With 6 million paying customers, the French music streaming service is taking on its Swedish rival, Spotify.
French music streaming service Deezer has filed to go public on the Paris-based stock exchange Euronext, the company told news outlets on Tuesday.
The company didn’t disclose how much it hopes to raise, although Bloomberg pegs the number at about 1 billion euros ($1.1 billion), according to anonymous sources. It’s expected to debut on the market by the end of the year, according to the Financial Times.
Founded in 2007, Deezer has been going head to head with Swedish music streaming rival Spotify for several years. While Deezer’s website says the service has 6 million paying subscribers, Spotify recently revealed it has 20 million subscribers paying its monthly $10 fee to avoid ads. Spotify’s recent $526 million round of funding now values the company at a reported $8.5 billion. Competition in the space intensified this year when Apple launched its own music streaming service.
To differentiate itself, Deezer has launched a high-fidelity version of its streaming service for music connoisseurs who want a higher-quality experience. Less than a year ago, it also acquired Stitcher, an online radio service for people to listen to news, podcasts and other content whenever they want to.
Deezer has previously raised almost $150 million in total funding from investors such as Access Industries, Idinvest Partners, and Dotcorp Asset Management.
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