Deezer’s 2023 report reveals the results of their big changes but sees CEO Jeronimo Folgueira exiting the music streaming service.

Last year was a huge one for Deezer. The French-based music streaming service has never quite been on the same level as big competitors like Spotify and Apple Music. A huge brand refresh and a revolutionary new royalty system saw them looking to make a real impact.

Deezer’s 2023 results show a strong result, earning over 1 million subscribers for a total of 10.5 million by the end of the year. With growth for the year at 7.4%, their big end of year announcements clearly made an impact bumping up to 12.1% growth for Q4 2023.

Whilst things are looking good for a promising 2024, the man who led these business developments is stepping down. Deezer announced that CEO Jeronimo Folgueira will be departing at the end of March “to pursue personal projects”. The Board of Directors are now looking to nominate a new CEO.

Folgueira said: “I am extremely proud of what we have achieved over the last three years, not only the strong 2023 financial results announced today and our listing on Euronext Paris, but also the adoption of our new brand identity, our evolution to an experience service platform, and the introduction of the new Artist Centric Payment System.”

Chairwoman of the Board of Directors, Iris Knobloch said: “On behalf of the Board, I would like to extend my warmest gratitude to Jeronimo for all the work done over the course of these last three years. Together, we have accelerated the development of Deezer, listed the company on Paris Euronext and put us on a path to profitability and free cash flow generation, in line with our commitments since the IPO.”

Folgueira closed his statement, saying: “It has been an honor to serve Deezer as CEO and I remain fully committed to supporting the company through the management transition.”