The Company’s ongoing actions have built a strong brand reputation and alongside its upgraded features, these integrated offerings have resulted in a surge of new artist interest and activity, all needing continued attention to monetize and convert FeaturedX to other 360 service offerings
The Company is clarifying its July 13, 2022, press release to clarify that the revenue reported is the value of total orders and not the total collected amount.
CAMPBELL, CA, 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 January 4, 2022.
Following the acquisition, management successfully completed a phase II upgrade of the FeaturedX brand, with FeaturedX being the main factor in achieving 270 total gross orders having a value of $169,865. Approximately 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 pending orders will still require formal acceptance by the artists prior to revenues being booked and reported, the Company has now improved this process by requiring upfront payments from all artists requesting the FeaturedX services. This cash will then be collected and booked or refunded based on the fulfilling artist or artists’ agreement 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 must now be met with additional technology upgrades and features that continue to close the purchase loop between providing artists and their ordering counterparts, which in turn increases the booked and reportable revenue for the Company.
Key to the continued successful growth of the FeaturedX brand is overhauling the communication tools between artists and the Company, as well as between the “featuring artist” and the artist interested in purchasing their services. The business model brings music artists seeking other music artists to be featured in a song or video, as well as graphic designers the Company has curated to provide logo, merch and other promotional items.
Snapshot “FeaturedX” Traction & Activity Metrics:
Total Users = Up 100% or 21,839 users over the previous 134 days (source: monster insights)
User Sessions = Up 100% or 32,712 sessions over the previous 134 days (source: monster insights)
Pageviews = Up 100% or 146,883 pageviews over the previous 134 days (source: monster insights)
Total Order Quantity Received = 270 (Year to Date: January 1, 2022 – July 12, 2022)
“It’s been our mission to provide a full 360 offering for all independent music artists and our team is convinced we have just that, and much more, from music distribution, music writing and video collaboration, design services, promotional materials, merch designs/collections, and e-commerce storefronts. It’s all here in one place and let’s not forget about the ‘Live’ with Fan Pass Live, which brings the virtual live event scheduling, ticket sales, tips, backstage action/content, merch promo/sales and fan interaction with revenue sharing for artists across the board; that’s what we call a 360 offering,” said Robert A. Rositano Jr., CEO, Friendable, Inc.
“This said, it’s all about finding the right offering that leads each artist through the door, which is happening with Artist Republik and FeaturedX, providing the Company with a roadmap of services that connect with each artist at a specific point in their journey with us. FeaturedX has become a lead generation tool allowing additional services to be promoted and offered, as well as building a revenue ramp that adds to the existing base. We have seen the formula and it’s all about timing of these additional services being offered and it’s typically based on the previous product/service purchased and needs of each individual artist at that time. I couldn’t be more proud and grateful to have such a dedicated and caring team. I believe we are on the correct path and it’s all about staying the course, building revenue, keeping the debt capital out or to a minimum and moving our valuation up now that our past restructure debt is behind us. We will be continuing to raise capital under the terms of our qualified Regulation A stock offering, as well as operationally continuing to test, re-organize offers and adapt the tech to allow for our scale. It’s happening and our team has full confidence as we proceed with our next phases,” concluded Robert A. Rositano Jr., CEO, Friendable, Inc.
To support Fan Pass and our artists:
Audiences can visit the website at www.fanpasslive.com or download the mobile app from the Apple App or Google Play stores. Fan Pass offers a seven-day free trial, which provides a VIP all-access pass. After seven days, this free trial converts to a fee-based subscription of $2.99 per month, of which artists also receive up to 40% as revenue sharing on a recurring monthly basis.
About Friendable Inc.
Friendable Inc. is a mobile technology and marketing company focused on developing and identifying products, services and brand opportunities with mass market potential and scalability.
Friendable published its first mobile application in the Apple App Store and Google Play Store in 2014 in the social networking and dating category. The Friendable app achieved over 1.5 million downloads, top 10 worldwide rankings, and has led to celebrity-related marketing opportunities and various relationships with well-known music artists as well as up-and-coming independent artists.
Friendable has since pivoted its business focus to its Music Artist Offering, a one of a kind 360 artist platform. The offering now includes music production/collaboration, music distribution (Spotify, Sound Cloud, Play Listing, Livestream/live events, promotions, ticket sales, behind the scenes, Merch designs/store/ship, tips, fan interaction, subscription offerings and more, which all equal revenue sharing and earning for all music artists. It is the Company’s goal to become the new launch point for Indie Artists, as well as Artists at all levels, as they build engagement, revenue, and fans/followers.
Fan Pass, its livestream artist platform. Launched July 24, 2020, the Fan Pass livestream platform has proven invaluable for artists and fans alike as performances shifted from the stage to the 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 more than 27 years of experience working together on technology-related ventures.
This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "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 in any way whatsoever of the future value of Friendable's common stock or its present or future financial condition. The public filings of Friendable, Inc. made with the Securities and Exchange Commission may be accessed at 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 as of any subsequent date. Friendable, Inc. cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, Friendable, Inc. does not undertake, and Friendable, Inc. specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.
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