Music

Deezer CEO Jeronimo Folgueira Exits

Jeronimo Folgueira is resigning from his position as CEO of the streaming service Deezer, the company announced Wednesday (Feb. 28).

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Folgueira previously held the role of CEO and director of the board at Spark Networks — an online dating company — before he joined Deezer in 2021. ”I am extremely proud of what we have achieved over the last three years,” he said in a statement on Wednesday. He cited “not only the strong 2023 financial results announced today and our listing on Euronext Paris, but also the adoption of our new brand identity, our evolution to an experience service platform, and the introduction of the new artist centric payment system.”

“Together, we have accelerated the development of Deezer… and put us on a path to profitability and free cash flow generation, in line with our commitments since the IPO,” added Iris Knobloch, chairwoman of Deezer’s board of directors, in her own statement. “Deezer is back on a growth trajectory and can now build from a solid foundation, with a talented management team to capture the many opportunities in a rapidly evolving music market.”

Folgueira will stay on til the end of March and promised to “remain fully committed to supporting the company through the management transition.”

Deezer announced this week that its annual consolidated revenue was up 7.4% to 484.7 million euros ($525.2 million). The service increased prices in France, the U.K., Spain, Italy, and the Netherlands in September and observed “a sharp acceleration in growth in Q4 2023” as a result.

“Our revenue and subscriber growth substantially accelerated in Q4 and our continued improvements in profitability pave the way for us to achieve cash flow breakeven this year,” Folgueira said in a statement. “Our partnership strategy is bearing fruit, driving our overall growth and helping us win market share outside France.” 

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