- The digital subscription service was purchased the day before it was due to cease operations.
Kickstarter has bought digital subscription service Drip.
The purchase took place one day before Drip was due to shut down. Launched in 2012 by Ghostly International founder Sam Valenti IV and Miguel Senquiz, the company announced back in February that it would be ceasing activities by March 18th of this year. "Today, we're happy to share an exciting change of plans. Drip will be joining Kickstarter," says 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."
It's not clear what these developments with mean for Drip's users. The service currently facilitates streaming subscriptions for a host of electronic music labels, including R&S, The Bunker New York, Fools Gold, Stones Throw, Sub Pop, Dirtybird and RVNG Intl.