Deezer buys stake in Driift live streaming platform

The deal follows Deezer’s recent investment in live-streaming startup Dreamstage, and the new funding will help Driift accelerate its growth and improve the platform. Deezer will also use its technology to support Driift’s future expansion, including launching new products and features.

“Livestreaming is a rapidly growing industry that is redefining how fans engage with their favourite music,” Deezer CEO Jeronimo Folgueira said. “Companies like Driift help artists reach people all over the world to generate new revenue streams. Deezer has been a music industry innovator since the very beginning. Our investment in Driift is the next step in our expansion in this exciting and fast-growing space.

Driift CEO Ric Salmon said: “We are delighted to have received investment from a global player such as Deezer. The investment highlights the value of Driift’s offering and confirms that live streaming will be a major new component of the music industry going forward.”

“What Driift has achieved artistically and commercially under lockdown conditions has really only scratched the surface. I believe that with Deezer, alongside our existing shareholders Beggars Group and ATC, we have the perfect partners to help us capitalise on new opportunities as the long-term potential of live streaming becomes more and more apparent.”

Launched in 2020, Driift has created a good reputation for hosting unique, high profile live online pay-per-view events. The company has sold more than 600 000 tickets for live-streamed gigs with artists including Kylie Minogue, Andrea Bocelli and Sheryl Crow.

Driift has a collaborative model that enables it to partner with world-leading venues, directors and brands. This has included the UK’s legendary Glastonbury Festival where the company conceptualised, created and produced the innovative ‘Live At Worthy Farm’ event. Driift was co-founded by Ric Salmon and Brian Message. It is co-owned by ATC Management and Beggars Group, among others, and headquartered in the UK, with additional operations in New York and Perth in Australia.

The deal adds to Driift's partnership with music streaming platforms. In May, Spotify made a foray into livestreaming through a deal with Driift.