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Streaming Service Deezer Calls Off IPO

Two years ago, we reported that the streaming service Deezer had made plans to expand and launch in the United States, announcing that 2014 would be “an American year” for them. However, the expansion to the U.S. has been a challenge. This week, Deezer called off their expected IPO (initial public offering) on the market. There are many reasons for this move.

Deezer's Chairman of the Board, Didier Bench, told sources that he would need to “wait a bit,” citing “market conditions” as the reason for holding off. The French-based firm has been relatively competitive with other services worldwide but lacks the presence of Spotify and Apple Music (and the finances).

Deezer has good reason to suspect market conditions are not ideal. Pandora had quarterly losses of over 85 million and shares are down 37% in the last week alone. Apple Music, meanwhile, has more TOTAL streaming subscribers than Deezer after just three weeks.

Despite being available in 186 countries and landing partnerships with major companies like BOSE, Pepsi, Deezer is still looking for a major partnership or launch to help bring home American users. Deezer's website says “will soon be available in your country” for American users.

With activity reportedly down worldwide, it will be interesting to see what direction Deezer steers in 2016. despite Google supporting Deezer's Android and iPhone apps on their Chromecast base. Their biggest backer is Russian billiionaire Len Blavatnik of Access Industries.

 

Source: Digital Music News / Wall Street Journal

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