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

Deezer-backed, UK-born livestream firm Driift has acquired one other Deezer-backed livestreaming platform referred to as Dreamstage.

The transfer marks a deeper enlargement into the livestreaming world for France-headquartered Deezer.

Deezer acquired a minority stake in Driift in October final 12 months, and made a strategic funding in Dreamspace in Could 2021. The corporate says that it subsequently turned a majority shareholder in Dreamstage, previous to its acquisition by Driift.

As well as, Deezer says it will likely be investing an extra £4 million ($4.3m) into Driift. On account of the enterprise mixture and the extra funding, Deezer will change into the most important shareholder of Driift.

In a press launch asserting the information, Deezer says that the transfer will create a “livestreaming powerhouse”.

Driift says that it has secured whole funding from Deezer of round $7 million this 12 months, which it provides are “sufficient funds to execute on its marketing strategy and speed up development”.

The mixed enterprise will proceed below the Driift identify as an impartial entity, run by CEO Ric Salmon and COO Claire Mas.

Following the completion of the transaction, Deezer says that it’s going to absolutely consolidate Driift’s outcomes of operations and its stability sheet.

The acquisition brings collectively Driift’s manufacturing capabilities with Dreamstage’s know-how and commerce platform.

“We have now full confidence within the Driift crew to ship unbelievable outcomes.”

Jeronimo Folgueira

Jeronimo Folgueira, CEO of Deezer, mentioned: “As the house of music, it is a milestone second for Deezer. Connecting artists and followers by way of participating experiences is a vital a part of our development technique, and including livestreaming capabilities to our portfolio is a key part to ship on this ambition.

“Driift has already constructed an unparalleled repute for bringing groundbreaking livestreams to music followers everywhere in the world, and we contemplate that the addition of Dreamstage’s tech and gross sales platform will take the enterprise to the subsequent stage. We have now full confidence within the Driift crew to ship unbelievable outcomes.”

“By Deezer’s funding, we’re assured that our upward trajectory will speed up.”

Ric Salmon, Driift

Ric Salmon, CEO Driift mentioned: “That is an thrilling new chapter for Driift. Over the previous two years we’ve got change into real pioneers within the livestreaming house.

“We’ve collaborated with sure of the world’s most gifted artists, filmmakers and creators to ship on-line occasions which have been a part of the newest redefinition of the livestreaming format. Our crew has proven a confirmed capability to innovate, promoting lots of of hundreds of tickets and producing tens of millions of {dollars} in revenues already”.

Added Salmon: “By Deezer’s funding, we’re assured that our upward trajectory will speed up. We’re delighted to welcome Dreamstage’s massively gifted crew of builders, engineers and customer support personnel into the corporate. We will now supply a completely built-in livestreaming resolution to our companions, with manufacturing, promotion and what we see as a market-leading know-how and income producing platform below one roof. It’s a main cultural shift, and we stay up for bringing an excellent larger vary of stay experiences to actually world audiences.”

 Music Enterprise Worldwide