PARIS, France (Hypebot) – Because of its comparatively low profile in the US, Deezer is not always mentioned in the same sentence as Spotify and Apple Music. But in much of the rest of the world, France based Deezer is a top tier competitor.
Global streaming music service Deezer has moved ahead of Spotify in at least one way. It's beating it to the public markets.
Deezer announced on Tuesday that it is planning an IPO on the Paris stock exchange later this year. Analysts have valued the company around $1.12 billion USD. Previously the company has raised $149.3M in 3 Rounds from 5 Investors.
“Streaming is the future of the music business and we are just at the beginning,” according to CEO Hans-Holger Albrecht. “For now it is about accelerating our growth with the IPO.” The funds will be used to accelerate growth in the face of increasing competition from Apple Music, Spotify and others.
Deezer has about 26 million users worldwide of which 3.7 million are paid subscribers. By contrast, Spotify has about 20 million paid subscribers.