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COMING UP:Share Opener Variant 3

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Transcript

00:00:00
>> From Brazilian Gospel to Dutch Hip Hop, music streaming firm Deezer is scouring the globe for gaps in the market, where it can survive and thrive against the heavyweight streamers like Spotify and Apple. The French firm wants to establish itself as a cool alternative to its more famous rivals.
00:00:24
Focusing on local music genres and fast growing markets, rather than just mainstream acts. Deezer's hired local teams of editors, to identify talent in niche genres, and is even creating its own Netflix style original content. Reuters' Sophie Sassard says the company's targeting a different market to Spotify to be able to compete with it.
00:00:51
>> Deezer's a bit of the challenger, and it needs to do things differently to be more creative, to remain relevant in this game of giants. So what it is doing, it is betting on local content and trying to find emerging artists in certain countries in specific genre, such as gospel, reggaeton.
00:01:11
And it is hopping that this differentiating content will help it be ahead of his rivals in certain countries.>> Deezer's focusing on countries where Spotify isn't already prominent. It's already succeeded in beating it's rival In South Africa, Nigeria, Guatemala, and Colombia. The company's also producing original content from emerging artists.
00:01:37
Meaning it's less reliant on record labels, who take the lion's share of streaming revenue. Deezer is the streaming leader in its French home market, where it's been profitable for nearly five years. But it only has twelve million paying users globally, compared to Spotify's 60 million, and it's annual revenue of $360 million, is around a tenth of Spotify's $3 billion.
00:02:08
Meaning Deezer still has a long way to go if it wants to grow in markets where Spotify currently dominates.