For the first time since its creation, Deezer ends an annual financial year in the green. In 2025, the platform will show a positive net result of 8.5 million euros, an adjusted EBITDA close to 10 million euros and an also positive free cash flow. This point of balance, however, occurs in a context of sluggish growth. Turnover stood at 534 million euros, down slightly at current exchange rates and stable at constant rates. In other words, profitability is not the product of market expansion, but of internal adjustment.
Profitability built on discipline
Improving financial performance is primarily based on cost control. Deezer reduced its operating expenses by nearly 12 million euros, while optimizing its agreements with rights holders and improving its mix of activities. The adjusted gross margin increased slightly, to 25.4%, reflecting better operational efficiency without breaking the economic fundamentals of the sector.
This inflection is reflected in all the indicators: EBIT, negative at 27.5 million euros in 2024, becomes positive at 9.3 million euros, while cash generation improves, driven by EBITDA and the absence of significant exceptional items. The financial structure is strengthening, with net cash above 57 million euros.
After several years focused on growth and user acquisition, Deezer is now favoring a more controlled trajectory, focused on profitability.
A rebalancing of the economic model
In detail, the revenue dynamics highlight a progressive transformation of the model. The Direct segment, which includes subscriptions taken out directly, grew slightly, driven in particular by the French market where the number of subscribers reached 3.8 million, up 8.6%. The rest of the world is also returning to a positive trajectory.
Conversely, the Partnerships activity fell by more than 12%, notably due to the transition linked to the agreement with Mercado Libre, a major player in mass distribution in South America.
AI as an axis of differentiation
Beyond financial indicators, Deezer highlights a distinctive positioning around the transparency of content generated by artificial intelligence. The platform says that daily AI-generated music deliveries now account for nearly 39% of new tracks, with up to 85% of associated streams being identified as fraudulent and demonetized.
This positioning is accompanied by their exclusion from algorithmic recommendations. Deezer thus intends to preserve the value of human creation while positioning itself as a key player on these issues.
The company is also exploring the monetization of its detection technology via licensing models, paving the way for new revenue streams, particularly in B2B.
Diversification still under construction
The rise of offers intended for businesses constitutes another structuring axis. With “Deezer for Professionals” and “Music-as-a-Service” solutions, the platform seeks to promote its technological infrastructure and its catalogs beyond the general public.
Renewed or extended partnerships with players like Sonos, EDF or Fitness Park contribute to improving the revenue mix, but their impact remains, at this stage, relative.
Growth under constraint
Despite these changes, the question of growth remains central. The expected maintenance of turnover in 2026 reflects a very cautious approach. What may be a good choice in the short term could alter future development.
A new phase, more readable but still open
For Alexis Lanternier, general manager of Deezer:
“2025 marked a turning point for Deezer. For the first time in our history, we recorded positive net income, accompanied by once again positive free cash flow and double-digit adjusted EBITDA. »
He adds:
“We are entering 2026 in a position of strength, with better visibility and a lighter cost base. After a disciplined phase of testing and learning, we will now focus on what works. »
The trajectory undertaken provides a form of financial clarity which has been lacking until now, and repositions Deezer as a player capable of generating cash in a structurally constrained sector. It remains to be determined whether this discipline can be accompanied, in the medium term, by a return to more sustained growth.
