CAMPBELL, CA--(Marketwired - Feb 14, 2017) - Friendable, Inc. (the "Company") (OTC PINK: FDBL), a mobile & social focused technology company, focused on connecting users with location specific, interactive and live content, provides a recap of 2016 and a roadmap for growth in 2017.
The Company's efforts over the last year focused on a combination of user acquisition and brand marketing initiatives, key partnerships, and a strategic investment in an exclusive live streaming technology developed and owned by Hang With, Inc. ("Hang W/"). We also gained access to over 8 million total users of the Hang W/ mobile app that we are attempting to convert to users of the Friendable app. The Company also intends to further diversify its product offering in the rapidly growing live streaming video marketplace, through the development of an exciting new app platform, "Fan Pass Live".
Robert A. Rositano Jr., Friendable, Inc. CEO stated, "We have worked diligently during 2016 to secure several key pillars of technology, infrastructure and expanded partnerships that will assist us in forming a robust social and live streaming mobile enterprise. We believe this groundwork will enable us to engage the investment community with an opportunity to convert our current debt into equity with a qualified funding of at least $3 million dollars".
Mr. Rositano continued, "We believe a $3-million-dollar financing with no debt will give the Company up to 15 months of operating capital that will allow the Friendable app, and soon Fan Pass Live, to deliver accelerated growth in a marketplace that has emerged as one of the most rapidly growing sectors; live streaming video."
Friendable is currently in discussions with high net worth individual investors and investment bankers who have the ability to assist with the transformation of debt into equity and with a capital raise that will produce up to 15 months of working capital, which is exactly what the Company needs to build value for our loyal shareholders. We will provide updates if the terms of an agreement are reached in these restructuring efforts.
As the Company enters a pivotal 2017, management believes its restructuring of the Company's current debt, as well as a simultaneous significant capital raise is the best path forward to achieve continued organic user growth of the Friendable app, new product roll out, and monetization testing in several areas of the business:
- Leveraging Key Partnerships
Technology is most valuable when it can be utilized and monetized, through integrations and exciting new products or services. On this front, Friendable showed evidence of its ability to leverage its strong relationships within the artist community for an increased surge in registered users to the Friendable app in 2016. Friendable was also able to integrate its brand into music videos released by Jennifer Lopez, Fifth Harmony & Fetty Wap, and Daya. In addition, former LMFAO member Red Foo's first-of-its-kind, 360-degree virtual reality video release, "Party Rock Mansion" and a meet-up with Austin Mahone were also prominently featured. Friendable's partnership with Epic Records also resulted in a Meghan Trainor Concert ticket promotion and giveaway.
Friendable's main focus in 2016 was to build toward a critical mass of users. The Company embarked on several marketing initiatives over the course of 2016 in an effort to grow closer to this goal, which included various forms of mobile display advertising, direct to mobile, Facebook targeting, general social media activities and most importantly, comprehensive brand integration programs with music artists and celebrities. The most significant spikes in rankings, downloads and user engagement were realized during each of the above marketing spends and can be directly correlated to to each marketing test, with varying degrees of effectiveness.
- Strategic Investment - Diversified Product Offering
Friendable's decision in late 2016 to diversify its business through a strategic investment in live streaming technology, allowed the company to expand opportunities. Its investment in Hang W/, and acquisition of a royalty free license to its proprietary live streaming video technology, broadened the Company's offerings and we believe puts Friendable on the forefront of the hottest growing sector of mobile applications, Live Video Streaming, a market that Statista projects will exceed $7 billion by 2021.
Friendable has achieved approximately 25% growth in users worldwide since the end of 2015. With over 850,000 total registered users, up from approximately 650,000 at the end of 2015. The Company is currently evaluating 2017 efforts for the Friendable app. The Company's management believes a targeted social media campaign, targeting the most densely populated areas of the U.S., is the next step in its effort to move closer to critical mass on a city by city basis, keeping its macro goal of millions of registered users for each of the US and worldwide. Friendable's management believes the Hang W/ mobile application, with over eight million users in the history of the app, will also provide fertile ground to further grow users through direct marketing efforts, outlined as part of its strategic investment in the company.
According to an article on Venturebeat.com, the cost to acquire a loyal user, defined as a user that has opened a mobile app at least three times, reached $4.23 in December 2015. According to Flurry analytics, in 2016, the Friendable app had 150,214 users that averaged over three sessions each, last year on Android, and 104,735 on IOS, resulting in a total of 254,949 loyal users. The Company also received approximately 200,000 newly registered users during the same time period. The Company believes that these numbers put the Friendable app in line with industry averages and expectations for a viable mobile application.
Looking back at 2016, monthly user growth accelerated each time a new marketing initiative rolled out:
- The Friendable app is currently adding approximately 100-200 new users per day, through social discovery and organic growth only.
- In December 2016, 4,876 new registered users were added.
Mr. Rositano added, "I want to express my gratitude for the hard work and dedication of each of our employees and partners in 2016. This dedication enabled 2016 to be a successful development year for our Company. We believe the elements of long-term success are in place, and with continued execution and the dedication of our investors and users alike, we are poised to open up an entirely new chapter in 2017 and beyond. Our team's ability to recognize technology trends and use what we have learned along the way has been the foundation of our vision and we must now focus on the Company's financial structure and properly capitalize our efforts as we seek to build value for our shareholders and sustain 12 to 15 months of solid operational advancements."
About Friendable, Inc.
Friendable, Inc. is a mobile technology company that develops, acquires, and invests in mobile applications with a social focus. In 2013, the Company released its flagship product Friendable, a mobile social application where users can create one-on-one or group-style meetups for food, drinks, live music, or any occasion. In 2017, Friendable, Inc. plans to release its brand new mobile app platform "Fan Pass Live", a live streaming video application for both iPhone and Android, platform designed to allow music artists, athletes and celebrities to offer their fans and social followers a backstage or VIP experience right from their smart phone. Through the Friendable and Fan Pass applications, Friendable, Inc. aims to become the premier brand, for mobile platforms that are dedicated to connecting and engaging users beyond today's limitations.
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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.