Deezer outlines new strategy after first annual profit, shares rise
March 19 : French music streaming platform Deezer said on Thursday it was reshaping its partnership offerings under a single brand after reporting its first ever annual profit late on Wednesday.
The company's shares rose as much as 12.7 per cent, leaving the stock on track for its best day since November last year.
Deezer, which competes with Spotify and Apple Music in the crowded music streaming market, said it would introduce a new unified platform for businesses to boost its AI-detection and advertising offering.
That will complement streaming solutions for businesses and its products being integrated into third parties' consumer offerings, it said.
The company also renewed its partnership with Sonos, expanding the collaboration to include ad-supported monetization on Sonos Radio through the Deezer Ad Exchange.
The American audio manufacturer will now use Deezer's technology and its network of advertising partners to monetize their free services.
Deezer is aiming to boost the use of its AI detection technology that it's already using to exclude fully AI-generated music from its users' recommendations, it said.
The streaming group on Wednesday reported a 12.1 per cent decline in its Partnerships revenue to 147.8 million euros ($169.4 million).
($1 = 0.8725 euros)
