- Friendable acquired Artist Republik and FeaturedX to compliment the Fan Pass Live brand in January 2022
- Since then, Friendable has continued to put focus on the newly acquired brands, paying particular attention to phase II of FeaturedX
- The company believes that phase II changes are contributing to a revenue increase, with total gross orders received in the first six months of the year reaching approximately $170,000
- The global independent artists and performing arts companies market is expected to reach $328.87 billion by 2026, growing at a CAGR of 19%
Friendable (OTC: FDBL), a mobile technology and marketing company focused on the development and identification of products, services, and brand opportunities with mass-market potential and scalability, recently announced its company metrics from the previous six months following the acquisition of Artist Republik and FeaturedX brands/offerings. The company announced the successful acquisition of Artist Republik and FeaturedX in January 2022 and, combined with Fan Pass Live, has created the ultimate “anti-label” 360-degree artist platform offering (https://nnw.fm/sgJBE).
Since the acquisition was completed, Friendable’s management team has been focused on both offerings, starting with Artist Republik and now the recent phase II upgrade of FeaturedX. The company determined the key to FeaturedX’s future success was the necessity to overhaul the communication tools between artists and the company and between “featuring artist” and the artist interested in purchasing their services.
According to Friendable CEO Robert A. Rositano Jr., it has been the company’s mission to provide a full 360 offering for all independent music artists and believes it has achieved this by offering a comprehensive suite of services that include 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,” he said.
The company is uniquely positioned to tap into a significant segment of the global independent artists and performing art companies market, a market that was valued at $101.33 billion in 2021 and is expected to reach $163.14 billion in 2022. By 2026, the market is expected to reach $328.87 billion by 2026, growing at a CAGR of 19% (https://nnw.fm/nf4Ep).
Friendable believes FeaturedX has been one of the primary factors driving platform growth over the last six months, helping achieve a total of 270 gross orders.
The FeaturedX offering has given the company significant traction in building a revenue ramp that adds to its existing base and requires additional technology upgrades and features that close the loop between artists and their fanbase. In the past, artists were required to approve orders before payment, creating a drop-off in collected revenue, which the company has since corrected with payments required upfront.
Friendable released a snapshot of FeaturedX’s traction and activity metrics, showing that the total number of users is up 100% (21,839 users) over the previous 134 days; user sessions are up 100% (32,712 sessions); pageviews are up 100% (146,883 page views); and total number of orders received from January 2022 to July 2022 is 270.
“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,” Rositano Jr. added. “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.”
NOTE TO INVESTORS: The latest news and updates relating to FDBL are available in the company’s newsroom at https://nnw.fm/FDBL
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