Earlier this year, music-label subscriptions service Drip announced that it was closing down. Now, on the eve of the planned closure, Kickstarter has swooped in to save it.
“Many of us at Kickstarter have admired Drip over the years. At heart, we’ve been on similar paths,” wrote Kickstarter CEO Yancey Strickler in a blog post. “Strengthening the bonds between artists and audiences, and fostering the conditions for a more vibrant creative culture is at the core of our work at Kickstarter, too.”
Drip’s Miguel Senquiz is joining Kickstarter to continue running the platform. Interestingly, this is Kickstarter’s first ever acquisition. “The wave of goodwill in response to our announcement last month has been very meaningful to us and the creators we work with,” wrote Drip co-founder Sam Valenti in a separate blog post.