Deezer Q1 2026 results show rising direct subscribers despite revenue dip
Deezer’s Q1 2026 results reveal a slight revenue dip alongside strong growth in direct subscribers, as the platform shifts focus away from large partnership deals.
Deezer has released its financial results for Q1 2026, revealing a mix of steady performance and ongoing transition. While overall revenue dipped slightly, strong growth in direct subscribers and continued innovation show a platform evolving with the music industry.
According to Deezer, total revenue reached €131.9 million in Q1 2026. This represents a 1.6% year-on-year decline, which the company says was expected and largely due to changes in its partnerships segment. As Music Business Worldwide also reports, this decline was largely driven by the “expected run-off” of a major partnership deal with Mercado Libre.
One of the most important trends in this first quarter is the continued rise of direct subscribers. These are users who sign up and pay for Deezer themselves, rather than accessing it through bundles and partnerships. As MBW points out, Deezer’s direct subscriber base grew by around 9% YoY, reaching 5.7 million users globally. This includes strong growth in the platform’s home country of France, where subscriber numbers rose by 9.1% to 3.8 million, as well as an 8.7% increase across the rest of the world.
Deezer attributes this performance to “a well-balanced combination of strong brand positioning, targeted promotional offers and sustained marketing investments”. This growth has also translated into higher revenue from direct subscriptions, which increased by 6.1% to €91.8 million during the quarter.
Meanwhile, Deezer’s partnerships segment is undergoing a shift. Partnership subscribers fell by 23% year-on-year to 3.2 million, reflecting the end of the Mercado Libre deal. This led to a 14.4% drop in partnerships revenue, which totalled €33.6 million in Q1 2026. As Deezer states, this reflects the ongoing “repositioning of its partnerships segment”.
While subscriber numbers in Deezer’s partnerships segment declined, the company is evidently shifting its focus. Rather than chasing volume through large bundled deals, it is placing more emphasis on direct subscribers and higher-value partnerships. This is reflected in improved revenue per user within the partnerships segment, even as total subscriber numbers fall. Deezer has also pointed to a pipeline of newer deals that are still in early stages, suggesting this part of the business is being rebuilt rather than reduced.
Regionally, France continues to lead the way. Revenue in Deezer’s home market grew by 4.2%, supported by strong direct subscription growth. Meanwhile, revenue in the rest of the world declined by 10%, largely due to the previously mentioned changes to partnerships.
Alongside these shifts, Deezer is continuing to develop new areas of its business. The company highlighted progress in its AI technology, including a licensing agreement for its detection tools. This marks an early move towards generating revenue from its own technology, while also addressing wider industry concerns around AI-generated content.
Commenting on the quarter, CEO Alexis Lanternier said, “In the first quarter of 2026, we continued to see strong momentum in our Direct subscriber base, both in France and the Rest of the World.” He added that the company is “executing on our strategic priorities, including the repositioning of our partnerships segment”, while remaining on track to meet its full-year expectations.
Looking ahead, Deezer has confirmed its 2026 outlook. The company expects revenue to remain broadly in line with 2025, while continuing to deliver positive adjusted EBITDA and free cash flow.