Deezer-backed stay streaming startups Driift and Dreamstage merge, backed by $4.3 million funding from Deezer

DeezerDriift, a UK-based stay streaming firm, has acquired one other Deezer-backed stay streaming platform referred to as Dreamstage.

The transfer marks a deeper enlargement into the world of stay streaming for Deezer, which is headquartered in France.

Deezer acquired a minority stake in Driift in October final 12 months, and made a funding in Dreamspace in Could 2021. The corporate says it subsequently grew to become the bulk shareholder of Dreamstage, previous to its acquisition by Driift.

Moreover, Deezer pronounces that it’s going to make investments an extra £4 million ($4.3 million) in Driift. Because of the enterprise mixture and extra funding, Deezer will change into Driift’s largest shareholder.

In a press launch saying the information, Deezer says the transfer will create a “stay streaming powerhouse.”

Driift says it has secured a complete funding from Deezer of round $7 million this 12 months, which it provides is “sufficient funds to execute its marketing strategy and speed up its progress.”

The mixed enterprise will proceed as Driift as an unbiased entity, led by CEO Ric Salmon and COO Claire Mas.

Following the completion of the transaction, Deezer says it is going to totally consolidate Driift’s working outcomes and stability sheet.

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

“We now have full confidence within the Driift workforce to ship implausible outcomes.”

Jeronimo Folgueira

Jeronimo Folgueira, CEO of Deezer, mentioned: “As a music home, this can be a defining second for Deezer. Connecting artists and followers by partaking experiences is a vital a part of our progress technique, and including stay streaming capabilities to our portfolio is a key a part of realizing that ambition.

“Driift has already constructed an unequalled status for delivering groundbreaking stay streams to music followers world wide, and we imagine the addition of Dreamstage’s know-how and enterprise platform will take the corporate to the following degree. We now have full confidence within the Driift workforce to ship implausible outcomes.

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

Ric Salmon, Drift

Ric Salmon, CEO of Driift, mentioned, “That is an thrilling new chapter for Driift. Over the previous two years, we now have change into true pioneers within the discipline of stay streaming.

“We now have collaborated with a number of the world’s most gifted artists, filmmakers and creators to ship on-line occasions which can be a part of the most recent redefinition of the live-streaming format. Our workforce has demonstrated a confirmed means to innovate, promoting a whole lot of 1000’s of tickets and already producing thousands and thousands of {dollars} in income.”

Salmon added: “Due to Deezer’s funding, we’re assured that our upward trajectory will speed up. We’re delighted to welcome Dreamstage’s extraordinarily gifted workforce of builders, engineers and customer support employees to the corporate. We will now provide a totally built-in stay streaming answer to our companions, with manufacturing, promotion and what we take into account cutting-edge know-how and a revenue-generating platform all below one roof. This can be a main cultural shift, and we sit up for bringing an excellent wider vary of stay experiences to a really international viewers.

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