Audio streaming platform Deezer this week announced that it had invested in US live-stream concert startup Dreamstage.

The move makes Deezer the latest company to enter the live-streaming space. Dreamstage has produced more than 50 live shows since it was launched in August last year. The platform handles ticket sales and the delivery of live audio and video to devices.

Deezer says the investment will enable the live-streaming service “to significantly speed up growth and expand its operations.” It added that the funding would help “accelerate the rollout of Dreamstage’s product, expand its range of content and grow market share”.

Dreamstage is planning to offer live gig subscriptions and simulcast streaming opportunities for in-person concerts when live concerts return. Musicians can also sell merchandise, VIP experiences or raise donations via the platform.

“We believe that Dreamstage is the best live music platform on the market today,” Deezer CEO Hans-Holger Albrecht said. “It’s well placed to become the ultimate online music destination for both fans and artists. Music fans can finally enjoy an authentic concert experience that is more than just a video call.”

He added: “Dreamstage and Deezer share a vision of supporting talent across a wide variety of genres. Live shows provide musicians with crucial revenue opportunities during these challenging times. “This aligns closely with our mission to connect artists with their fans through our Originals projects, recorded sessions and editorial content.”

Dreamstage CEO Thomas Hesse said: “Dreamstage is rapidly developing as a leading premium player in the thriving streaming concert business, creating unique moments for artists and fans to connect across the globe. We are excited to join forces with Deezer who share our vision to innovate and capture this massive new opportunity.

“Together, we will nurture and propagate the emerging live music video format, and help artists grow and delight virtual audiences everywhere. We are thrilled and honoured to transform live music for the long term with Deezer as a visionary entrepreneurial partner.”

The news comes on the heels of Warner Music Group’s (WMG’s) recent partnership and investment in virtual concert platform Wave. Both Deezer and WMG are owned by multinational Access Industries.

The deal adds to Deezer’s growing partnerships. Last month, the company and Brazilian video streaming provider Globoplay signed a strategic partnership that allows Globoplay users to subscribe to Deezer Premium for a year at a discounted monthly subscription fee. The platform also added recently an embeddable widget player, which enables users to share tracks, albums and podcasts on websites.