More consolidation is afoot in the livestreaming market, with Driift acquiring one of its peers, Dreamstage, this morning.
The acquisition was backed by a £4m investment from streaming service Deezer, which already had a stake in both companies from previous investments in May 2021 (in Dreamstage) and October 2021 (in Driift).
The newly-merged company will be run by Driift CEO Ric Salmon and COO Claire Mas, and Deezer will now be the company’s largest shareholder.
“This is a milestone moment for Deezer. Connecting artists and fans through engaging experiences is an essential part of our growth strategy, and adding livestreaming capabilities to our portfolio is a key component to deliver on this ambition,” said Deezer CEO Jeronimo Folgueira.
“Through Deezer’s investment, we are confident that our upward trajectory will accelerate,” added Salmon. It seems like a good match, because while Driift started life as a promoter of online concerts (using technology from external partners), Dreamstage had the technology in-house, which will now transfer over to Driift.
Note the bigger implications too: while Driift remains an “independent entity” according to the announcement, the deal will see Deezer “fully consolidate Driift’s results of operations and its balance sheet”.
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