Streaming music service Deezer says it has raised about $110 million cash injection from its existing investors led by Len Blavatnik’s Access Industries. Deezer says it will use the new money to “increase customer acquisition efforts, ” which is what it said it was going to do with the money it wanted to raise last fall.
The Paris-based company which ranks as the third-biggest music streaming service by subscriber numbers, cancelled its IPO in October after failing to convince stock market investors that it justified a valuation of as much as €1.1 billion.
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Deezer offers a subscription music service that’s similar to Spotify and Apple Music. according to the company it has six million subscribers, while Apple recently announced it has 10 million; last spring, Spotify said it had 20 million paid subscribers, and has since said it has been growing rapidly, according to recode.
Blavatnik’s Access also owns Warner Music Group, which it bought in 2011. It had previously invested in Beats Music, the streaming music company Apple acquired.
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