Deezer-backed, UK-born livestream company Driift has acquired another Deezer-backed livestreaming platform called Dreamstage.
The move marks a deeper expansion into the livestreaming world for France-headquartered Deezer.
Deezer acquired a minority stake in Driift in October last year, and made a strategic investment in Dreamspace in May 2021. The company says that it subsequently became a majority shareholder in Dreamstage, prior to its acquisition by Driift.
In addition, Deezer says it will be investing an additional £4 million ($4.3m) into Driift. As a result of the business combination and the additional investment, Deezer will become the largest shareholder of Driift.
In a press release announcing the news, Deezer says that the move will create a “livestreaming powerhouse”.
Driift says that it has secured total investment from Deezer of around $7 million this year, which it adds are “enough funds to execute on its business plan and accelerate growth”.
The combined business will continue under the Driift name as an independent entity, run by CEO Ric Salmon and COO Claire Mas.
Following the completion of the transaction, Deezer says that it will fully consolidate Driift’s results of operations and its balance sheet.
The acquisition brings together Driift’s production capabilities with Dreamstage’s technology and commerce platform.
“We have full confidence in the Driift team to deliver fantastic results.”
Jeronimo Folgueira, CEO of Deezer, said: “As the home of music, this is a milestone moment for Deezer. Connecting artists and fans through engaging experiences is an essential part of our growth strategy, and adding livestreaming capabilities to our portfolio is a key component to deliver on this ambition.
“Driift has already built an unparalleled reputation for bringing groundbreaking livestreams to music fans all over the world, and we consider that the addition of Dreamstage’s tech and sales platform will take the business to the next level. We have full confidence in the Driift team to deliver fantastic results.”
“Through Deezer’s investment, we are confident that our upward trajectory will accelerate.”
Ric Salmon, Driift
Ric Salmon, CEO Driift said: “This is an exciting new chapter for Driift. Over the past two years we have become genuine pioneers in the livestreaming space.
“We’ve collaborated with certain of the world’s most talented artists, filmmakers and creators to deliver online events that have been part of the latest redefinition of the livestreaming format. Our team has shown a proven ability to innovate, selling hundreds of thousands of tickets and generating millions of dollars in revenues already”.
Added Salmon: “Through Deezer’s investment, we are confident that our upward trajectory will accelerate. We are delighted to welcome Dreamstage’s hugely talented team of developers, engineers and customer service personnel into the company. We can now offer a fully integrated livestreaming solution to our partners, with production, promotion and what we see as a market-leading technology and revenue generating platform under one roof. It is a major cultural shift, and we look forward to bringing an even greater range of live experiences to truly global audiences.”
Music Business Worldwide