TIDMATC
RNS Number : 2508B
All Things Considered Group PLC
30 September 2022
All Things Considered Group Plc
("ATC", the "Company" or the "Group")
Driift receives investment from Deezer as it acquires technology
and commerce platform Dreamstage
The acquisition combines leading production and tech
capabilities to create a new livestreaming powerhouse. ATC will
retain 32.5% of Driift following the GBP4m investment from
Deezer.
London, September 30, 2022 - All Things Considered G roup Plc
(AQSE: ATC), an independent music company housing talent
management, live booking, livestreaming and talent services, has
today announced that Driift, a leading UK based livestreaming
business which ATC co-founded, has acquired Dreamstage, a
technology and commerce platform that allows artists to engage
their fanbase in highly interactive live streaming events (the
"Transaction"). As part of this Transaction, Driift will be further
strengthened by an additional GBP4m investment from Deezer, one of
the largest independent music streaming platforms in the world,
bringing the total investment across Driift and Dreamstage to more
than GBP12m since they were founded in 2020.
The merger will bring together Driift's award winning production
capabilities with Dreamstage's best-in-class technology and
commerce platform, creating a new leader in livestreamed music
experiences. The combined business will continue under the Driift
name, run by CEO Ric Salmon and COO Claire Mas.
Founded in August 2020, Driift has delivered a succession of
premium quality livestreamed events for some of the world's biggest
artists and performers, collaborating with multiple creative and
distribution partners, and winning major awards including a BAFTA
for "Glastonbury Festival: Live at Worthy Farm" produced in
cooperation with BBC Studios.
In May 2022, Dreamstage provided the platform for Driift's
hugely successful global livestream for Little Mix, from London's
O2 Arena, facilitating sales of over 85,000 tickets worldwide,
showcasing strong synergies between both businesses.
The Transaction demonstrates continued execution of Driift's
strategy within the fast-growing music livestreaming market, which
shows continued increases in audience numbers and a clear
willingness to pay for quality content and add-ons such as
merchandising and virtual meet-and-greets. Virtual concerts ticket
sales are expected to generate up to $2 billion worldwide in 2022,
and up to around $5 billion annually by 2028 (Source: MIDiA -
Jan-2022).
Adam Driscoll, CEO of ATC said, "The establishment of Driift in
2020 as a reaction to the pandemic related shut down of the live
music business was a clear example of ATC innovating in the face of
industry challenges. Livestreaming is now becoming established as a
new vertical in the music industry and will be a significant part
of its future. As the live touring business has emerged from
lockdown over recent months, Driift has been at the forefront of
the evolution of the livestreaming concert model. Driift has
already built an unparalleled reputation for bringing
groundbreaking livestreams to music fans all over the world, and we
believe that the addition of Dreamstage's tech and sales platform
will take the business to the next level. We are confident that the
additional investment from Deezer and the support that they can
provide to the business as now its largest shareholder will enable
Driift to become a substantial player in what will be a huge new
segment of the music industry in the future. We are very excited to
have such a strong group of partners in the Driift business,
benefiting the prospects for both Driift and the ATC Group."
Ric Salmon, CEO Driift said, "This is an exciting new chapter
for Driift. Over the past two years we have become genuine pioneers
in the livestreaming space. We've collaborated with certain of the
world's most talented artists, filmmakers and creators to deliver
online events that have been part of the latest redefinition of the
livestreaming format. Our team has shown a proven ability to
innovate, selling hundreds of thousands of tickets and generating
millions of dollars in revenues already".
"Through Deezer's investment, we are confident that our upward
trajectory will accelerate. We are delighted to welcome
Dreamstage's hugely talented team of developers, engineers and
customer service personnel into the company. We can now offer a
fully integrated livestreaming solution to our partners, with
production, promotion and what we see as a market-leading
technology and revenue generating platform under one roof. It is a
major cultural shift, and we look forward to bringing an even
greater range of live experiences to truly global audiences ."
ATC, Driift and Deezer would like to thank Dreamstage's founders
Thomas Hesse, Scott Chasin and Jan Vogler for their work in
building Dreamstage over the past years, and for contributing to
the success of this Transaction. We would also like to thank
Beggars Group, for their commitment and contribution in the
merger.
