Deezer (DEEZR) AGM 2024 presentation summary

2023 key highlights and business performance

• Achieved historic subscriber growth to 10.5 million, up 1.1 million (+11.5% YoY) in 2023.

• Revenue grew 7.4% for the year, with Q4 revenue up 12.1% YoY, driven by partnerships and price increases.

• Adjusted EBITDA loss halved to €(29)m, with a robust cash position of €63.6m at year-end.

• Brand successfully relaunched with refreshed identity and multi-channel campaigns.

• Expanded global footprint through renewed and new partnerships with major telcos, media, and retail partners.

Strategic initiatives and industry leadership

• Introduced an artist-centric model, rewarding artists and renewing key contracts with improved terms.

• Led industry with price increases and gradual global deployment, with minimal churn impact.

• Enhanced music experience services, including shareability, ticketing, and interactive features.

• Focused on operational excellence, strict cost control, and targeted marketing investments.

Financial results and outlook

• All-time high subscriber base and increasing ARPU, with strong partnership-driven growth.

• Adjusted gross profit rose 12.6% to €110m, with margin improvement across all segments.

• Q1 2024 revenue up 15%, with partnerships revenue up 40% YoY.

• Confirmed 2024 targets: 10% revenue growth, adjusted EBITDA loss better than €(15)m, and positive free cash flow.