CAMPBELL, CA--(Marketwired - Nov 10, 2016) - Friendable, Inc. (the "Company") (OTC PINK: FDBL), a mobile & social focused technology company, today announced details of the Company's plans to diversify its assets in order to create several paths for revenue and profitability.
Friendable's recent investment in Hang With, Inc. ("Hang W/"), along with its acquisition of a royalty free, perpetual license to Hang W/'s proprietary live streaming video technology, and access to the total of 8 million users who have used Hang W/'s app over the past several years, has broadened the Company's opportunity set, which the Company believes, gives investors several ways to win.
Friendable's preferred equity stake in Hang With, Inc. ($30 million valuation), is a passive investment that may yield Friendable a profitable exit. In an effort to leverage the live streaming video and create value for shareholders, Friendable is rapidly building and preparing for launch an entirely new application that Management has code-named "Broadcaster."
Celebrities that Friendable has had previous or existing relationships with have, in total, upwards of 20-50 million social media followers.
Friendable's Broadcaster app is expected to offer an experience that stands alone in a noisy social media environment by allowing celebrities to broadcast live, uncut, and uncensored content that cannot be viewed anywhere else, to the subscribers of their Broadcaster channel. Artists and agencies will soon have the opportunity to own a "Broadcaster Channel" where they can share, in real time, events that would typically exist to only individuals with VIP on-location access.
Examples of content that may be featured include:
- Backstage before, during or after events
- Recording studio sessions
- Behind the scenes on music video sets
- On-set makeup or wardrobe trailers
- Special interviews
- Ultimate Fan Experience - All Access
Friendable intends to offer several levels of revenue sharing of subscriptions with celebrity artists and agencies. Each artist will be required to market their Broadcaster channel to their social followers and fans, ultimately generating subscription revenue based on the success of conversion. This one of a kind ecosystem is being designed to help celebrities monetize their fans and followers as "Broadcaster" seeks to become the industry standard platform for proprietary content that is live, uncut and uncensored.
Friendable's conviction in the value of this platform is the product of many months of dedicated research, analysis and feedback from the Company's celebrity music artist relationships, record labels, and brand partners at The Kluger Agency. Each content channel will be exclusive to each artist and aim to offer several levels of revenue sharing opportunities between Friendable and the celebrity, artist or agency, based on one of the subscription models, one time pay-per view, virtual gifting and brand sponsorship of each channel. The Company believes these revenue sharing opportunities will result in an enticing and recurring revenue model unlike anything in social media today.
Robert A. Rositano Jr., Friendable, Inc. CEO, stated, "Friendable is working on a revenue model that incentivizes celebrities to promote the 'Live' aspect of our new 'Broadcaster' platform to their social media followers and in turn, receive up front incentives along with recurring revenue on a monthly basis. We are working hard to secure commitments from celebrity artists as we move closer to launch in early 2017, and we will announce them as they are signed. Further, we look forward to a strong conversion rate given the loyalty of each celebrity or artist's existing social media fan base.
"We are more excited than ever for the future of the Company. This is truly a new category of entertainment, consisting of one-way, interactive broadcasting of exclusive VIP events, unique experiences or those one in a million moments that don't always get captured on video. This content will soon be able to be channeled to an audience who truly waits for an opportunity to peek behind the curtain. We look forward to announcing the success of our latest 'Broadcaster' initiative in the near term, as management is committed to creating and building shareholder value through our continued efforts to expand and diversify the Friendable brand," concluded Robert A. Rositano Jr., Friendable, Inc. CEO.
Additionally, the Company continues to add to the existing Friendable app through organic downloads, brand recognition and social media efforts. As Friendable adds and attracts new users to its platform, it becomes increasingly more important for the Company to release new and exciting features for its users to enjoy. The Company is proud to announce that live streaming video will be the next feature update to be added to the current Friendable app in 2017, additional details will follow upon the Company's final release date.
Friendable, Inc. is a mobile& social focused technology company, focused on connecting users with location specific, interactive and live content. Friendable is all about what's happening now or in the future, rather than sharing the past. It is all about having location specific, nearby or live (happening now) opportunities. The Friendable brand represents a "friends first" approach to making new connections by using its current social networking app to create meet up style events or simply invite one person or many to join your Friendable meet up. The app allows users with like interests and locations to suggest a meet up topic, with local venue recommendations to choose the specific date and location to make it happen. The Company continues to iterate features of its current mobile app offering, while seeking strategic partnerships, technology acquisitions and new products that may be developed to serve the ever expanding mobile marketplace.
Friendable believes that user acquisition translates to increased value and increased user interactions allow Friendable to offer advertising and sponsorship opportunities to local venues/businesses, where these meet ups take place. Generating revenue by providing these venues with location specific opportunities to reach potential customers when it matters most, as well as new features and applications that expand revenue opportunities into live video streaming (pay-per view) style or subscription based monetization of premium content is the focus of the Company's future growth. As of October 2016, Friendable has exceeded one million (1,000,000) total downloads since the Company's inception and launch of its current app, first released in June 2013 under its previous brand name.
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This press release contains forward-looking statements. The words or phrases "would be," "will allow," "intends to," "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected by Friendable, Inc. The iTunes rankings should not be construed as an indication in any way whatsoever of the future value of the Friendable's common stock or its present or future financial condition. The public filings of Friendable, Inc. made with the Securities and Exchange Commission may be accessed at the SEC's Edgar system at www.sec.gov. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Friendable, Inc. cautions readers not to place reliance on such statements. Unless otherwise required by applicable law, Friendable, Inc. does not undertake, and Friendable, Inc. specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.