Deezer has reported Q3 2025 revenues of €131.4 million ($153.5 million), down 1.1% year-on-year at constant currency, as growth in its Direct subscriber business offset an anticipated decline in its Partnerships segment.

The French streaming company also confirmed its full-year guidance, expecting flat to slightly declining revenues YoY, while projecting positive adjusted EBITDA in H2 and positive free cash flow for the full year.

Deezer splits its revenues into three segments: ‘Direct’; ‘Partnerships’; and ‘Other’.

The company reported that its Direct segment was supported by “sustained subscriber momentum,” with its Direct subscriber base growing 9.7% YoY to 5.5 million at the end of Q3.

Direct revenues reached €87.9 million ($102.7m) in Q3 2025, up 3.1% YoY at constant currency compared to €85.8 million in Q3 2024.

The company said this revenue growth was driven by “strong momentum in France” with its subscriber base in its home market increasing to 3.7 million (up 11.7% YoY on a like-for-like basis), reflecting what Deezer called the success of its family offers.

Deezer’s total subscriber base at the end of Q3 across the ‘Direct’ and ‘Partnerships’ segments stood at 9 million, down 6.7% YoY.

The company noted that subscriber growth in France has accelerated for three consecutive quarters, rising from 6.4% YoY growth at the end of Q1, to 8.3% at the end of Q2, and 11.7% at the end of Q3.

Direct subscribers in the ‘Rest of World’ reached 1.8 million, up 6.1% YoY on a like-for-like basis, which Deezer attributed to its “growing brand appeal, product innovation and stance on transparency and fairness in the music industry.”

Partnerships revenue amounted to €35.6 million ($41.6m) in Q3 2025, down 13.2% YoY at constant currency from €41.5 million in Q3 2024.

The company said this decline “mainly reflected the residual impact of the Mercado Libre model shift,”  referring to the conversion of promotional subscription cohorts to full-price premium offers, partly offset by contributions from RTL+ and other recent partnerships.

Partnerships subscribers stood at 3.5 million at the end of Q3, compared to 4.7 million in Q3 2024, representing a 24.5% YoY decline.

However, ARPU in the Partnerships segment rose 11.2% YoY to €3.2, which Deezer attributed to “a better mix” as it focuses on higher-value partnerships.

Other revenue, which comprises advertising and ancillary revenue, amounted to €7.9 million ($9.2m) in Q3 2025, up 20.5% YoY at constant currency from €6.7 million in Q3 2024.

Deezer said this growth “mainly reflected the performance of the white labelling solutions for hardware/media partners.”

“Subscriber growth in France has accelerated for a third consecutive quarter, confirming the positive impact of our differentiation initiatives.”

Alexis Lanternier, Deezer

Alexis Lanternier, CEO of Deezer, said: “Subscriber growth in France has accelerated for a third consecutive quarter, confirming the positive impact of our differentiation initiatives in our home market.

“In the rest of the world, subscription numbers in the Direct segment are also picking up pace, reflecting the quality of our service and the appeal of our brand as we champion transparency and fairness in music streaming.”

He added that Deezer’s AI detection system and new personalization features are “attracting global attention, opening opportunities beyond our core markets,” and that the company is “leading the way in protecting artists and rights holders, while delivering innovative, unforgettable music experiences for fans.”

Last month, Deezer reported that fully AI-generated music now constitutes 28% of all tracks delivered to its platform each day.

Deezer said that it now receives over 30,000 fully AI-generated tracks daily, marking a sharp increase from the 20,000 figure it reported in April and the 10,000 it disclosed in January when it first launched its proprietary AI detection tool.

According to the platform, up to 70% of plays for these fully AI-generated tracks have been detected as fraudulent, with the company filtering these streams out of royalty payments.

Although fully AI-generated music currently accounts for only around 0.5% of all streams on Deezer, the platform believes the primary purpose of uploading these tracks is fraudulent activity rather than genuine creative expression.

The company rolled out an AI tagging system to fight streaming fraud in June.

Elsewhere, Deezer noted that it recently announced the launch of universal sharing for playlists, following the introduction of universal sharing for individual songs in April 2025.

The feature enables users to share Deezer playlists that can be opened on Spotify, Apple Music and YouTube Music. Using automatic song recognition technology, Deezer identifies equivalent tracks across platforms and redirects users to the appropriate version of each song.

The company also highlighted its partnership diversification efforts, including deals with Norlys in Denmark, Fitness Park and Molotov TV in France, and opportunities through Deezer for Business.

In Brazil, Deezer has entered an exclusive agreement with Azerion, a digital entertainment and media platform, for audio and video monetization. The partnership includes a direct integration with Hawk, Azerion’s demand-side platform.

