Deezer outlines new strategy after first annual profit, shares rise

By Mathias de ‌Rozario

March 19 (Reuters) - ​French ​music streaming platform Deezer said on Thursday it was reshaping its partnership offerings under ‌a single brand after reporting its first ⁠ever annual profit late on Wednesday.

The company's shares rose as ‌much as 12.7%, leaving ‌the stock on track for its best day since November last year.

Deezer, which competes with ​Spotify and Apple Music in the crowded music streaming market, said it would introduce a ⁠new unified platform for businesses to boost its AI-detection and advertising ​offering.

That will complement streaming solutions for businesses and its products being integrated into ​third parties' consumer offerings, it ‌said.

The company also renewed its partnership with Sonos, expanding the collaboration to include ⁠ad-supported monetization on Sonos Radio through the Deezer Ad Exchange.

The American audio manufacturer will now use Deezer's ⁠technology and its network of advertising partners to monetize their ​free services.

Deezer is aiming to boost the use of its AI detection technology that it's already using to ‌exclude fully AI-generated music from its users' recommendations, it said.

The streaming group on ‌Wednesday reported a 12.1% decline in its Partnerships ⁠revenue to 147.8 ‌million euros ($169.4 million).

($1 = ​0.8725 euros)

(Reporting by Mathias de Rozario in Gdansk, editing by Milla Nissi-Prussak and Matt ‌Scuffham)

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