Despite overall revenue challenges, Deezer has maintained robust subscriber growth in its direct-to-consumer segment during Q3 2025, with total revenue reaching €131.4 million ($153.5 million). The music streaming company reported a slight year-on-year revenue decrease of 1.1% at constant currency, primarily attributed to declining performance in its Partnerships segment.
The company’s direct revenue, however, tells a more optimistic story, climbing to €87.9 million ($102.7 million) in Q3, representing a 3.1% year-on-year increase at constant currency. This growth has been fueled by remarkable subscriber momentum, particularly in France where Deezer’s home market continues to deliver exceptional results with an 11.7% subscriber increase to 3.7 million users.
Deezer’s total direct subscriber base grew 9.7% year-on-year to 5.5 million by the end of Q3, demonstrating the company’s successful shift toward higher-value direct consumers. Outside of France, direct subscribers increased by 6.1% to 1.8 million, showing positive though more modest growth in international markets.
The Partnerships segment, which previously bolstered overall numbers, saw significant decline as subscribers dropped from 4.7 million in Q3 2024 to 3.5 million in Q3 2025. This reduction reflects Deezer’s strategic move away from lower-margin partnership arrangements, particularly affected by Mercado Libre users shifting from promotional to premium models. Despite the decline in subscriber numbers, the average revenue per user (ARPU) in the Partnerships segment saw a 11.2% increase year-on-year to €3.2.
The company has made significant strides in combating artificial intelligence-generated content, with their innovative system detecting and flagging over 30,000 AI-generated tracks daily during the third quarter.
Despite these challenges, Deezer’s nine-month revenue for 2025 totaled €398.5 million, down just 0.9% year-on-year but up 0.4% at constant currency. The company has maintained its full-year guidance, projecting flat to slightly declining revenue compared to the previous year.
Looking forward, Deezer remains focused on differentiation and long-term value creation rather than pure scale. This approach aligns with industry trends where successful musicians increasingly rely on diverse income streams beyond streaming royalties alone. To further support artists, Deezer plans to enhance its promotional tools similar to those offered by other streaming platforms for improved fan engagement. The streaming service anticipates positive adjusted EBITDA for H2 2025 and positive free cash flow for the full year, suggesting that while overall revenue growth may be muted, the company’s strategic emphasis on higher-ARPU direct subscribers is beginning to yield financial benefits.
