Deezer Raises US $110 Million to Expand Music Streaming Service
What: Music Streaming Service Deezer has raised 100 Million Euro, aproximately US $110 million, led by Access Industries that will allow the firm to expand its catalogue to 40 million songs. The new funding's main objective is to accelerate Customer Acquisition Growth, Product Innovation and New Radio Content.
Why it matters: The substantial funding round, led by Access Industries and with participation from Orange, reflects investor interest in the expanding Internet radio/music streaming service sector.
Deezer, the global on-demand music streaming service in more than 180 countries, has announced that it has secured €100 million led by Access Industries, with participation from Orange. In addition to new funding to drive growth, Deezer has expanded its catalogue to over 40 million songs, now the largest music catalogue available globally.
The financing will be used to increase customer acquisition efforts around the world, accelerate the introduction of new products, features and growth initiatives to serve the company's mission to create a more valuable product offering and build more programmed experiences for music fans and audio enthusiasts.
Over the past several months, Deezer has doubled its talk offering to more than 40,000 radio shows, audiobooks and podcasts across several markets, introduced premium sports and live football content, re-designed its iOS and Android apps and expanded its automotive offerings. Deezer has also established and expanded partnerships with BMW, BandPage, Sonos, Three and others.
"We're in the early stages of the music streaming market and it's quickly becoming the primary distribution channel for music," said Hans-Holger Albrecht, Chief Executive Officer, Deezer. "The additional funding will allow Deezer to consolidate our position as a leading global, independent audio streaming service and expand our offering to music lovers around the world."
"The explosion of music streaming creates a unique opportunity to build a truly personalized service for listeners. Deezer is at the leading edge of this change with a differentiated offering that emphasizes unique localized experiences," said Guillaume d'Hauteville, Vice Chairman of Access Industries. "We are proud to continue to support the innovative Deezer team."
"Consumers everywhere are listening to music on their mobile phones, and this represents a massive opportunity for engagement and increased usage. Capitalizing on this shift, Deezer has built a high-quality service, constantly improving its user experience with new services: personalized radio, high-definition audio, lyrics and now the largest music catalogue in the world," said Pierre Louette, Chief Executive Officer Delegate, Orange. "We're thrilled to be investing in the music streaming market as we have always been convinced it was a tremendous opportunity to drive innovation on a global basis."