Deezer has announced the departure of its chief executive Jeronimo Folgueira, as the global streaming service issued “strong improvements” in its financial results.
Folgueira proved to be an outspoken (see our Music Week interview) and driven CEO at Deezer during the past three years, including an artist-centric partnership with UMG that set the agenda for streaming reform last year.
For its 2023 results, Deezer increased its subscriber numbers to 10.5 million (up 1.1m on the prior year). The company has strengthened its market position in France and expanded its global footprint through partnerships.
The rate of revenue growth increased in Q4 to 12.1% year-on-year. The full year revenue growth of 7.4% to €484.7 million was in line with guidance.
Jeronimo Folgueira has decided to resign to pursue personal projects. The board of directors is currently in the process of nominating a new CEO, who will be announced in due course. Folgueira will continue in the role until the end of March 2024.
“The board extends its gratitude to Jeronimo for all of his remarkable accomplishments since arriving at Deezer in May 2021, and in particular for the great results achieved in 2023,” said a statement. “The board reaffirms its commitment to the group’s roadmap, focused on increasing its direct subscriber base in key markets, particularly in France, and maintaining partnership growth to secure international expansion.”
Deezer said it remains focused on profitability while maintaining a significant acceleration of revenue growth in order to achieve the goals set at the time of the IPO: become free cash flow positive in 2024 and achieve operational profitability in 2025.
Jeronimo Folgueira said: ”I am extremely proud of what we have achieved over the last three years, not only the strong 2023 financial results announced today and our listing on Euronext Paris, but also the adoption of our new brand identity, our evolution to an experience service platform, and the introduction of the new artist centric payment system.
“I am also grateful to the outstanding management team and everyone that works at Deezer, as well as our board of directors, and in particular our chairwoman, Iris Knobloch, and our vice-chairman, Guillaume d'Hauteville, for their support. It has been an honour to serve Deezer as CEO and I remain fully committed to supporting the company through the management transition.”
Iris Knobloch, chairwoman of the board of directors, said: “On behalf of the board, I would like to extend my warmest gratitude to Jeronimo for all the work done over the course of these last three years. Together, we have accelerated the development of Deezer, listed the company on Paris Euronext and put us on a path to profitability and free cash flow generation, in line with our commitments since the IPO. Deezer is back on a growth trajectory and can now build from a solid foundation, with a talented management team to capture the many opportunities in a rapidly evolving music market.”
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