Deezer acquires ‘minority stake’ in live streaming ticket platform Driift
Deezer, the streaming service owned by Access Industries, has officially acquired a “minority stake” in the live streaming platform Driift.
Deezer, headquartered in Paris, announced its investment in Driift this morning, via an official statement that was emailed to Digital Music News. This statement does not disclose financial details of the deal, but a Deezer official confirmed to DMN that the transaction involved a “minority stake” in Driift. The platform arrived on the scene in August 2020, as most live music events in person remained on hold due to COVID-19 lockdown measures and large gathering bans.
UK-headquartered Driift – which says it has sold north of 600,000 tickets for its live broadcasts – intends “to accelerate its growth and build a leading position in music streaming. next-generation interactive live stream, ”according to the text. And Deezer, which supported the Dreamstage live concert platform in early May, expects to “leverage its technology and expertise to actively support Driift’s future growth, including the roll-out of new products and offerings.”
Driift has hosted live shows from Sheryl Crow, Kylie Minogue and Andrea Bocelli, to name a few, in addition to partnering with events such as Glastonbury. As part of the latest deal, the roughly one-year-old live-streaming platform – the majority of which is owned by ATC Management, with a minority stake owned by Beggars Group – “conceptualized, created and produced the”Living on a dignified farm Event.”
Acknowledging the investment deal in statements, executives at Deezer and Driift underscored their ambitious visions for the long-term potential of live streaming, even amid the continued return of traditional concerts and music festivals.
“Live streaming is a rapidly growing industry that is redefining the way fans interact with their favorite music,” said Jeronimo Folgueira, CEO of Deezer. “Companies like Driift help artists reach people around the world to generate new sources of income. Deezer has been an innovator in the music industry from the very beginning. Our investment in Driift is the next step in our expansion in this exciting and rapidly growing space. “
“We are delighted to have received the investment from a global player such as Deezer,” added Driift CEO Ric Salmon, who is also a partner and director of ATC Management. “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 forward. “
As mentioned, all kinds of live streaming services made their debut in 2020, with startups including live monetization platform Maestro, Moment House, Mandolin, and virtual concert company Wave completing fundraising rounds. multi-million dollar last year. (Access Industries’ Warner Music became an investor in Wave in May 2021.)
2021, for its part, saw Universal Music partnering with BTS’s agency to launch a live streaming service, while Live Nation acquired a controlling stake in live streaming player Veeps – before installing. live broadcast equipment in more than 60 of its sites. Finally, LiveControl raised $ 30 million at the end of July, around the same time music technology company VNUE announced plans to acquire the live streaming platform StageIt.