Deezer invests to create livestreaming powerhouse as Driift acquires Dreamstage
PARIS, Sept. 30, 2022 /PRNewswire/ -- Deezer (EURONEXT: DEEZR), the global music streaming service, today announced an exciting new chapter for Driift, a leading UK based livestreaming business. Driift is acquiring Dreamstage and will be further strengthened by an additional £4M investment from Deezer. The acquisition brings together Driift's award winning production capabilities with Dreamstage's best-in-class 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. With a total investment from Deezer of around $7M[1] this year, Driift has secured enough funds to execute on its business plan and accelerate growth.
- Driift is acquiring Dreamstage and will be further strengthened by an additional 4M investment from Deezer.
- Jeronimo Folgueira, CEO of Deezer said, "As the home of music, this is a milestone moment for Deezer.
- 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 the largest shareholder of Driift.