Business News Deals Digital Live Business

Deezer buys into Driift

By | Published on Tuesday 5 October 2021


The Deezer geezers are further expanding their involvement in the livestreaming game by buying a slice of Driift, the company that launched early on in the COVID lockdown to produce and promote livestreamed events.

Founded by artist managers Ric Salmon and Brian Message, Driift has staged livestreamed 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 on board as an investor and partner, Salmon says: “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 livestreaming will be a major new component of the music industry going forwards”.

Driift, and presumably Deezer too, believe that – while it was COVID that created a surge in interest among both artists and fans for livestreaming – now that that has happened there are plenty of new opportunities in this space even as the real world live sector starts to get slowly but surely back to normal.

Adds Salmon: “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”.

Deezer previously also invested in live-streaming platform Dreamstage, which is headed up by former Sony Music exec Thomas Hesse. As part of its investment in Driift, the streaming firm says it will “leverage its technology and expertise to actively support Driift’s future growth, including the roll-out of new products and offerings”.

On the firm’s latest deal in the livestreaming domain, Deezer CEO Jeronimo Folgueira says: “Livestreaming is a rapidly growing industry that is redefining how fans engage with their favourite music. 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”.