As well as user numbers and revenue, the document also indicates the risks that the business may face in the future. Deezer talks in-depth about rival music streaming services such as Apple Music and Spotify, and also about the difficulties of negotiating with record labels to bring music to its platform.
Here are some of the most interesting sections of Deezer’s IPO filing:
This is another key chart: The number of Deezer subscribers. 'Bundle subscribers' are users who became a subscriber via a deal with one of Deezer's carrier partners.
Here's where things get really interesting. As part of its IPO filing, Deezer lists the biggest threats to its business. One fundamental threat is that music streaming stops being a way that people listen to music.
Deezer says other streaming services are also a big threat. It mentions Apple Music and Spotify as its biggest rivals.
If we go into a recession then Deezer says that people will turn to free music streaming services like YouTube instead of paying out for Deezer.
All music streaming services have to make deals with the big record labels. Deezer says if it can't secure deals in the future, then customers could leave because their favourite music isn't on the service.
Deezer says a possible future risk is that more and more artists release albums exclusively on certain streaming sites. If Deezer is left out, then it could lose customers.
What if people don't want to pay up? Deezer says a potential risk is that users don't go from free trials to regular monthly payments.
Deezer is reliant on partnerships with telecoms companies for many of its subscribers. Customers who buy phone contracts with carriers often get a Deezer subscription thrown in. If those deals end, Deezer could be hurt.
Deezer is expanding to include things like podcasts on its platform. It admits it doesn't have much experience with that, so it would be a problem for the business if it gets it wrong.
Deezer could get hacked! If a bunch of user data gets stolen then people aren't going to want to sign up to Deezer.
Also, Deezer could go down. If a cyber attack takes the site down, people aren't going to want to subscribe to Deezer.
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