French music streaming service Deezer has filed for IPO on the Paris-based stock exchange Euronext. Planned to take place at the end of the year, the company isn’t disclosing how much it hopes to raise or its expected valuation.
However, Bloomberg reports that the transaction could value Deezer at €1 billion ($1.1 billion), meaning that the company will become another European unicorn (or Eurocorn, as we like to say around these parts).
The 2007 founded company, which competes with the likes of Spotify and more recently Apple Music, claims 6.3 million paying subscribers (as of June) — either directly or via bundled telco offerings — and €142 million in revenue for 2014.
Other stats being disclosed as part of the filing include Deezer’s catalogue of 35 million tracks and 40,000 podcasts and talk shows (the latter made possible after the company acquired Stitcher late last year).
With many expecting Spotify to be first out of the IPO gate, it’s interesting to see Deezer file to go public first. The company has historically adopted a different strategy from its better known music streaming rival, offering a browser-based rather than desktop music player from the get-go, before mobile became the dominant platform.
But most significantly that strategy has seen Deezer focus on Rest Of The World (RoW) markets — spanning 180 countries, including many in Europe and emerging markets — and for the most part avoiding the U.S. aside from a niche version of the service targeting ‘high end’ audio enthusiasts and in partnership with Bose and Sonos.
Meanwhile, the funds raised via the company’s planned IPO are pegged for marketing and additional partnerships, and a continued focus on emerging markets, according to comments attributed to Deezer CEO Hans-Holger Albrecht by Bloomberg.