Deezer takes minority stake in Driift
Paris-based global streaming company Deezer has acquired a minority stake in UK-based livestreaming company Driift.
Driift says that the new funding will help it accelerate its growth, while Deezer plans to leverage its technology and expertise to support the livestreaming platform’s future growth, including the roll-out of new products and offerings.
The announcement follows Deezer’s strategic investment in Dreamstage – a US-based live music streaming startup – and the launch of its new live brand, Deezer Live.
Driift was founded in August 2020 and has since sold more than 600,000 tickets for live-streamed gigs with acts including Nick Cave, Niall Horan, Kylie Minogue, Biffy Clyro, Andrea Bocelli, Laura Marling, Dermot Kennedy, Courtney Barnett and Sheryl Crow.
Its previous partners include the UK’s Glastonbury Festival where the company conceptualised, created and produced the ‘Live At Worthy Farm’ event, which featured artists including Coldplay, Haim, Jorja Smith, Idles, Wolf Alice, Michael Kiwanuka, Damon Albarn and The Smile.
“Live streaming is a rapidly growing industry that is redefining how fans engage with their favourite music”
The company is majority-owned by co-founders ATC Management, with Beggars Group a minority shareholder.
The company is headquartered in the UK, with additional operations in New York and Perth in Australia.
Deezer’s CEO, Jeronimo Folgueira, says: “Livestreaming is a rapidly growing industry that is redefining how fans engage with their favourite music. Companies like Driift help artists reach people all over the world to generate new revenue streams. Deezer has been a music industry innovator since the very beginning.
“Our investment in Driift is the next step in our expansion in this exciting and fast-growing space. It also follows our strategic investment in the live streaming platform Dreamstage in May this year. I look forward to working with Ric and Driift’s management team.”
Ric Salmon, CEO of Driift, says: “We are delighted to have received investment from a global player such as Deezer. The investment highlights the value of Driift’s offering and confirms that live streaming will be a major new component of the music industry going forwards.
“What Driift has achieved artistically and commercially under lockdown conditions has really only scratched the surface. I believe that with Deezer, alongside our existing shareholders Beggars Group and ATC, we have the perfect partners to help us capitalise on new opportunities as the long-term potential of live streaming becomes more and more apparent.”
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