Deezer’s financial results yesterday came with an unexpected announcement: the company’s CEO Jeronimo Folgueira has resigned “to pursue personal projects”.
He’ll stay on until the end of March, with Deezer’s board “currently in the process of nominating a new CEO”. Folgueira joined the streaming service in 2021 and shepherded it through its transition into a public company via a SPAC merger in 2022.
His final set of financial results saw Deezer report that it ended 2023 with 10.5 million subscribers, having added 1.1 million over the course of the year.
The company’s annual revenues grew by 7.4% last year to €484.7m (around $525.7m at current exchange rates). Deezer’s homeland, France, accounted for just over 59% of those revenues.
The company isn’t yet profitable, but it did manage to cut its annual operating losses from €166.7m in 2022 to €64.4m in 2023.
There is some context for Deezer’s growth in subscribers. The number of people paying it directly for a subscription remained flat: 5.6 million in both 2022 and 2023.
However, the number subscribing through Deezer’s B2B partnerships grew from 3.8 million to 4.8 million (yes, that means 10.4 million total subscribers not 10.5 million, but we’ll assume rounding is the reason for the latter being the stated total.)
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