Friendable Inc.’s (FDBL) Fan Pass Platform Offers Important Alternative Revenue Streams, While Traditional Music Streaming Companies Face Criticism

May 19, 2021

May 19, 2021 08:51:26
  • The Union of Musicians and Allied Workers (“UMAW”) has waged war against music streaming companies such as Spotify, demanding that they change their revenue structure to benefit featured artists more
  • The Fan Pass platform combines the revenue structure of traditional music streaming sites but with a unique spin, offering artists more opportunities for individual revenue streams
  • Friendable has worked hard since launching Fan Pass in 2020 to find ways to increase revenue for artists, including PPV ticket sales, upcoming NFTs, and more
Music streaming companies like Spotify Technology S.A. (NYSE: SPOT) and Apple Inc. (NASDAQ: AAPL) have come under fire recently for not sustaining artist livelihood because the revenue structure they offer does not truly benefit musicians. In the United States, the Union of Musicians and Allied Workers (“UMAW”) was formed to help ensure that musical artists are being paid their fair share of royalties from streaming services. The goal is to create a more just relationship with labels and create safer guidelines for venues. The primary target of the UMAW seems to be Spotify, with the Union demanding:
  • Pay of at least one cent per stream
  • A user-centric payment model
  • Making closed-door contracts available to the public
  • Revealing existing payola, then ending it
  • Crediting all labor in recordings
  • An end to legal battles that are intended to impoverish artists further
A 34-year-old British musician, Nadine Shah, describes her experience as being financially crippled during the pandemic. She is one of the artists who has banded together to force a change. “If we got paid a meaningful income from streaming, that could be a… Read More>> NOTE TO INVESTORS: The latest news and updates relating to FDBL are available in the company’s newsroom at http://ibn.fm/FDBL

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