Deezer grows Q3 revenue by 1.8% as direct subscribers approach six million
Deezer has reported its second consecutive quarter of revenue growth, driven by rising direct subscriptions.
Deezer has reported third-quarter revenue of €133.8 million, up 1.8% year-on-year, and raised its financial outlook for the full year. The results, published on the 27th of October, show its direct subscription business continuing to grow, despite a decline in the platform’s overall subscriber base.
Deezer now expects revenue to grow slightly in 2026 compared with 2025, having previously forecast broadly stable revenue. It also expects adjusted EBITDA, a measure of operating profitability, to exceed €10 million this year.
Direct subscriptions drive Deezer’s revenue growth
According to Deezer’s Q3 financial results, direct revenue reached €94.1 million, up 7.0% year-on-year, or 6.4% at constant currency. Direct subscribers increased by 5.7% to 5.8 million.
France remains Deezer’s biggest market, with 3.9 million direct subscribers, up 6.5% year-on-year. The company attributed this growth partly to its Family plans. Its other markets collectively recorded 1.9 million direct subscribers, up 4.0%, supported by improved retention.
This continues a trend seen earlier in the year, when Deezer’s direct subscriber numbers grew in Q1 2026, despite a decline in overall revenue.
However, Deezer’s total subscriber base fell by 3.2% to 8.7 million. Subscribers accessing the service through third-party partnerships dropped by 17.1% to 2.9 million, reflecting the expected wind-down of legacy distribution agreements.
Partnership revenue consequently fell by 6.2% to €33.4 million. Other revenue, including advertising and ancillary income, dropped by 19.5% to €6.4 million, partly due to the end of a content licensing agreement in the fourth quarter of 2025.
Despite these declines, direct subscriptions more than offset the losses. Across the first nine months of 2026, Deezer generated €402.0 million in revenue, up 0.9% year-on-year, or 0.6% at constant currency.
Deezer raises its 2026 financial forecast
The improved performance has given Deezer greater confidence in its full-year outlook. The company now expects revenue to grow slightly compared with 2025, alongside adjusted EBITDA of more than €10 million. It also anticipates positive free cash flow for the third consecutive year.
For independent artists and labels, these results offer a useful snapshot of how streaming platforms are navigating a competitive market. Deezer’s direct subscriber base is growing, but the overall figures show that audience growth alone doesn’t tell the whole story. Retaining paying listeners and generating revenue from subscriptions are also important to the platform’s financial health.
AI detection remains a priority
Deezer says it has detected and excluded more than 42 million AI-generated tracks from recommendations since January 2025. Before the end of 2026, it plans to introduce a toggle allowing listeners to exclude AI-generated music from search results, giving them more control over what they hear. The planned Deezer AI music toggle is part of the platform’s wider efforts to address the growing volume of AI-generated uploads.
The technology is also being used beyond Deezer’s own streaming service to help rights organisations identify AI-generated recordings. For artists and labels, these developments are worth watching as streaming platforms look for ways to manage growing music catalogues and give listeners more control over music discovery.
Deezer is due to publish its full-year 2026 results on the 17th of March 2027.