Europe 1 with AFP 10:53 a.m., July 05, 2022

The French music streaming platform Deezer plunged 16% Tuesday morning during its first trade on the Paris Stock Exchange.

The French streaming platform went public on Tuesday, after a false start in 2015. Since then, market conditions have become more favorable for the sector.

The French music streaming platform Deezer plunged 16% Tuesday morning during its first trading on the Paris Stock Exchange, for its first day of trading, said the stock market operator Euronext.

Around 9:35 am, the Deezer title lost 16%, to 7.14 euros, in a balanced market, against 8.50 euros at the opening.

"A historic date for Deezer"

The French competitor of Spotify took its first steps on Tuesday morning on the Paris Stock Exchange, a few minutes after the bell was rung at the premises of the stock market operator, noted an AFP journalist on the spot.

Deezer boss Jeronimo Folgueira rang the bell, alongside Economy Minister Bruno Le Maire.

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Just before the bell rang, the Minister hailed "a historic date for Deezer which will be able to grow".

"This is his first challenge: to have access to international markets, in particular Anglo-Saxon", added the minister.

"A way to defend French culture"

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 , the French song", underlined Bruno Le Maire.

Also present were Jean-Noël Barrot, the brand new Minister Delegate in charge of the digital transition, as well as Iris Knobloch, the former director of WarnerMedia and one of the founders of Spac I2PO which was to facilitate this IPO.

Deezer tried to go public seven years ago but failed.

Since then, market conditions have become more favorable for the booming music streaming sector, largely dominated by Sweden's Spotify.

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