Paris-based music streaming service Deezer plans to go public before the end of the year, executives told Reuters. Deezer plans to list on the Paris stock exchange, and is expected to reach a market valuation of €1 billion (about $1.1 billion), according to the report.
Deezer generated €93.2 million (about $104 million) in revenue in the first half of this year, up 41 percent from the same six months last year.
The company currently has 6.3 million paying subscribers, with most of them being situated outside of the U.S.: The company initially launched everywhere but in the States, and then made some limited inroads with more focused music subscription packages targeting audiophiles and owners of certain internet-connected loudspeakers.
Deezer’s biggest foray into the States so far was the acquisition of Muve Music, the mobile-focused music subscription service that was previously owned by pay-as-you-go mobile operator Cricket. Muve has around two million paying subscribers at one point, but was neglected after Cricket was acquired by AT&T last year.
Deezer CEO Hans-Holger Albrecht told Reuters that he plans to use the IPO money to “improve product and distribution.” That could be seen as a sign that the company is eyeing further acquisitions, perhaps in the U.S., a market that is ripe for consolidation in the light of Apple Music battling Spotify. Possible targets could include Rhapsody, which now has 3 million paying subscribers, and Rdio, which has a very well-designed product, but comparably few paying users.