Friendable Completes 1 for 500 Stock Split and Enters Into Strategic Discussions for Fan Pass Live Independent Music Artist Platform as Management Defines Its Operational Cost Cutting Efforts, Reductions, Focus and Strategy for 2023
News provided byFriendable, Inc.
Jan 24, 2023, 5:30 AM ET
The Company Seeks to Propel The Fan Pass Live Technology, Platform, and Over 100,000 Registered Independent Music Artists to the Next Level Through Strategic Partnership or Acquisition
CAMPBELL, CA, Jan. 24, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Friendable Inc. (OTC: FDBL) (the “Company”), a mobile technology and marketing company, is pleased to announce the completion of a key initiative and corporate action as the Company re-aligns its internal resources, cuts costs, and focuses on a specific set of goals for 2023.
On January 19, 2023, the Company completed a reverse split of its outstanding shares of common stock. This action brought the Company’s split adjusted stock price to over $.01 per share. This was an important milestone for the Company to be able to attract new investment.
Friendable’s creation of Fan Pass Live and the entire 360 platform, including the acquisitions of Artist Republik and FeaturedX, has aligned with the Company’s mission of developing and identifying products, services and brand opportunities with mass market potential and scalability.
With Fan Pass Live’s proven technology, features, functions, conversion metrics to revenue, and more than 100,000 registered independent music artists in the Company’s database, management is focused on closing the right transaction that secures the proper capital, additional infrastructure, and team for the live platforms, allowing its current team to be laser focused on upgrading the FeaturedX suite of services and platform in general. Management believes it’s time for this specific platform to take flight under its direction, as the team works with the current parties interested in their live platforms, in an indie music market that’s starving for products and services to support them.
Over the course of 2022, the Company raised the capital required to develop, test, tweak and roll out its offering on a small scale for proof of concept and acceptance by both the artists and their fans. To this point, the Company’s efforts in raising the capital needed for full phase scale have not yet been obtained leading management to prioritize reducing its monthly costs, identifying a potential partner that has the capital, team, and resources to scale the Fan Pass Live offering, as a strategic partner or to acquire the platform and partner with current management to assist with future development and roll out.
“We are confident in our belief that our mission to provide a full 360 offering for all independent music artists was completed in a way that no other company has done prior or to date. It’s all here in one place, bringing a custom and unique set of products, services, merch revenue, and much more directly to the artist. Now it’s time to find the correct partner or acquirer for Fan Pass Live, close down the Artist Republik offering and services and continue growing artist relationships, revenue, and partnerships for our FeaturedX offering, as it continues to show the greatest growth upside with the lowest cost of maintenance, marketing and generally scaling its growth. Fortunately, the Artist Republik acquisition came with a large database of artists, unfortunately its technology, systems and structure were never what it was represented to be and attributed to an extreme increase in burn rate. Having the hindsight now allows us to move forward without this offering,” said Robert A. Rositano Jr., CEO, Friendable, Inc.
“With the potential shown by FeaturedX, the known music artists supporting and pushing the services and the efforts of touring musicians around the world, it’s clear we have found the business model that works for us and it’s all about FeaturedX. ’Since the Company’s acquisition last year of FeaturedX, it has received 270 total gross orders having a value of $169,865 in the first half of 2022 alone, which we believe will continue to fuel our growth as we focus on growing this active and engaged artist community. Our team has made great strides during this period of quiet since the Company began its corporate action in July 2022, using this time to refocus on go forward strategies that reduce costs, yet still have tremendous and explosive revenue potential. Thank you to all our shareholders for your support, looking forward to an incredible year of growth and success,” concluded Robert A. Rositano Jr., CEO, Friendable, Inc.
To support Fan Pass and our artists:
Audiences can visit the website at www.fanpasslive.com or download the mobile app from the Apple App or Google Play stores. Fan Pass offers a seven-day free trial, which provides a VIP all-access pass. After seven days, this free trial converts to a fee-based subscription of $2.99 per month, of which artists also receive up to 40% as revenue sharing on a recurring monthly basis.
About Friendable Inc.
Friendable Inc. is a mobile technology and marketing company focused on developing and identifying products, services and brand opportunities with mass market potential and scalability.
Friendable published its first mobile application in the Apple App Store and Google Play Store in 2014 in the social networking and dating category. The Friendable app achieved over 1.5 million downloads, top 10 worldwide rankings, and has led to celebrity-related marketing opportunities and various relationships with well-known music artists as well as up-and-coming independent artists.
Friendable has since pivoted its business focus to its Music Artist Offering, a one of a kind 360 artist platform. The offering now includes music production/collaboration, music distribution (Spotify, SoundCloud, Play Listing, Livestream/live events, promotions, ticket sales, behind the scenes, Merch designs/store/ship, tips, fan interaction, subscription offerings and more, which all equal revenue sharing and earning for all music artists. It is the Company’s goal to become the new launch point for Indie Artists, as well as Artists at all levels, as they build engagement, revenue, and fans/followers.
Fan Pass, its livestream artist platform. Launched July 24, 2020, the Fan Pass livestream platform has proven invaluable for artists and fans alike as performances shifted from the stage to the screen, with its acquisition of Artist Republik and FeaturedX in January 2022.
Friendable was founded by brothers Robert A. Rositano Jr. and Dean Rositano, who have more than 27 years of experience working together on technology-related ventures.
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 Company’s iTunes rankings should not be construed as an indication in any way whatsoever of the future value of 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.