Deezer Revenue Rises 1% as Subscriber Growth Offsets Falling Partner Income

Deezer's third-quarter revenue reached 133.8 million euros ($153.9 million), up 1% in constant currency, according to figures the French streaming service reported in late October 2026. Billboard Constant currency strips out exchange-rate swings, so the 1% is the underlying change. Against the 131.4 million euros it reported for the third quarter of 2025, the headline figure is slightly higher.

The growth came from people paying for the service directly. Revenue from direct subscribers, the people who sign up to Deezer themselves, rose 6.4% to 94.1 million euros ($108.3 million). The company now counts 5.8 million direct subscribers. France grew by 6.5% and the rest of the markets by 4%.

Other parts of the business moved the other way. Subscribers who reach Deezer through partner deals fell 17%, as older agreements with telecoms and device makers wound down. Those partners often bundle a streaming service into a phone plan or a speaker package. Yet each partner subscriber now brings in more. Average monthly revenue per partner user rose nearly 16.7% to 3.7 euros ($4.26). Average monthly revenue per direct subscriber, often called ARPU, held flat at 5.4 euros ($6.21).

Advertising and other services fell 20.6% to 7.9 million euros ($9 million). The company said the drop was mainly due to the end of a content licensing agreement last year.

Deezer also changed its outlook for the year. Earlier in 2026 it had expected stable revenue. It now expects slight growth. It also projected adjusted EBITDA of 10 million euros ($11.5 million) or more. EBITDA is a measure of operating profit before interest, tax and depreciation, and "adjusted" means one-off items are set aside. The company expects a third straight year of positive free cash flow, the cash left over after running costs and investment.

Several deals sit behind the numbers. In July, Deezer signed a partnership with Winamp, the media player brand, under which Winamp will launch its own streaming subscription. Winamp will use a white-labelled version of Deezer's technology and catalogue, meaning the service runs under the Winamp name. Earlier this year, Deezer renewed 10 major distribution agreements, including with the Italian telecom operator TIM and the speaker maker Sonos. It also signed new distribution agreements with Taiwan's EDF Entertainment and Brazil's streaming platform Chippu.

For the wider music business, the figures show how subscription income is being rebuilt. Fewer people arrive through bundled deals, but those who do pay more each month, and the people who choose Deezer directly are growing in number. Revenue from direct subscribers is the part of the business that most closely follows what listeners choose to pay for themselves.

Deezer's first-quarter 2026 revenue was 131.9 million euros, so the third-quarter figure marks a modest step up from the start of the year.