- The global online music streaming industry is expected to double in size over the next five years
- Friendable is leveraging this industry through its 360-degree artist platforms – Fan Pass Live, Artist Republik, and FeaturedX
- The Fan Pass Live artist platform offers independent artists full control over the production, distribution, and marketing of their music – including the resources necessary to collect revenue from it
The global online music streaming industry was valued at $12.83 billion in 2019 and is projected to reach $24.71 billion by 2027, growing at a CAGR of 9.8%, according to an Allied Market Research report (https://ibn.fm/4vHdY). The increase in penetration of 5G, artificial intelligence, and machine learning are all expected to impact this growth positively – including the high-speed data capabilities of 5G, which are 10 times faster than 4G. The Allied Market Research report also cites an increase in on-demand streaming, contributing to more than two-thirds of the market due to pandemic influence.
To capitalize on this market’s expansion, Friendable (OTC: FDBL), a mobile technology and marketing company focused on developing and identifying products, services, and brand opportunities with mass-market potential and scalability, released its flagship offering, Fan Pass Live artist platform, in July 2020. Now, Friendable’s Fan Pass Live has become the 360-degree offering for independent artists, offering music production, distribution, and marketing with the acquisition of Artist Republik and FeaturedX in January 2022. The company has identified the gaps independent artists face in the industry and has developed the ultimate “anti-label” solution.
Artists under label control feel a lack of support from these labels, including financial burdens by strict contracts and excessive fees. There is also a lack of access to resources that allow artists to independently manage their careers in one place. On average, artists lose 90% of streaming revenue to record labels, 10% to booking agents, and 15 to 20% of their overall income to managers.
Fan Pass Live’s platform of artist services provides independent music artists with a 360-degree solution that removes gatekeepers, middlemen, and 100% control of their music remains with them. The platform offers everything an artist needs to produce, distribute, and market their music while collecting the maximum amount of revenue. Music artists using Fan Pass Live benefit from:
- Music Distribution and Management
- Music Production Assistance
- Press Release and Instagram Promotion
- Digital Storefront Activation
- Artist Marketplace for Collaborations
- Merch, Logo, and Promotional Design Support
- Virtual Concert Booking and Ticketing Mobile Streaming Service
- Live Streaming Support
- Revenue From Fan Tips, Monthly Artist Contests, Merch, and Ticket Sales
- Access to Fan Data and Performance Analytics
- Monthly Artist Contests
- NFT Development and Metaverse Performances – Coming Soon
Additionally, the acquisition of FeaturedX offers independent artists the opportunity to collaborate with other artists, find musical compositions, and more. The addition of FeaturedX makes it easy for artists to book an artist feature, collaborate, and download the completed track for distribution through Artist Republik. Since the acquisition, the company has seen exponential growth in metrics across the board – user engagement, artist engagement, and more.
The company’s current contest for its artist members is The Song of Summer Contest from Artist Republik and is already underway. Registration closed on August 8th, and the top five artists across five genres battle it out to win a total of $5,000 in rewards ($1,000 per genre). On September 1st, the top 10 songs will battle it out to be named the winner in their respective genre and take home the grand prize in each category. Artists get to keep everything they earn from the contest – furthering Friendable’s mission to support the work of independent music artists globally.
NOTE TO INVESTORS: The latest news and updates relating to FDBL are available in the company’s newsroom at http://ibn.fm/FDBL