Further information on the Transaction
-- The Driift share acquisition of Dreamstage Inc. and GBP4m
investment by Deezer have completed today and as such the ATC
Group's value of Driift is unchanged and now represents a 32.5%
undiluted interest in Driift Holdings Ltd
-- ATC now holds two of the five board seats in Driift
-- Upon completion, Driift will be accounted for by the ATC Group as a share of an associate
-- For the 12 months ended 31 December 2021, Driift recorded
revenues and other income of GBP5.2 million; loss before tax of
GBP2.1m; and gross assets on that date of GBP3.4m
-- For the seven months ended 31 July 2022, Dreamstage recorded
revenues of $1.9 million; loss before tax of $1.2m; and gross
assets on that date of $1.9m
This announcement contains information that the Company
considers to be inside information related to the Group for the
purposes of article 7 of the Market Abuse Regulation (EU) 596/2014
as amended by regulation 11 of the Market Abuse (Amendment) (EU
Exit) Regulations 2019/310. With the publication of this
announcement, this information is now considered to be in the
public domain.
-S-
For more information, please contact:
ATC Group Via Alma PR
Adam Driscoll, CEO
Rameses Villanueva, CFO
Canaccord Genuity +44(0)20 7523 8000
Aquis Corporate Adviser and Broker
Adam James / Patrick Dolaghan
Alma PR +44(0)20 3405 0205
Financial PR
Hilary Buchanan / Lily Soares Smith
Notes to Editors
About ATC
ATC Group is a prominent independent music company offering live
rights, live agency, production, artist management and investment
and a range of other music artist services. ATC Group is the only
independently-owned company in the industry housing talent
management, live booking, livestreaming and talent services within
the same group.
The Company has an established, long-standing client base with
over 50 artists on its management roster and over 400 acts on the
live roster.
The Group's five key divisions are:
-- ATC Management: artist management;
-- ATC Live: live event booking agency for artists;
-- Livestreaming : through Driift, a global livestreaming
business and Flymachine, a livestreaming platform;
-- ATC Services;
-- Polyphonic; an artist partnerships venture
For more information see: www.atcgroupplc.com
The Group is headquartered in London, with offices in Los
Angeles, New York and Copenhagen and is led by an experienced
management team who have operated across multiple music industry
sectors.
About DEEZER
Deezer is one of the largest independent music streaming
platforms in the world, with more than 90 million tracks available
in 180 countries, providing access to lossless HiFi audio,
innovative recommendation technology and industry defining
features. As the home of music, Deezer brings artists and fans
together on a scalable and global platform, to unlock the full
potential of music through technology. Founded in 2007 in Paris,
Deezer is now a global company with a team of over 600 people based
in France, Germany, UK, Brazil and the US, all brought together by
their passion for music, technology and innovation. Deezer is
listed on the Professional Segment of Euronext Paris (Ticker:
DEEZR. ISIN: FR001400AYG6) and is also part of the newly-created
Euronext Tech Leaders segment, dedicated to European high-growth
tech companies, and its associated index.
For the latest news on Deezer go to
https://www.deezer-blog.com/press/ . For investor information,
please visit www.deezer-investors.com . Like us on Facebook , and
follow us on Twitter , LinkedIn and Instagram for real-time
information.
About DRIIFT
Driift is an award-winning producer, promoter and platform for
the highest quality livestream events for the world's greatest
artists and performers, including The Smile, Jack Johnson, HAIM,
Coldplay, Jorja Smith, Michael Kiwanuka, Laura Marling, Nick Cave,
Niall Horan, Andrea Bocelli, Kylie Minogue, Little Mix and Dita Von
Teese. Working with globally-renowned directors and iconic venues,
Driift builds and delivers full campaigns for these shows and
partners with managers, agents, traditional promoters, labels and
ticketing companies across the industry. Headquartered in the UK
and with offices in North America and Australia, Driift has sold
more than 700,000 tickets to audiences in more than 190 countries,
while our productions have been recognised with major awards from
BAFTA, the Royal Television Society and The Webbys.
https://driift.live/
About DREAMSTAGE
Dreamstage is a live streaming technology and sales platform
that has delivered over 70 live shows since its launch in 2020,
including Polo G, Chief Keef, Yo-Yo Ma, Train, Sean Paul, Mastodon
and, in partnership with Driift, Dita Von Tesse, Little Mix, and
Jonny Greenwood and Thom Yorke's new band, The Smile. Its rich
capabilities allow artists to engage their fanbase in highly
interactive live streaming events and monetize these via ticket
sales, brand sponsorship, merchandising, VIP experiences, and
charity donations.
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