Andre Yoskowitz
27 Oct 2015 23:32
The French-based music streaming company Deezer has canceled its IPO indefinitely citing "market conditions."
Deezer had planned to raise €300 million on the French stock exchange, but will now wait to go public. The company says it "is well funded and well positioned as it continues to pursue its growth strategy" even without the public funding.
The streaming service was expected to use the funds to build its customer base through partnerships, marketing and free introductory services.
Deezer, founded in 2007, has 6.3 million customers across the globe, with 1.5 million of those as monthly paying subscribers. The rest are subscribers through bundles with carriers or other services, and Deezer only gets a small cut of that revenue stream. The company reported a loss of €27 million last year on revenue of €142 million.
Source:
TC