DRiP Haus has officially acquired Vault Music as it plots continued expansion initiatives and prepares to release a mobile app. Photo Credit: DRiP
Self-described Solana-based creator platform DRiP Haus has announced the acquisition of Vault Music, an artist-geared hub for exclusive digital items.
DRiP, which says it enables fans to “build the world’s greatest collection” of limited-edition music, art, and more, unveiled the buyout via a formal release. Established by FanDuel co-founders, Vault in February of 2023 disclosed a $4 million Series A.
Simultaneously, the “fantasy record label game” creator emphasized the reach of its underlying “Digital Music Collectible (DMC) format,” which has drawn participation from artists including Fletcher, Kids That Fly, Naïka, and a number of others.
In a potential indicator of the wider Web3 space’s positioning, DRiP opted against so much as mentioning digital music collectibles (let alone NFTs) when revealing the Vault purchase. Additionally, the transaction’s precise price tag and post-deal organizational structure are unclear.
What we do know, however, is that “all” Vault’s drops and users are expected to transition to DRiP, which is preparing to release a mobile app and already counts as artist users Jason Derulo and Waka Flocka Flame.
Said app is poised to roll out on Android as well as iOS “later this summer,” with “highly requested music-specific features” and “a natively embedded wallet” part of the offering. Additionally, DRiP creator support for news, videos, and podcasts is on the way, higher-ups relayed.
Addressing the deal in a statement, DRiP founder and CEO Vibhu Norby applauded Vault’s success in “harboring musicians from outside of the existing ecosystem” and made clear plans “to help them continue that effort.”
Meanwhile, Vault CEO Kara Burney reiterated a goal of unlocking additional revenue streams for independent artists at the intersection of Web3 technology and superfan platforms.
“We’re incredibly proud of the tools and community we’ve built to help independent artists sustain their careers directly with their own fanbases,” Burney communicated. “DRiP shares our belief that web3 technology can be used thoughtfully to create true ownership and new royalty models that did not previously exist for artists.
“Ultimately, this is a win for our community, who believed that on-chain music could make a sustainable difference in the livelihoods of artists, and improve fan experiences in the process,” concluded the longtime marketing exec. “We believe wholeheartedly in DRiP’s vision to transform the creator economy, and we are grateful to be a part of their ongoing investments to serve the music industry.”
In related news, Web3 streaming platform Gala Music, having partnered with Snoop Dogg and Death Row Records on exclusive tracks in May, today teamed up with Rakim. With the rapper’s first studio album in 15 years scheduled for a broader release on July 26th, three of the project’s songs are already live solely on Gala – with seven instrumental works dropping on the 12th.
