Music streaming service Deezer has secured a EUR 100 million investment led by Access Industries, with participation from Orange. The financing will be used to increase customer acquisition efforts around the world and to accelerate the introduction of new products, features and growth initiatives, the company said. It will also serve to build more programmed experiences for its customers.
Deezer last year tried to raise new financing through an IPO, but eventually abandoned the stock listing, citing difficult market conditions. Access Industries was already its largest shareholder prior to the new round of financing, and Orange held 10 percent.
CEO Hans-Hoger Albrecht said, “We're in the early stages of the music streaming market and it's quickly becoming the primary distribution channel for music. The additional funding will allow Deezer to consolidate our position as a leading global, independent audio streaming service and expand our offering to music lovers around the world."
Deezer also announced that it has expanded its catalogue to over 40 million songs, making it the largest music catalogue available globally. Over the past several months, Deezer also has doubled its talk offering to more than 40,000 radio shows, audiobooks and podcasts across several markets, introduced premium sports and live football content, re-designed its iOS and Android apps and expanded its automotive offerings. In addition, the company has established and expanded partnerships with BMW, BandPage, Sonos, 3 UK and others.
