Jem Aswad Senior Music EditorThe French audio streaming service Deezer made its debut on the Paris Euronext market Tuesday and immediately plunged 35% from its €8.5 opening, rising slightly to level off at around €6.2 by late in the afternoon.Earlier this year the company, which is one of the world’s largest streaming services despite a relatively low U.S.
profile, merged with a special-purpose acquisition company (SPAC) with an eye toward going public at a $1.13 billion valuation.
Although it formed in 2007, just a year after Spotify, Deezer has struggled in its efforts to break into a field that has become dominated by Spotify, Apple Music, Amazon Music and YouTube.
It attempted an IPO in 2015 but backed off after a steep decline in listeners at Pandora radio cooled the market for streaming services.
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