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Deezer targets livestreaming growth through Driift expansion

UK livestreaming business Driift has acquired tech group Dreamstage in a deal backed by global music streaming giant Deezer.

The partners said the deal will bring together Driift’s production capabilities with Dreamstage’s technology and commerce platform. The combined business will continue under the Driift name as an independent entity, run by chief executive Ric Salmon and chief operating officer Claire Mas.

Deezer – an investor in both businesses – said it will provide a further £4m of funding to the combined group, and it has now become Driift’s biggest largest shareholder.

Salmon said: “This is an exciting new chapter for Driift. Over the past two years we have become genuine pioneers in the livestreaming space. We’ve collaborated with certain of the world’s most talented artists, filmmakers and creators to deliver online events that have been part of the latest redefinition of the livestreaming format.

“Our team has shown a proven ability to innovate, selling hundreds of thousands of tickets and generating millions of dollars in revenues already.

“Through Deezer’s investment, we are confident that our upward trajectory will accelerate. We are delighted to welcome Dreamstage’s hugely talented team of developers, engineers and customer service personnel into the company.

“We can now offer a fully integrated livestreaming solution to our partners, with production, promotion and what we see as a market-leading technology and revenue generating platform under one roof. It is a major cultural shift, and we look forward to bringing an even greater range of live experiences to truly global audiences.”

Headquartered in the UK and with offices in North America and Australia, Driift has sold more than 700,000 tickets to audiences in more than 190 countries.

Its productions have included Glastonbury Festival, Coldplay and Kylie Minogue. In May 2022, Dreamstage provided the platform for Driift’s hugely successful global livestream for Little Mix from London’s O2 Arena, facilitating sales of over 85,000 tickets worldwide, showcasing strong synergies between both businesses.

Deezer, which generated revenue of €219.4m in H1 2022, said the transaction “reinforces its commitment to the fast-growing music livestreaming market, which shows continued growth in audience numbers and a clear willingness to pay for quality content and add-ons such as merchandising and virtual meet-and-greets.”

Jeronimo Folgueira, chief executive of Deezer, added: “As the home of music, 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.

“Driift has already built an unparalleled reputation for bringing groundbreaking livestreams to music fans all over the world, and we consider that the addition of Dreamstage’s tech and sales platform will take the business to the next level. We have full confidence in the Driift team to deliver fantastic results.”

Deezer launched its ‘LIVE’ concert series in February 2020, just weeks before live events were closed due to the COVID-19 pandemic.