Deezer CEO Jeronimo Folgueira Steps Down Amidst Strong Financial Growth

Deezer, the French music streaming platform, has announced the resignation of its CEO, Jeronimo Folgueira, as he intends to shift his focus towards personal endeavors, despite the company’s robust financial performance and significant user growth in 2023. Folgueira will continue in his role until the end of March 2024 while the Board of Directors undertakes the process of appointing a new CEO.

In his statement, Folgueira expressed pride in Deezer’s accomplishments during his tenure and extended gratitude to the management team, employees, and the board for their support. He affirmed his commitment to facilitating a smooth transition for the company.

Before joining Deezer in May 2021, Folgueira served as the CEO and board director at Spark Networks in Berlin, where he led the company through strategic mergers and acquisitions, culminating in a successful listing on the New York Stock Exchange in 2017.

Folgueira’s decision to step down comes on the heels of Deezer’s positive financial report, which highlighted the addition of 1.1 million new users in 2023, bringing the total number of subscribers to 10.5 million. The company also recorded a 7.4% increase in annual revenues and managed to reduce its annual operating losses substantially.

However, amidst these achievements, Deezer faced challenges, including stagnant growth in paying subscribers and a heavy reliance on its domestic market for revenue generation. Deezer’s journey in the public market began with its listing on Euronext Paris through a merger with I2PO, a special purpose acquisition company (SPAC). Despite an initial valuation of $1.1 billion, the company experienced a decline in share value, reaching an all-time low in April 2023.

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