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Brexit is worse than Trump for business: Deezer CEO

Brexit has had a bigger impact on Deezer than the U.S. election will, the music-streaming start-up's chief executive told CNBC on Thursday.

At the Web Summit technology conference in Lisbon, start-ups and investors are still digesting the results of the U.S. election in which Republican candidate Donald Trump won the vote to become the next president.

Some in the industry have expressed concern that Trump's election could spell trouble for the technology sector.


Chris Ratcliffe | Bloomberg | Getty Images

But Hans-Holger Albrecht, the CEO of Deezer, said the weakening of sterling since the Brexit vote has affected the company more than the U.S. election.

"The Brexit is worse that's for sure. The U.K. is a big market. We are a euro-denominated business," Albrecht told CNBC.

The euro has strengthened by 7 percent against sterling since the June Brexit vote. Companies that have large businesses in the U.K. and report earnings in euros have been hit.

Deezer is a music streaming start-up that rivals the likes of Spotify and Apple Music. The company has not disclosed its user numbers. Last year, Deezer pulled its plans to go public and in January secured a 100 million euro ($109 million) investment led by Access Industries.

Albrecht did not say if the company plans to revive the initial public offering (IPO) or continue to raise capital in the private markets.

"We had the choice a year ago, we decided on a private round. We now have the flexibility, we have money in the bank and we can decide. We have no pressure and we wait and see really," Albrecht told CNBC.