Deezer raises 2026 outlook as Q3 revenues grow 1.8% YoY to $149.5M – but total subscribers fall to 8.7m
Deezer raised its 2026 outlook, expecting revenue to grow slightly and adjusted EBITDA to exceed €10 million, after previously forecasting broadly stable revenue and only positive EBITDA. The upgrade follows a second consecutive quarter of revenue growth, led by direct subscriptions.
Third-quarter revenue rose 1% year on year at constant currency to €133.8 million ($149.5 million), while direct revenue grew 6.4% to €94.1 million. Direct subscribers increased 5.7% to 5.8 million, but total subscribers fell 3.2% to 8.7 million as partnership subscribers dropped 17.1% to 2.9 million. France revenue grew 3.8%, while revenue in the rest of the world declined 3.6%.
In short
- Deezer expects slightly higher 2026 revenue and EBITDA above €10 million.
- Q3 revenue rose 1% to €133.8 million.
- Total subscribers fell 3.2% to 8.7 million.
Steelman: both sides, in good faith
The strongest fair case each way — we don't pick a winner.
The case for
The improved outlook and second consecutive quarter of growth suggest Deezer’s direct subscription business is gaining strength, with direct subscribers and revenue both rising. Supporters may see the shift towards direct customers as a healthier basis for growth, even as partnership losses weigh on the overall subscriber count.
The case against
The overall picture remains fragile: total subscribers fell, largely because partnership subscribers declined sharply, and revenue growth was modest while the rest of the world contracted. Sceptics may question whether direct growth can offset those losses and sustain the upgraded outlook.
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