Deezer Earnings: Streamer Makes Gains in France, But Total Revenue Flat in First Half of 2025

Deezer reached the mid-point of 2025 with essentially flat revenue, but the French music streamer improved its profit margin and net loss, the company announced Wednesday (July 30). 

Total revenue fell 0.3% to 267.1 million euros ($298.1 million), but adjusted gross profit improved 1.5% to 65.5 million euros ($73.1 million) and net loss improved to 7.6 million euros ($8.5 million) from 19.4 million euros ($21.6 million) a year ago. The company attributed the improvement to contributions by direct subscribers and Deezer’s non-subscription business segment, which helped compensate for a less favorable exchange rate in Brazil. 

Flat revenue puts Deezer in stark contrast to the consistent, double-digit gains of larger streaming competitors such as Spotify (which grew subscribers by 12% in the second quarter). But Deezer, which posted an 11.8% revenue gain in 2024 and a 7.4% gain in 2023, is hoping a new strategic plan will attract subscribers and, ultimately, help the top and bottom lines. To that end, in April, Deezer announced new features such as algorithmic customization, a personalized interface and new user statistics. 

Deezer is making good on one of its goals for the year: Positive adjusted earnings before interest, taxes, depreciation and amortization (EBITDA). In the first half, adjusted EBITDA was 2.1 million euros ($2.3 million), an improvement from -5.0 million euros (-$5.6 million) in the prior-year period. In a statement, CEO Alexis Lanternier called the company’s second consecutive half-year positive EBITDA “a major financial milestone that reflects the discipline of execution of our strategy and confirms our turnaround.” 

In terms of both revenue and subscribers, most of Deezer’s progress came from its home country of France. Revenue from France rose 4.0% to 160.2 million euros ($178.8 million) while the rest of the world dropped 6.2% to 106.9 million euros ($119.3 million). Direct subscribers in France climbed 8.2% to 3.6 million while the rest of the world was flat at 1.8 million. In the first quarter, Deezer renewed partnerships with Orange and Bouygues in France. 

Subscribers acquired through business-to-business partnerships fell 21.1% to 3.9 million. The decline can be partially attributed to some subscribers from a partnership with Mercado Libre who have transitioned to direct, premium subscription plans. Partnership subscriptions were boosted by Deezer’s deal with RTL+, a German media group. 

The “other” category improved 77.0% to 17.0 million euros ($19.0 million). This category covers Deezer’s white-label solutions and partnerships with hardware and media companies, neither of which produces either direct or indirect subscribers. Deezer has recently ramped up this part of its business, signing such brands as Fitness Park, a chain of gyms in France, and signing clients for Deezer Business, a streaming solution for retail locations and offices.