PARIS:

Music streaming firm Deezer said Friday it aimed to become profitable in two years, and was already making money in its home market of France.

In an interview on BFM Business radio, the company’s managing director Alexis de Gemini said “two years” in response to a question on when the service would become profitable.

Gemini said Deezer would again raise money from investors in two years and hoped the company would be valued at one billion euros ($1.1 billion).

Deezer last year abruptly abandoned a public floatation, instead raising funds from its investors including an owner of Warner Music Group, one of the three major music label groups.

Earlier this week Deezer launched independently in the rapidly growing US market that is dominated by Sweden-based Spotify, with competition from upstarts Apple Music and Tidal as well as veteran streaming service Rhapsody. (AFP)