Deezer acquires Driift | Complete music update

Business News Offers Digital Live Business

By Chris Cooke | Posted on Tuesday, October 5, 2021

Geezers Deezer are further expanding their involvement in the live streaming game by purchasing a slice of Driift, the company that was launched at the start of the COVID lockdown to produce and promote live events.

Founded by artistic directors Ric Salmon and Brian Message, Driift has hosted live concerts with artists including Nick Cave, Niall Horan, Kylie Minogue, Biffy Clyro, Andrea Bocelli, Laura Marling, Dermot Kennedy, Courtney Barnett and Sheryl Crow.

Confirming that Deezer is now present as an investor and partner, Salmon said: “We are delighted to have received the 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 ”.

Driift, and presumably Deezer too, believe that – while it was COVID that created a resurgence of interest among artists and fans for live streaming – now that it has happened, there is a lot of news. opportunities in this space even as the real world of the world begins to slowly but steadily return to normal.

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

Deezer has also invested in the Dreamstage live streaming platform, run by former Sony Music chief executive Thomas Hesse. As part of its investment in Driift, the streaming company said it would “leverage its technology and expertise to actively support Driift’s future growth, including the rollout of new products and offerings.”

Commenting on the company’s latest livestreaming deal, Deezer CEO Jeronimo Folgueira said, “Livestreaming is a growing industry that is redefining the way fans interact with their favorite music. Companies like Driift help artists reach people around the world to generate new sources of income. Deezer has been an innovator in the music industry from the very beginning. Our investment in Driift is the next step in our expansion in this exciting and rapidly growing space ”.