Deezer’s still going strong. Find out what’s driving its momentum and how it’s keeping pace in the competitive music streaming race.

Deezer has released its financial results for the third quarter of 2025, revealing steady performance overall and continued subscriber growth in its home market of France. The music streaming service posted €131.4 million (around $153 million) in total revenue for the quarter, a small dip of just over 1% year-on-year.

The company’s Direct-to-consumer segment, which includes users who pay Deezer directly rather than through partnerships or bundles, remains its biggest strength. Direct revenue grew by just over 3%, reaching €87.9 million, with the total number of Direct subscribers climbing to 5.5 million, an increase of nearly 10% compared to this time last year. France continues to lead the way, with 3.7 million Direct subscribers, up 11.7% year-on-year, marking the third consecutive quarter of double-digit growth in the country.

CEO Alexis Lanternier said the results “confirm the positive impact” of Deezer’s strategy to focus on differentiation and long-term value rather than chasing scale at all costs. In France, Deezer has leaned into more localised marketing, editorial content, and artist partnerships, which seem to be resonating with listeners. Lanternier added that the platform is also seeing “sustained momentum” in other key regions, with a 6% increase in Direct subscribers outside France.

Deezer’s Partnerships segment, includes deals with telecom operators, device manufacturers, and other third parties. Partnership revenue dropped by 13% to €35.6 million, and subscriber numbers fell 24% to 3.5 million, largely due to the wind-down of promotional deals such as those offered through Mercado Libre. 

Elsewhere, Deezer’s “Other” category, including advertising, brand collaborations, and business-to-business services, provided a welcome boost, climbing more than 20% year-on-year to €7.9 million. The company has been investing more in these alternative revenue streams, including its AI-powered music tagging technology and white-label audio solutions for businesses.

Overall, the results paint the picture of a company refining its focus. While Deezer remains much smaller than global giants like Spotify or Apple Music, it’s carving out a defined position in the market, one that prioritises local engagement, artist-centric initiatives, and financial stability over sheer user numbers.

Deezer reaffirmed its full-year guidance, projecting stable revenue for 2025 and confirming expectations of positive cash flow and adjusted EBITDA by the end of the year. That would mark a significant step forward for the company, which has faced pressure in recent years to prove that smaller streaming platforms can still thrive in a market dominated by a few major players.

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