Crowdfunding website Kickstarter has bought its first company, Drip, a music streaming service boasting a community of musicians, records and fans.
The company claimed it saw a parallel between it and Drip which sees artists “enjoy closer connections to the fans who help sustain their work”.
Kickstarter co-founder Yancey Strickler said: “Many of us at Kickstarter have admired Drip over the years. At heart, we’ve been on similar paths. 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.”
On Drip’s books are records, Stones Throw Records, Dirtybird Records, Fool’s Gold Records, Now-Again, Morr Music, Domino Records, and Valenti's label Ghostly International.
Drip will operate as before with its 18 March closure averted at the final minute but the purchase motions Kickstarter’s ambition for growth in the music industry.