Joe GallopGlobal music streaming service Deezer has made an investment in US-based livestream start-up Dreamstage.
Dreamstage has delivered more than 50 live shows since its launch last year. It said the funding would enable it to speed up growth and expand its operations. Its upcoming shows include Sean Paul: Live from Jamaica and Steelheart: 30th Anniversary Tour.
The start-up is led by three founders: CEO Thomas Hesse, formerly of Sony Music, CTO Scott Chasin, who has previously set up numerous start-ups, and artistic director Jan Vogler, who is a cellist and director of Dresden Music Festival in Germany.
Dreamstage plans to enable artists to sell merchandise via the platform, and add VIP experiences.
Live music streaming has seen significant growth since the start of the pandemic and according to research from UK-based MIDiA, the sector is expected to reach $6.4bn (£4.6bn) by 2027.
Hesse said the companies will together help “nurture and propagate the emerging live music video format, and help artists grow”.
Deezer CEO Hans-Holger Albrecht said, “Dreamstage and Deezer share a vision of supporting talent across a wide variety of genres. Live shows provide musicians with crucial revenue opportunities during these challenging times.
“This aligns closely with our mission to connect artists with their fans through our originals projects, recorded sessions and editorial content.”