Deezer has raised its full-year revenue and profitability outlook for 2026.
The Paris-based streaming company now expects adjusted EBITDA to exceed €10 million (USD $11.2 million) this year, compared with its previous guidance of positive adjusted EBITDA.
Deezer also now expects 2026 revenues to “grow slightly” compared with 2025, having previously guided for “broadly stable” revenues.
The upgrade came as Deezer reported its second consecutive quarter of revenue growth on Tuesday (October 27).
Revenues rose 1.0% year-over-year at constant currency to €133.8 million ($149.5 million) in Q3 (the three months to September 30).
The increase was driven by Deezer‘s Direct business – subscriptions sold straight to consumers – where revenue grew 6.4% YoY to €94.1 million ($105.1 million).
According to Deezer, that more than offset declines in its Partnerships and Other revenue segments.
Deezer attributed the Direct revenue increase to growth in its average subscriber base.
In France, the company credited its Family offers, while in the Rest of World it pointed to subscriber gains earlier in 2026 and improved retention.
Direct subscribers grew 5.7% YoY to 5.8 million at the end of September.
In France, the Direct base grew 6.5% YoY to 3.9 million, while the Rest of World base grew 4.0% to 1.9 million (see below).
That compares with Direct subscriber growth of 8.7% YoYin H1 2026, when the French base grew 8.4% and the Rest of World base grew 9.2%.
Deezer said Rest of World growth came “despite a strong prior-year comparison base.”
Direct ARPU was €5.4 ($6.03) per month, down 0.2% YoY.
Deezer‘s total subscriber base fell 3.2% YoY to 8.7 million, from 9.0 million a year earlier.
The decline came in the Partnerships segment, which distributes Deezer’s service through telcos and other brands, where subscribers fell 17.1% YoY to 2.9 million.
Deezer attributed that drop to “the expected run-off of legacy distribution partnerships.”
Partnerships revenue fell 7.5% YoY to €33.4 million ($37.3 million).
ARPU in the segment rose 16.7% YoY to €3.7 ($4.13), which Deezer said reflected “a more favorable offer mix.”
In H1 2026, Deezer linked its decline in Partnerships revenue mainly to the wind-down of its Mercado Libre partnership in Brazil.
The company’s ‘Other’ revenue, which comprises advertising and ancillary revenue, fell 20.6% YoY to €6.4 million ($7.1 million).
Deezer said the decline was mainly caused by a content licensing agreement that ended in Q4 2025.
By geography, revenue in France grew 3.8% YoY to €84.7 million ($94.6 million), while Rest of World revenue fell 3.6% to €49.1 million ($54.8 million).
Across the first nine months of 2026, revenues grew 0.6% YoY to €402.0 million ($449.0 million).
“Our continued operational progress and disciplined execution give us the confidence to raise our full-year revenue outlook and strengthen our profitability outlook, with adjusted EBITDA now expected to exceed €10 million in 2026.”
Alexis Lanternier, Deezer
“We delivered revenue growth for a second consecutive quarter, supported by the continued expansion of our Direct business,” said Alexis Lanternier, CEO of Deezer. “We are focused on building lasting connections between artists and fans, giving listeners more reasons to choose Deezer and stay with us.
“Through Deezer for Business, we are putting our technology to work for partners such as SACEM, Europe’s largest authors’ society, and Winamp, whose desktop player is still actively used by more than 40 million users worldwide.
“We are convinced that sharing our distinctive capabilities – including our AI detection technology, recently recognized by Billboard and TIME – will help build a fairer and more diverse music ecosystem.
“Our continued operational progress and disciplined execution give us the confidence to raise our full-year revenue outlook and strengthen our profitability outlook, with adjusted EBITDA now expected to exceed €10 million in 2026. We continue to invest selectively in future growth and remain on track to generate positive free cash flow for the third consecutive year.”
Before its two consecutive quarters of growth, Deezer‘s revenues fell 0.9% YoY in Q1 2026 to €131.9 million ($154.3 million).
The company reported adjusted EBITDA of €8.5 million ($9.7 million) in H1 2026, up from €2.1 million ($2.4 million) a year earlier.
Alongside its results, Deezer pointed to the AI toggle it announced on October 13, which will let users exclude fully AI-generated music from their search results.
The company expects to launch the feature before the end of 2026.
Deezer says more than 42 million AI-generated tracks have been detected and excluded from its recommendations since January 2025, while more than 14 million albums have been tagged.
The company says its AI detection tool has been named to TIME‘s list of the Best Inventions of 2026 and has received Billboard France‘s Innovation Award.
Through its B2B brand, Deezer for Business, the company has also announced Sacem Play, a service powered by Deezer’s technology that will let independent businesses play music on their premises under the Sacem brand.
Deezer says Sacem Play will roll out gradually by early 2027.
Deezer Club, the company’s membership program for premium subscribers, has been live in Brazil since August 2026, following its launch in France in 2024.
Deezer said a recent Deezer Club offer to see Celine Dion in Paris “generated interest from nearly 100,000 people.”
Deezer will report its full-year 2026 results on March 17, 2027.
All revenue growth rates are at constant currency. ARPU changes are as reported; Deezer does not disclose them at constant currency. USD conversions use the rate for each figure’s period: Q3 2026 figures and FY26 guidance at the indicative EUR/USD rate on the October 27, 2026 reporting date (€1 = $1.117); Q1 and H1 2026 figures at the rates used in MBW’s coverage of those results; and 2025 figures at the 2025 IRS yearly-average rate (€1 = $1.129).Music Business Worldwide
