Deezer Appoints Stu Bergen To The Board, Generates $474M In 2022

Deezer

FRENCH-owned DEEZER has named former WARNER MUSIC GROUP executive STU BERGEN as Chairman of the Board, effective immediately. BERGEN was formerly the CEO of WARNER’s International Recorded Music operations outside the US and UK. BERGEN will replace AMANDA CAMERON, who recently resigned.

DEEZER also released their fiscal year 2022 results, which showed overall revenue generated was $474 million, up 10.6% from 2021, along with an adjusted gross profit of $103 million. However, DEEZER’s operating loss was $175 million, up from $120.6 million the year before.

In a letter to investors, DEEZER CEO JERONIMO FOLGUEIRA said, “I’m very proud of what we achieved in 2022 and I would like to thank the team for an outstanding execution of our strategy over the past 12 months. Joining DEEZER, I had four clear goals; secure funding, increase differentiation, achieve double digit growth and reach profitability. Despite very challenging market conditions in 2022, we were able to secure enough funds to fully execute our plan. We increased revenues by 13% with growth in all segments and geographies, while cutting losses in the core business by $19.03M and setting a clear path to profitability. 2022 was also a year of differentiation for DEEZER, establishing ourselves as the go-to player for tailored music solutions through exciting partnerships, including RTL+ MUSIK in GERMANY and SONOS in the US. Moreover, with a new product vision, we are on our way to transform DEEZER from a traditional DSP to a provider of unique music experiences. Our relationship with the labels is stronger than ever and they are key partners in our quest to improve economics in the music ecosystem. We’re only at the beginning of a very exciting journey for Deezer and in 2023 we will continue to evolve through differentiation and improved profitability.”  

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