- Digital subscription platforms have become increasingly popular because they bridge the gap created by closing venues because of the pandemic
- Billboard Bulletin covers the future of live streaming, record labels, and the music industry – citing the experience of Patreon CEO Jack Conte, who has seen exponential growth in the last year
- Friendable’s application Fan Pass has seen 100% growth in live streaming events and artist performances in 2021
- Digital subscription platforms are driven by the superfans and Generation Z social media users and influencers
Although many digital subscription platforms were in existence prior to the monumental impact the pandemic made on the industry in 2020, many did not see unprecedented growth in subscription rates until then. Releasing a digital subscription for fans in 2020, mobile technology and marketing company Friendable (OTC: FDBL) has seen exponential and consistent growth since launching its platform for fans to gain exclusive access to the artists they love.
A recent Billboard Bulletin article goes over the future of live streaming, record labels, and the music industry. Available only to paid subscribers at https://nnw.fm/VmKg8, the article quotes Patreon CEO Jack Conte as saying that “the last year has shown artists that subscription platforms are another revenue stream that they can develop in addition to touring and used to offer exclusive content tide to their live shows.” Patreon was founded in 2013 and pioneered the subscription membership platform industry. The company is popular due to its creator-friendly revenue splits.
Friendable has already seen a 100% growth in live stream events and artist performances in 2021. In a press release, Friendable’s CEO Robert A. Rositano Jr. said that metrics mean everything – whether they show an increase or a decrease, and that the metrics the company sees guide the teams on the Fan Pass journey (https://nnw.fm/nt9d2).
“I am happy to report that Fan Pass is being embraced on all fronts in more ways than I could have imagined,” Rositano Jr. added. “An active community breeds additional activity, content growth and fan engagement, which all feeds the subscription revenue model, artist ticket/event sales and overall merchandise exposure for additional e-commerce revenue. In addition, we believe the convergence of all these advances together will bring Fan Pass closer to attracting its first sponsor and open the door to additional revenue opportunities that are now becoming even clearer.”
The Fan Pass platform is a mobile technology and marketing platform designed to help artists engage with their fans worldwide and earn revenue while doing so. Fan Pass brings an “all-access” VIP experience that includes:
- Live performances and online concerts
- Backstage meet & greets before and after the pay-per-view events
- Livestreamed content of studio sessions
- Behind-the-scenes footage of music videos and photoshoots
- Special interviews and one-on-one video
- Streams that highlight the daily lives of the artist
The subscription to the platform starts at $3.99 and provides single-purchase pay-per-view exclusive content like concerts for fans. With the closure of most live music venues worldwide, Fan Pass was designed to help bridge the gap left by the pandemic by enabling connection and engagement between artists and fans.
The Billboard Bulletin article also points out that digital subscription platforms that fill the void left by the pandemic are coming off of 12 months of unprecedented subscriber growth due to the high number of artists that joined the platforms. The subscriptions are the equivalent of real-time fan clubs for members of Generation Z who have grown up with micropayments and maintaining multiple subscriptions for media and entertainment. The fan clubs of today are more engaged than they were 20+ years ago when you sent a letter and hoped for an autograph in return. Fans expect exclusive material, VIP tickets, rare merchandise items, and virtual concerts, the article underlines.
The reach that subscription platforms have is partially due to the rise of social media and influencers. These have bred the perfect environment to create superfans, which are more impactful thanks to social media use. Artists are inspired and motivated by the superfans because they are often more a part of the artist’s world than the artists themselves. Friendable and Fan Pass are leveraging their success on fans’ desire to gain instant access to the artists they love.
Future artists will now cultivate their skills through entrepreneurial qualities, not rely on the traditional record companies to pave a path they can’t recoup from. Revenue streams are readily available through the digital subscription services providing labels and artists access to first-line data that can be used to provide real value and capture a piece of the media budget, the Billboard Bulletin article also notes.
NOTE TO INVESTORS: The latest news and updates relating to FDBL are available in the company’s newsroom at http://nnw.fm/FDBL
NetworkNewsWire (NNW) is a financial news and content distribution company that provides (1) access to a network of wire services via NetworkWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets (3), enhanced press release services to ensure maximum impact, (4) social media distribution via the Investor Brand Network (IBN) to nearly 2 million followers, (5) a full array of corporate communications solutions, and (6) a total news coverage solution with NNW Prime. As a multifaceted organization with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.
To receive SMS text alerts from NetworkNewsWire, text “STOCKS” to 77948 (U.S. Mobile Phones Only)
For more information, please visit https://www.NetworkNewsWire.com
NetworkNewsWire is part of the InvestorBrandNetwork.