UK livestreaming business Driift is acquiring live streaming technology and sales platform Dreamstage.
The acquisition brings 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 CEO Ric Salmon and COO Claire Mas.
The acquisition is benefitting from an additional £4 million investment from streaming platform Deezer, adding to funding earlier this year of £3 million.
Jeronimo Folgueira, CEO of Deezer said, “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.”
Investing in both businesses in 2021 and 2022, Deezer remained a minority shareholder in Driift, and became a majority shareholder in Dreamstage, before the transaction. As a result of the business combination and its additional investment, Deezer will become Driift’s largest shareholder.
Driift won a BAFTA for “Glastonbury Festival: Live at Worthy Farms” produced in cooperation with BBC Studios. It also provided the platform for Driift’s global livestream for Little Mix from London’s O2 Arena, facilitating sales of over 85,000 tickets worldwide, highlighting strong synergies between both businesses.