Global music streaming service Deezer has acquired a minority stake in UK-based ticketed livestream concert promoter Driift.
Driift said the funding will help it accelerate its growth, while Deezer said it plans to leverage its technology and expertise to support Driift’s future growth, including the roll-out of new products and offerings.
Driift was launched in August 2020 by Ric Salmon (pictured, centre right) and Brian Message (pictured, left). It has sold more than 600,000 tickets for live streamed gigs with artists such as Nick Cave, Niall Horan, Kylie Minogue, Biffy Clyro, Andrea Bocelli, Laura Marling, Dermot Kennedy, Courtney Barnett and Sheryl Crow.
The company has worked with Glastonbury Festival where it created and produced the live streamed event Live At Worthy Farm. It is majority-owned by co-founders ATC Management, with Beggars Group a minority shareholder.
The acquisition follows Deezer’s investment in US-based live music streaming startup Dreamstage.
Deezer CEO Jeronimo Folgueira said, “Live streaming 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.
“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.”
Driift CEO Ric Salmon said, “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.”