Deezer: revenue up 1.8% in third quarter, driven by direct subscriptions
The online music streaming platform now expects slight growth in its annual revenues. In the third quarter, the growth in subscriptions purchased directly more than offset the decline in distribution partnerships and other revenues.
The Direct segment carries a second consecutive quarter of growth
Deezer published on October 27, 2026 its consolidated revenue for the third quarter, ended September 30. Revenues reached 133.8 million euros, compared to 131.4 million euros a year earlier. This represents an increase of 1.8% (1.0% at constant exchange rates) and the second consecutive quarter of growth for the group.
The growth is driven by the Direct segment, which includes subscriptions purchased directly from Deezer. Its revenues rose from 87.9 million to 94.1 million euros, up 7.0% (6.4% at constant exchange rates). According to the company, this change reflects an increase in the average number of subscribers. In France, this growth was supported by "Family" offerings and acquisitions from the beginning of the year, and in the Rest of the world by improved retention.
The two other segments declined, a development the group describes as anticipated. Partnerships generated 33.4 million euros, compared to 35.6 million, a decrease of 6.2% (7.5% at constant exchange rates). This decline is mainly explained by the gradual unwinding of historical distribution partnerships. Other revenues, composed mainly of advertising and ancillary income, fell from 7.9 million to 6.4 million euros (down 19.5%), primarily due to the end of a content license agreement in the fourth quarter of 2025.
For the first nine months of 2026, revenue totaled 402.0 million euros, compared to 398.5 million for the same period in 2025. The increase reaches 0.9% (0.6% at constant exchange rates). Direct grew by 6.8%, to 279.3 million euros, while Partnerships declined by 7.1%, to 104.1 million, and other revenues fell by 25.0%, to 18.6 million.
Fewer total subscribers, but more Direct subscribers
Subscriber indicators clarify the mechanics of this growth. As of September 30, 2026, Deezer had 8.7 million total subscribers, compared to 9.0 million a year earlier, a decline of 3.2%. This overall decline masks two opposite trends: the Direct base grew by 5.7%, to 5.8 million, while the Partnerships base fell by 17.1%, to 2.9 million.
Within Direct, France accounts for 3.9 million subscribers (up 6.5%) and the Rest of the world 1.9 million (up 4.0%), despite what the company describes as a high comparison base. The average monthly revenue per subscriber (ARPU) of Direct remained at 5.4 euros excluding taxes. It varies by -0.2% over the quarter and -1.4% over nine months: the increase in revenue for this segment therefore comes from the number of subscribers.
On the Partnerships side, the logic is reversed. ARPU grew 16.7% over the quarter, to 3.7 euros, and 18.5% over nine months, thanks to a more favorable offering mix. This increase limits the effect of the decline in subscribers on the segment's revenue. The difference in average revenue between the two segments also helps explain the growth in total revenue while the total subscriber base declines.
By geography, France generated 84.7 million euros in the third quarter (up 3.8%) and 251.8 million over nine months (up 4.2%). The Rest of the world declined 1.4%, to 49.1 million euros (-3.6% at constant exchange rates). Over nine months, its decline reaches 4.2%, to 150.2 million.
Revenue and profitability: annual targets revised
For fiscal year 2026, Deezer now expects revenue to grow slightly compared to 2025, whereas it initially aimed for overall stability. The group is relying on its performance in the first nine months and the expected continuation of growth in the fourth quarter. The adjusted EBITDA target (non-IFRS indicator) has also been raised, as the group had initially anticipated positive adjusted EBITDA. Targeted investments are maintained and free cash flow is expected to remain positive, for the third consecutive year.
"Consistent operational progress, coupled with execution discipline, allow us to raise our annual revenue and profitability targets," said Alexis Lanternier, Chief Executive Officer. On the operational front, Deezer launched with SACEM a music streaming solution for independent retailers, SACEM Play, whose gradual rollout is planned by early 2027. Its Deezer Club program, launched in France in 2024, has been available in Brazil since August 2026.
A feature to exclude AI-generated music from search results is scheduled to launch before the end of 2026. Since January 2025, the platform reports having detected and excluded from recommendations more than 42 million AI-generated tracks. 2026 full-year results will be published on March 17, 2027, after market close.
