A day before Drip, a music subscription service and fan community, was scheduled to close, crowdfunding platform Kickstarter decided to acquire it.
Back in February, Drip announced that after its five years of existence, it was due to shut down on March 18.
On Wednesday, March 17, Kickstarter announced via a blog post that it purchased Drip, its very first acquired company ever.
"We're excited to announce that Drip is joining Kickstarter today," writes Kickstarter's Yancey Strickler. "Drip is an inspired community of independent artists, record labels and audiences who support their work directly."
Drip was founded in 2011 by Sam Valenti IV, the founder of Ghostly International, and Miguel Senquiz.
A number of independent labels are hosted on Drip, such as Sup Pop, Ghostly International, Domino Records, Stones Throw and Fool's Gold.
The service aims to bridge the gap between independent musicians and their fans who help in sustaining their work. Fans get first dibs to the artists' rare tracks, new releases, visual art, exclusive video and more. How Drip works falls exactly in line with the ideology of Kickstarter.
"At heart, we've been on similar paths," says Kickstarter.
Drip was also known for housing They Might Be Giants' "Dial-A-Song" Direct service, in which subscribers forked out $30 for a song every week for the whole 2015.
Valenti also pushed out a post sharing the "exciting change of plans."
"Drip will be joining Kickstarter," says Valenti via Medium. "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."
In the meantime, it is not clear yet as to what Senquiz will be focusing on upon joining the Kickstarter team and what the future plan for Drip is. What Kickstarter only says in its post is that the team is going to "serve creators, creativity and our communities more powerfully."
Moreover, Kickstarter does not mention Valenti and his role in the team on its post.