“When working well, major online platforms – be they mobile operating systems, app stores, search engines, marketplaces or social media platforms – are gateways to the digital economy: they enable consumers to access innovative services they spur innovation and help small business and start-ups reach new markets and they drive investment, growth and employment,” the letter reads. The group of companies, which also includes Blackpills, FaberNovel, Qobuz, LeKiosk, Snips, and United Internet, complains that these major platforms of becoming gatekeepers rather than gateways to consumers. The letter, obtained and published by Business Insider, doesn’t directly mention either of the two tech giants but accuses ‘major online platforms’ of abusing their positions.
The fall in shares did not stop French Finance Minister Bruno Le Maire, who attended the ceremony marking Deezer's market debut, from praising Deezer for its stock listing.A group of European tech firms, including Spotify, Deezer and Rocket Internet, have taken shots at the likes of Apple and Google in a letter sent to the European Union. It postponed previous IPO plans in 2015 due to market conditions. Services like Deezer and its rivals represent a shift in the music industry away from buying and downloading tracks and towards listening online to songs stored remotely.įounded in 2007, or just year after Spotify, Deezer has contemplated entering the stock market for years. "There's a question over their capacity to grow and yield profits," an industry source said.ĭeezer's stock listing was made possible via its merger with a blank-check company, I2PO, notably backed by French banker Matthieu Pigasse, Niel and Artemis, the holding company of the Pinault family which controls Gucci owner Kering.ĭeezer announced its stock market listing in Paris in April in a deal valuing the business at just over 1 billion euros ($1 billion). "(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.
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