with us.”
