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Music streaming service, Deezer plans to list on the Paris stock exchange to keep pace with rivals like Apple and Spotify

Deezer, the music streaming service plans to list on the Paris stock exchange by the end of this year. The move is to keep pace with bigger rivals such as Apple Inc. and Sweden’s Spotify. Deezer has 6.3 million subscribers who can listen to a catalogue of 35 million songs for 9.99 euros a month. Market watchers expect Deezer to achieve a stock market valuation of about 1 billion euros ($1 billion). Its rivals on the other hand represent the music industry’s move away from buying and downloading tracks, to listening online to music stored remotely. However streaming services are not yet profitable and have high costs for licensing music. They also have to persuade users to upgrade from free versions. Deezer which is present in 180 countries has its bulk clientele from France. It’s 4.8 million paying customers get access as its service is bundled with their mobile telecom service. Right now, the biggest challenge for it is to compete with Spotify that has 15 million paying customers and Apple’s new Beats 1service.

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IPOs,Apple,Deezer,ipo,music streaming,Paris stock exchange,Spotify