Drip has been saved just one day before its planned shutdown with crowdfunding service Kickstarter purchasing the artist-to-fan streaming service.
Last month, the founders of Drip revealed that they would be shutting down the service. “Between timing, funding, and everything needed to realize this future, we made the decision that now was the time for Drip to come to a conclusion,” explained the service’s founders in a blog post to its community.
The news came as a major blow to many independent labels, as the service had quickly become a valuable asset allowing them to cut out the middle man and sell directly to their fans.
"Today, we're happy to share an exciting change of plans. Drip will be joining Kickstarter,” explained founder Sam Valenti. "The service, community, and creators will remain active and my co-founder Miguel Senquiz will join the team at Kickstarter to see Drip's vision through."
According to TechCrunch, Drip is Kickstarter's first acquisition. "At heart, we’ve been on similar paths," says Kickstarter CEO and founder Yancey Strickler. "Strengthening the bonds between artists and audiences, and fostering the conditions for a more vibrant creative culture is at the core of our work at Kickstarter, too."
Copyright Thrust Publishing Ltd. Permission to use quotations from this article is granted subject to appropriate credit being given to www.djmag.com as the source.