Deezer-backed livestreaming startups Driift and Dreamstage merge, backed by $4.3m investment from Deezer

Deezer-supported live streaming company, born in UK, Driift has acquired another Deezer-backed live streaming platform called Dreamstage.

The move marks a deeper expansion into the world of live streaming by France-based Deezer.

Deezer buying a minority stake in Drift last October and launched the strategy investment at Dreamspace in May 2021. The company said that it then became a major shareholder of Dreamstage, before being acquired by Drift.

In addition, Deezer said it would invest an additional £4 million ($4.3 million) in Driift. As a result of the business combination and further investment, Deezer will become Driift’s largest shareholder.

In a press release announcing the news, Deezer said the move would create a “streaming powerhouse”.

Driift says it has secured a total investment from Deezer of about $7 million this year, which it added is “enough money to execute the 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.

Once the transaction is completed, Deezer says it will fully consolidate Driift’s operating results and its balance sheet.

The acquisition brings together Drift’s manufacturing capabilities with Dreamstage’s technology and commercial background.

“We have full confidence in the Driift team to deliver great results.”

Jeronimo Folgueira

Jeronimo Folgueira, CEO of Deezer, said: “As the hometown of music, this is an important moment for Deezer. Connecting artists and fans through immersive experiences is an essential part of our growth strategy, and adding live streaming capabilities to our portfolio is a key component. to fulfill this ambition.

“Driift has built an unparalleled reputation for delivering groundbreaking live streams to music fans around the world, and we think the addition of Dreamstage’s technology and sales platform will bring business to new heights. We have full confidence in the Driift team to deliver great results. “

“Through Deezer’s investment, we are confident that our upward trajectory will accelerate.”

Ric Salmon, Drift

“This is an exciting new chapter for Driift,” said Ric Salmon, Driift CEO. Over the past two years, we’ve become true pioneers in the live streaming space.

“We’ve partnered with some of the world’s most talented artists, filmmakers and creators to deliver online events that are part of the latest redefinition of the live streaming format. Our team demonstrated proven innovation, sold hundreds of thousands of tickets and generated millions of dollars in revenue.”

Salmon added: “Through Deezer’s investment, we are confident that our upward trajectory will accelerate. We are delighted to welcome Dreamstage’s incredibly talented team of developers, engineers, and customer service personnel to the company. We can now provide a fully integrated live streaming solution to our partners, with production, promotion and what we consider to be the market leading technology and revenue generation platform. under one roof. It’s been a huge cultural shift and we look forward to bringing even more live experiences to a truly global audience.”

Worldwide music business