After years of encouraging its sizable community to make strategic investments in little-known companies, Kickstarter is finally taking some of its own advice. In a blog post published Thursday, Yancey Strickler, the co-founder and CEO of the crowdfunding platform, announced that his company made its first acquisition. The lucky beneficiary of the buyout is Drip, described as “an inspired community of independent artists, record labels, and audiences who support their work directly.” And it would appear that Kickstarter dropped in just in time — Drip was actually slated to shut down on Friday.
Thanks to Kickstarter’s strategically timed purchase, Drip is expected to continue operating as-is for the foreseeable future. After all, it makes plenty of sense for the crowdfunded music community to join the larger Kickstarter family. In much the same way that Kickstarter allows investors to back projects they believe in, Drip allows musicians to benefit directly from their fan base.
In his blog post, Strickler notes that a number of “today’s most respected and creative independent labels can be found on Drip — from Domino Records, Fool’s Gold, and Ghostly International, to Stones Throw, and Sub Pop.” But more importantly, the executive notes, “… artists on Drip enjoy closer connections to the fans who help sustain their work.”
Strickler says that the Kickstarter team has been a big fan of Drip over the course of its five-year existence, noting, “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.”
So if you’ve been a fan of Drip, rest assured that it’s still chugging along. And if not, head on over and check it out, and who knows? Maybe you’ll find a new artist to invest in.