Deezer’s first quarter reveals their year so far and what we can expect from the French streamer in 2024 following a transformative 2023.

Deezer have reported some impressive growth to start their year with. The French streaming service have reported an impressive 15% growth in total revenue, driven by a number of areas and showing a strong start to 2024. Deezer’s consolidated revenue equalled €132.5 million in Q1 2024.

Deezer reported double digit subscriber growth of 12.8% year-on-year, adding over 1 million new paying users. This was largely driven by huge growth in Deezer’s partnerships, whose revenue growth grew an incredible 40.3% for Deezer in the last year. Their partnerships now represent nearly a third of their total revenue.

Last year, Deezer announced a number of large changes to their services. As with the rest of the industry, Deezer raised their subscription prices in the middle of 2023. This helped to raise their overall average revenue per user.

Another major change that Deezer introduced is their new artist-centric royalty model. This system sees Deezer redirect more revenues towards working artists from fraudulent streams, non-musical content, and by rewarding engagement.

Their user-centric model is currently operating in France in partnership with major labels Warner and Universal, and more recently independent music licensing partner Merlin. Deezer report that they have removed more than 26 million tracks since October 2023. This includes non-artist content, noise, and duplicates. Under Deezer’s new model, they will redirect revenue that may have gone to these tracks to genuine artists.

UMG and Deezer announce game-changing artist-centric streaming model

Deezer announced that CEO Jeronimo Folguiera will leave earlier this year. Stu Bergen has taken the role of interim CEO since April 1st. Bergen writes: “Deezer’s performance in the first quarter of 2024 highlights clear momentum and evidence that our strategy is on point. By delivering unique experiences to music fans worldwide, Deezer delivers value and innovation to all our stakeholders.”

Deezer’s impressive Q1 doesn’t quite reach industry leader Spotify’s impressive 20% year-on-year growth.

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