Kickstarter buys crowd-funded music community Drip

Drip was one day away from closing down until Kickstarter bailed it out.

Chris Ratcliffe/Bloomberg via Getty Images

Drip, a community for independent artists and record label, has been acquired by Kickstarter, the company announced today. The company was set to shut down tomorrow, but Kickstarter has swooped in at the last minute and will let the platform continue to operate as-is, at least for the time being. In many ways, it's a logical pickup for Kickstarter -- a major part of Drip essentially amounts to a crowdfunding platform for fans to pay artists directly for their work.

Currently, Drip lets you "subscribe" to artists and record labels to retrieve an ongoing stream of music and videos; you can also get access to perks like discount codes, music archives and other such bonuses. Given how many Kickstarter campaigns focus on music projects, it seems like Kickstarter will be able to learn more about how to get fans to open their wallets and support musicians with the Drip acquisition -- and the huge visibility of Kickstarter should help Drip get more attention for the artists currently using it.