Jeronimo Folgueira, general manager of the French music streaming platform Deezer, will leave his position at the end of March, the company announced on Wednesday, which published its results for 2023.
“Jeronimo Folgueira has decided to resign to devote himself to personal projects”
, indicated the company,
“after the strong improvement in 2023 results”
published on Wednesday.
“I am extremely proud of everything we have achieved over the last 3 years
,” said Jeronimo Folgueira in the press release,
“not only our good 2023 financial results announced today, but also our listing on the Euronext market Paris."
Arriving at the head of the platform in 2021, he led its IPO in the summer of 2022, where the company experienced turbulent first steps.
Deezer's board of directors
is "currently conducting a process to appoint a new CEO"
, whose name will be revealed at an as yet unknown date.
In 2023, Deezer reduced its net loss to 59.6 million euros, driven by a
“record”
level of subscribers and its strengthening in the French market, according to its financial results.
Last year, the platform posted a net loss of 168.5 million euros.
Also read: How Universal Music and Deezer want to revolutionize the economy of music streaming
“Remarkable year”
“2023 was a remarkable year for Deezer, we published record results and positioned the company well for 2024
,” commented Jeronimo Folgueira.
The competing service from the giant Spotify has a subscriber base of 10.5 million, or 1.1 million more subscribers than in 2023. An overall increase that the company explains by the strengthening of its position on the market French and its international development through partnerships.
Deezer's turnover increased by 7.4%, to 484.7 million euros and the company is targeting a 10% increase in its turnover in 2024, driven by a 4th quarter up by 12%.
Deezer is counting in particular on the increase in the number of subscribers and the impact of the recent increase in the subscription price, which rose to 11.99 euros in September in several European countries, including France.
Which, according to the company, had
“minimal impact”
on unsubscribes.
With a reduction by almost half of its adjusted Ebitda loss, to -28.8 million euros (compared to -55.7 million in 2022), Deezer confirms its ambition to achieve a positive operating result in 2025 The platform also welcomed the launch at the end of 2023 of a future remuneration model, in collaboration with Universal, designed to better remunerate artists.