- Fan Pass closed out February 2021 with an increase in numbers across the board, including social media reach and presence
- 317 new artists signed up for the platform during the month
- Growing focus on streaming as a favorable online environment for the relationship between the artist and the fans, as Square acquires Tidal
Mobile technology and marketing company Friendable (OTC: FDBL) announced that as February 2021 closed out, the company’s live streaming artist Fan Pass live streaming artist platform saw exponential growth across the board. According to a company press release, impression numbers for Fan Pass were up 81% from previous, live-streamed events. Artist events were up a total of 191%, accounted for by 32 artist events for the month, with fan and user sessions increasing by 64%. A total of 317 new artists signed up during the month, which may account for Fan Pass showing gains on Instagram by over 55% (https://ibn.fm/LRcF8).
According to CEO Robert A. Rositano Jr., the statistics are confirmation of the fact that Fan Pass is the most complete and best artist-centric live streaming platform available to music artists. While it is one thing to be an “A-Lister” and have that exposure, the true talent (majority) of the artists gain a helping hand from the platform, allowing them to foster new opportunities and engage new audiences while developing a fan base that converts to revenue, he explained.
“Fan Pass launched its platform as a solution for artists and their fans as the COVID-19 pandemic struck, and the associated shutdown has continued to severely hamstring the entertainment industry as a whole. The Company believes the virtual stage will be incorporated in all artist touring from now into the foreseeable future, protecting artist revenue streams should world or even local events limit earning potential,” Rositano added.
Friendable isn’t the only company to change the way that streaming for artists is approached. Traditionally, streaming leaves artists frustrated and paid very little after services and labels take “their cut” of the profit. At the heels of the pandemic, it is becoming more apparent that artists want a more “artist-centric” approach, one that puts artists and fans together.
Twitter CEO Jack Dorsey, the founder of Square, acknowledges the necessity for streaming to become about the relationship between the artist and the fans, not the relationship between the artist, the label, and the fans. The acknowledgment comes in the form of the acquisition of majority ownership in Tidal, a music streaming service indirectly owned by Shawn Carter, better known to his fans as Jay-Z (https://ibn.fm/LHLXp).
Square will pay $297 million as a mixture of cash and stock in return for the controlling stake, which will make the original artists on the platform the second largest group of majority shareholders. Jay-Z is also set to become a member of Square’s Board of Directors as a part of the acquisition.
“It comes down to one simple idea: finding new ways for artists to support their work. New ideas are found at intersections, and we believe there’s a compelling one between music and the economy. I knew Tidal was something special as soon as I experienced it, and it will continue to be the best home for music, musicians, and culture,” Dorsey said discussing the acquisition of Tidal, a platform that directly competes with Spotify, Apple Music, and Amazon Music services.
Despite the pandemic seemingly “winding down,” streaming services like Fan Pass and Tidal still have a significant role in the music industry overall, allowing artists and fans to interact safely, maintain engagement while providing artists with revenue-generating opportunities and fans with valuable content from the artists they admire.
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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