EUR to USD conversions in this report have been made at the average rate for the period according to the European Central BankMusic Business Worldwide

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While Mamdani, the frontrunner, began by accusing his rivals of being consumed by fighting — suggesting he would try to focus instead on his vision for New Yorkers — the state assemblymember joined them in mud as he tried to create viral social media moments, included inviting one of Cuomo’s accusers to appear in the audience.

Cuomo, running as an independent after losing the Democratic primary to Mamdani, fared better Wednesday than during their first debate. He used its focus on the day-to-day of running the city to showcase his political experience.

Though he has urged Sliwa to drop his bid to avoid splitting the anti-Mamdani vote, he didn’t bring up his request during the debate. Instead he worked to cast Mamdani, a 34-year-old democratic socialist, as out of his league, highlighting his pro-Palestinian advocacy and President Donald Trump’s threats to take over the city if he wins.

Here are some key takeaways from the debate:

Barbs all around

Mamdani had said he planned to keep his focus on issues, like affordability, that have fueled his momentum and earned him national attention, but he landed plenty of digs against his rivals, whom he accused of spending more time calling on each other to drop out “than actually proposing their own policies.”

Cuomo and Sliwa, he said, “speak only in the past because that is all they know.” He said Cuomo is “a desperate man, lashing out because he knows that the one thing he cares about, power, is slipping away from him.”

Cuomo, meanwhile, touted his experience.

“You have never had a job. You’ve never accomplished anything,” he said, insisting Mamdani lacks the merit and qualifications to run the nation’s biggest city or handle its emergencies.

Sliwa accused both men of “fighting like kids in a school yard,” but piled on as well.

“Zohran, your resume could fit on a cocktail napkin. And, Andrew, your failures could fill a public school library in New York City,” he quipped. He also made frequent references to Cuomo’s decision to resign as governor amid a barrage of sexual harassment allegations, which Cuomo denies.

Local issues and the Canal Street raid

While the race has often been dominated by questions about the Israel-Hamas war, Trump and other national subjects, the candidates Wednesday were peppered for specifics about crime, the subways and the notorious Rikers Island jail complex.

Mamdani came under fire after he declined to take a position on a set of initiatives that will appear on the November ballot.

Mamdani also said as mayor he would ask New York City’s police Commissioner Jessica Tisch to remain in her post. Mamdani, who was deeply critical of the city’s police in the past, has been trying to moderate his most contentious positions.

The candidates also railed against this week’s immigration enforcement sweep targeting vendors on Manhattan’s famed Canal Street that led to 14 arrests.

Cuomo said the city does not need Immigration and Customs Enforcement agents in the city to handle quality-of-life crimes like dealing in counterfeit bags.

Mamdani similarly pledged to oppose federal interventions in the city, saying “ICE is a reckless entity that cares little for the law and even less for the people that they’re supposed to serve.”

The Trump factor

The candidates were again pressed on Trump and insisted that they would be most adept at handling the mercurial president.

Cuomo spoke repeatedly about how he had held Trump at bay during the early days of the COVID-19 pandemic and said a Mamdani win would be a “dream” for the president.

“He has said he’ll take over New York if Mamdani wins, and he will! Because, he has no respect for him. He thinks he’s a kid and he’s going to kick him on his tuchus,” Cuomo said.

Mamdani, meanwhile, tried to depict Cuomo as Trump’s “puppet” and too aligned with the president.

“He wants Andrew Cuomo to be the mayor not because it will be good for New Yorkers, but because it will be good for him,” Mamdani said.

Sliwa warned both were taking the wrong approach by antagonizing the president.

“You can’t beat Trump,” he said.

Mamdani pulls from Trump’s playbook

Cuomo, meanwhile, continued to be dogged by the allegations that forced his resignation.

Mamdani said one of the women who had accused Cuomo of sexual harassment, his former aide Charlotte Bennett, was in the audience Wednesday. Trump used a similar strategy in 2016 when he appeared at a debate with accusers of Democratic rival Hillary Clinton’s husband, former President Bill Clinton, who has denied the accusations against him.

“What do you say to the 13 women that you sexually harassed?” he asked as he pressed Cuomo on the allegations and the millions in taxpayer dollars that were spent to defend him in court.

Cuomo denied wrongdoing and chided Mamdani.

“If you want to be in government, then you have to be serious and mature,” he said.

Bennett was the second woman to accuse Cuomo of sexual harassment, alleging he subjected her to invasive questions about her personal life and sexual relationships. Cuomo denies Bennett’s allegations.

Several candidates noted at the start of the debate that New Yorkers would probably rather be watching the Knicks opening game of the season, which tipped off at the same time. Cuomo made it to the game’s second half, where he was photographed sitting next to incumbent Mayor Eric Adams.