Music streaming service Deezer has reportedly entered into a deal to take the company public. According to The Wall Street Journal, the French streaming giant reported that they have merged with a special acquisitions company to oversee their transition, with a current valuation of $1.13 billion.
Deezer has been a major competitor for fellow streaming titans Spotify and Apple Music in France and Brazil, though their global share of the market has been less impactful overall. The service currently has 9.6 million active users, and offers a catalog of over 90million songs in addition to podcast and audiobook content. Reportedly, the company generated upwards of €400 million last year. Speaking to The Wall Street Journal, Dezeer’s CEO Jeronimo Folgueira said “What we’re trying to do with our partners is replicate the Apple and Amazon strategy, but we bring the music product and they bring the user base, so together we can replicate that model.”
Deezer previously attempted an IPO in 2015, though plans were dropped after a decline in usership at Pandora signalled a potential cooling of the streaming market.
