Pairs-based streaming service Deezer has announced plans for an initial public offering, to be filed in Paris, that would take the company public by the end of the year.
“Our contemplated IPO represents a key step in the continued development of our business,” CEO Hans-Holger Albrecht says in a statement. “It will help us expand our offering through innovative marketing campaigns, drive deeper distribution through our telecom and manufacturer partnerships, and further improve our product and content to deliver an even better service for our listeners.”
The company claims 6.3 million subscribers as of June 2015, the majority of which (4.8 million) came to the service through its bundling partnerships with mobile phone companies, including EE in the U.K. and Cricket in the U.S. Spotify reportsit has 20 million paying subscribers, while newcomer Apple Music claims 11 million (all of which still fall under its three-month free trial).
The company’s last funding round, according to CrunchBase, took place in 2012, with Len Blavatnik’s Access Industries (owner of Warner Music Group) putting in $130 million. The company says in generated €142M revenues last year.
Both the New York Times and Financial Times cite “industry talk” and “speculation last month” respectively that reportedly value the company at $1.1 billion.
