The French music streaming platform Deezer took its first steps on Tuesday July 5 on the Paris Stock Exchange, a few minutes after the bell rang at the premises of the stock exchange operator Euronext to symbolically mark the start of trading, noted a journalist from Agence France-Presse (AFP) on site.
The bell ceremony took place in the presence of the Minister of the Economy, Bruno Le Maire, who greeted just before the ceremony “a historic date for Deezer, which will be able to grow”. “It’s his first challenge: to have access to international markets, especially Anglo-Saxon,” he added.
First hectic steps
Behind this IPO, “there is an economic issue, in terms of jobs, wealth creation, cultural too. I believe in French cultural sovereignty and streaming platforms, it’s a way to defend French culture, French song,” Le Maire insisted.
These first steps on the stock market have been eventful for the French competitor of Spotify, which plunged 16% Tuesday morning during its first trade on the Paris Stock Exchange, said the stock market operator Euronext. Around 9:40 a.m., the stock fell another 14.12% to 7.30 euros, against 8.50 euros at its opening price, in a balanced market. Shortly before, its price had touched 7.14 euros, a drop of 16%.
Deezer had tried to go public seven years ago, but had failed. Since then, market conditions have become more favorable for the booming music streaming sector, largely dominated by Sweden’s Spotify.