The company’s continued actions have built a strong brand reputation, and alongside its enhanced features, these in-app offerings have resulted in increased interest and activity from new artists, requiring continued attention to monetize and convert FeaturedX into other 360 service offerings.
The company is clarifying its July 13, 2022 press release to clarify that reported revenue is the value of total orders and not the total amount collected.
CAMPBELL, Calif., July 18, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Friendable Inc. (OTC: FDBL) (the “Company”), a mobile technology and marketing company, today provides an update on the first six months following its acquisition of Artist Republik and FeaturedX brands/offerings on 4 January 2022.
Following the acquisition, management successfully completed a Phase II upgrade of the FeaturedX brand, with FeaturedX being the primary factor in achieving 270 total gross orders valued at $169,865. About 17% of the total has been collected to date.
The FeaturedX platform was originally designed to have pending orders between artists requesting the required music service and artists providing that music service, rather than requiring the requesting artist to pay upfront. While backorders will still require artists’ formal acceptance before revenue is counted and reported, the company has now improved this process by requiring upfront payments from all artists requesting FeaturedX services. This money will then be collected and reserved or refunded depending on the agreement of the artist or artists to fulfill and complete the services agreement.
The FeaturedX offering has shown significant traction in building a revenue ramp that adds to the existing base and now needs to be met with additional technology upgrades and features that continue to close the buying loop between supplying artists and their ordering counterparts, which in turn increases booking. and reportable income for the Company.
Key to the continued success of FeaturedX brand growth is redesigning the communication tools between artists and the company, as well as between the “featured artist” and the artist interested in purchasing their services. The business model brings in musical artists looking for other musical artists to feature in a song or video, as well as graphic designers that the company selects to provide a logo, merchandise, and other promotional items.
Overview of “FeaturedX” traction and activity measurements:
Total number of users = Up to 100% or 21,839 users in the last 134 days (The source: monster ideas)
User sessions = Up to 100% or 32,712 sessions in the previous 134 days (The source: monster ideas)
Seen pages = Up to 100% or 146,883 page views in the last 134 days (The source: monster ideas)
Total order quantity received = 270 (Year to date: January 1, 2022 – July 12, 2022)
“Our mission has been to provide a complete 360° offering for all independent music artists and our team is confident that we have exactly that and more from music distribution, songwriting and video collaboration. , design services, promotional materials, product designs/collections. , and e-commerce storefronts. It’s all here in one place and let’s not forget ‘Live’ with Fan Pass Live, which brings the programming of virtual live events, ticket sales, tips, behind the scenes action/content, merch promotion/sales and fan interaction with revenue sharing for artists at all levels; c is what we call a 360° offering,” said Robert A. Rositano Jr., CEO of Friendable, Inc.
“That said, it’s about finding the right deal that gets every artist through the door, which is happening with Artist Republik and FeaturedX, providing the company with a roadmap of services that connects with every artist at a moment of his journey with us. . FeaturedX has evolved into a lead generation tool to promote and offer additional services, as well as create a revenue ramp that adds to the existing base. We have seen the formula and it all depends on when these additional services are offered and it’s usually based on the product/service previously purchased and the needs of each individual artist at that time I couldn’t be more proud and grateful to have a such a dedicated and caring team. I think we’re on the right track and it’s all about staying the course, generating revenue, maintaining debt capital or minimizing it, and increasing our worth risation now that our past restructuring debt is behind us. We will continue to raise capital under the terms of our Regulation A qualified equity offering, as well as continue to test, revamp offerings and adapt technology to accommodate our scale. It is happening and our team has full confidence as we move forward into our next phases,” concluded Robert A. Rositano Jr., CEO, Friendable, Inc.
To support Fan Pass and our artists:
The public can visit the website at fanpasslive.com or download the mobile application from the Apple app Where google play stores. Fan Pass offers a seven-day free trial, which provides an all-access VIP pass. After seven days, this free trial converts into a paid subscription of $2.99 per month, from which artists also receive up to 40% revenue share on a recurring monthly basis.
About Friendable Inc.
Friendable Inc. is a mobile technology and marketing company focused on developing and identifying branded products, services and opportunities with mass market potential and scalability.
Friendable released its first mobile app on the Apple App Store and Google Play Store in 2014 under the social networking and dating category. The Friendable app has reached over 1.5 million downloads, ranked in the top 10 worldwide, and has led to celebrity-related marketing opportunities and various relationships with well-known music artists as well as promising independent artists.
Friendable has since reoriented its commercial activity towards its offer of musical artists, a one-of-a-kind 360 artist platform. Offering now includes Music Production/Collaboration, Music Distribution (Spotify, Sound Cloud, Play Listing, Livestream/Live Events, Promotions, Ticket Sales, Backstage, Merchandise Designs/Store/Delivery, tips, fan interaction, subscription offers, etc., all of which are equal in terms of revenue sharing and revenue for all music artists. The company’s goal is to become the new point launch for independent artists, as well as artists at all levels, as they build engagement, revenue, and fans/subscribers.
Fan Pass, its live artist platform. Launched on July 24, 2020, the Fan Pass livestreaming platform has proven invaluable to artists and fans as performances move from stage to screen, with its acquisition of Artist Republik and FeaturedX in January 2022 .
Friendable was founded by brothers Robert A. Rositano Jr. and Dean Rositano, who have over 27 years of experience collaborating on technology-related projects.
This press release contains forward-looking statements. The words or expressions “would”, “will”, “intend”, “probably result”, “should”, “will continue”, “is planned”, “estimates”, “project” or similar expressions are intended to identify “forward-looking statements”. Actual results could differ materially from those projected by Friendable, Inc. The company’s iTunes rankings should not be construed as an indication of the future value of Friendable’s common stock or its current or future financial condition. Public documents filed by Friendable, Inc. with the Securities and Exchange Commission are available on the SEC’s Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon at any later date. Friendable, Inc. cautions readers not to rely on these statements. Except as otherwise required by applicable law, Friendable, Inc. does not undertake, and Friendable, Inc. specifically disclaims any obligation, to update forward-looking statements to reflect unforeseen events, developments, events or circumstances after the date of this declaration.
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