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Deezer Postpones $340 Million IPO

PARIS, France (Hypebot) – Global music streamer Deezer announced Tuesday that it postponing its IPO. The stock offering had been scheduled to raise $330 million.

In a short statement Tuesday, Deezer said it was postponing its IPO "due to market conditions” and will review its fundraising options in the future. They assured investors that “Deezer is well funded and well positioned as it continues to pursue its growth strategy.”

"Market conditions" likely include the 35% drop that Pandora's stock suffered over the last few days. Also competitors Apple Music and Spotify have made gains recently; and Google's YouTube just announced its own entry into paid streaming.