Daily Management Review

French Deezer sets for IPO


French music streaming service Deezer intends to become a public company.

Thomas Bonte via flickr
Thomas Bonte via flickr
French music streaming service Deezer is close to becoming a public company, The Wall Street Journal reported, citing sources. According to the newspaper, Deezer is negotiating a merger with I2PO, an already public company (SPAC) that is listed on the Paris Stock Exchange. The parties may announce the deal in the coming days, the sources told the WSJ. The newspaper could not find out a possible financial valuation.

I2PO is controlled by the family of French billionaire Fran├žois Pinault and Centerview Partners investment banking banker Matthieu Pigasse. The Pinault family owns Kering, which owns the Gucci, Balenciaga and Bottega Veneta brands. I2PO is headed by former WarnerMedia top manager Iris Knobloch.

Deezer has a catalog of more than 90 million songs, playlists, podcasts and radio stations, according to the service's website. Deezer is available in more than 180 countries and has 16 million active users. As of the end of June 2021, Deezer had about 2% of the global music-streaming market, while its main competitor, Sweden's Spotify, had 31%. Apple Music accounted for 15%.

source: wsj.com