"(They) can subsidise their business with other income streams, and therefore they do not depend on the success of their music-platforms unlike 'pure-play' companies do."ĭeezer was down 24% at 1149 GMT at 6.52 euros per share, after opening at 8.50 euros. "There are multiple services - Amazon Prime, Apple Music etc - which are run by large U.S. "The sector is super competitive," DZ Bank analyst Manuel Muehl said. PARIS, July 5 (Reuters) - Shares of French music-streaming platform Deezer plunged as much as 35% on its first trading day, in a blow to telecoms maverick Xavier Niel and luxury billionaire Francois-Henri Pinault, who made the company's market debut possible.ĭeezer, one of the country's first so-called "unicorns", or tech companies valued more than 1 billion euros, has been struggling to convince on its capacity to take on bigger rivals Spotify (SPOT.N) and Apple Music (AAPL.O).
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