Deezer has reported Q3 2025 revenues of €131.4 million ($153.5 million), down 1.1% year-on-year at constant currency, as growth in its Direct subscriber business offset an anticipated decline in its Partnerships segment.
The French streaming company also confirmed its full-year guidance, expecting flat to slightly declining revenues YoY, while projecting positive adjusted EBITDA in H2 and positive free cash flow for the full year.
Deezer splits its revenues into three segments: ‘Direct’; ‘Partnerships’; and ‘Other’.
The company reported that its Direct segment was supported by “sustained subscriber momentum,” with its Direct subscriber base growing 9.7% YoY to 5.5 million at the end of Q3.
Direct revenues reached €87.9 million ($102.7m) in Q3 2025, up 3.1% YoY at constant currency compared to €85.8 million in Q3 2024.
The company said this revenue growth was driven by “strong momentum in France” with its subscriber base in its home market increasing to 3.7 million (up 11.7% YoY on a like-for-like basis), reflecting what Deezer called the success of its family offers.
Deezer’s total subscriber base at the end of Q3 across the ‘Direct’ and ‘Partnerships’ segmentsstood at 9 million, down 6.7% YoY.
The company noted that subscriber growth in France has accelerated for three consecutive quarters, rising from 6.4% YoY growth at the end of Q1, to 8.3% at the end of Q2, and 11.7% at the end of Q3.
Direct subscribers in the ‘Rest of World’ reached 1.8 million, up 6.1% YoY on a like-for-like basis, which Deezer attributed to its “growing brand appeal, product innovation and stance on transparency and fairness in the music industry.”
Partnerships revenue amounted to €35.6 million ($41.6m) in Q3 2025, down 13.2% YoYat constant currency from €41.5 million in Q3 2024.
The company said this decline “mainly reflected the residual impact of the Mercado Libre model shift,” referring to the conversion of promotional subscription cohorts to full-price premium offers, partly offset by contributions from RTL+ and other recent partnerships.
Partnerships subscribers stood at 3.5 million at the end of Q3, compared to 4.7 million in Q3 2024, representing a 24.5% YoYdecline.
However, ARPU in the Partnerships segment rose 11.2%YoY to €3.2, which Deezer attributed to “a better mix” as it focuses on higher-value partnerships.
Other revenue, which comprises advertising and ancillary revenue, amounted to €7.9 million ($9.2m) in Q3 2025, up 20.5% YoYat constant currency from €6.7 million in Q3 2024.
Deezer said this growth “mainly reflected the performance of the white labelling solutions for hardware/media partners.”
“Subscriber growth in France has accelerated for a third consecutive quarter, confirming the positive impact of our differentiation initiatives.”
Alexis Lanternier, Deezer
Alexis Lanternier, CEO of Deezer, said: “Subscriber growth in France has accelerated for a third consecutive quarter, confirming the positive impact of our differentiation initiatives in our home market.
“In the rest of the world, subscription numbers in the Direct segment are also picking up pace, reflecting the quality of our service and the appeal of our brand as we champion transparency and fairness in music streaming.”
He added that Deezer’s AI detection system and new personalization features are “attracting global attention, opening opportunities beyond our core markets,” and that the company is “leading the way in protecting artists and rights holders, while delivering innovative, unforgettable music experiences for fans.”
Last month, Deezer reported that fully AI-generated music now constitutes 28% of all tracks delivered to its platform each day.
Deezer said that it now receives over 30,000 fully AI-generated tracks daily, marking a sharp increase from the 20,000 figure it reported in April and the 10,000 it disclosed in January when it first launched its proprietary AI detection tool.
According to the platform, up to 70% of plays for these fully AI-generated tracks have been detected as fraudulent, with the company filtering these streams out of royalty payments.
Although fully AI-generated music currently accounts for only around 0.5% of all streams on Deezer, the platform believes the primary purpose of uploading these tracks is fraudulent activity rather than genuine creative expression.
The company rolled out an AI tagging system to fight streaming fraud in June.
Elsewhere, Deezer noted that it recently announced the launch of universal sharing for playlists, following the introduction of universal sharing for individual songs in April 2025.
The feature enables users to share Deezer playlists that can be opened on Spotify, Apple Music and YouTube Music. Using automatic song recognition technology, Deezer identifies equivalent tracks across platforms and redirects users to the appropriate version of each song.
The company also highlighted its partnership diversification efforts, including deals with Norlys in Denmark, Fitness Park and Molotov TV in France, and opportunities through Deezer for Business.
In Brazil, Deezer has entered an exclusive agreement with Azerion, a digital entertainment and media platform, for audio and video monetization. The partnership includes a direct integration with Hawk, Azerion’s demand-side platform.
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