Deezer (DEEZR) AGM 2025 presentation summary

2024 performance highlights

• Achieved double-digit revenue growth of 12%, reaching €542m, surpassing the 10% target.

• Improved profitability with adjusted gross profit up to €134m (24.7% margin, +1.9pts) and adjusted EBITDA at €(4)m, breaking even in H2.

• Positive free cash flow of €7m for the first time and a solid year-end cash position of €62m.

• Operational expansion driven by subscriber growth in France, partnerships, price increases, and strict cost control.

• Product innovation and brand repositioning increased user engagement and distinctiveness.

Strategic initiatives and ecosystem development

• Expanded Artist Centric Payment System to cover 85% of recording royalty pool and updated publishing rights remuneration.

• Deployed AI detection to identify and exclude 100% AI-generated content, enhancing transparency and protecting creators.

• Strengthened and renewed major partnerships, launched new deals across verticals, and licensed content from wellness app "Zen by Deezer."

• Exclusive fan-artist experiences and immersive music events increased brand differentiation.

Financial results and subscriber trends

• Direct ARPU grew 5.1% YoY; direct subscriber base in France rose 4.3%, while partnership and ROW subscribers declined.

• Total revenue grew 11.8% to €542m, with strong performance in France and new partnerships in ROW.

• Adjusted gross profit margin improved across all segments, driven by revenue growth, price increases, and cost control.

• Marketing and staff costs remained tightly managed despite continued investment in brand and customer acquisition.

• Q1 2025 revenue up 1.1% YoY, with continued subscriber growth in France and stabilization in ROW.