Fanbase is a subscription-based social network that helps users monetize their content and earn revenue while increasing authentic user engagement. It enables influencers to grow followers organically and follow others for free while offering a paid subscription option for exclusive content.
The company has raised over $10 million in funding to date, including a $3.5 million round in 2022 led by StartEngine. Founder and CEO Isaac Hayes III, son of the late singer Isaac Hayes Jr., created the platform to help users monetize their content and brands.
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Hayes Jr. was a musical icon who helped to shape the sound of Southern soul. He sang powerful vocals, wrote innovative and catchy songs and had a strong stage persona that made him one of the most influential musicians of his generation. He also voiced the popular character Chef on "South Park" for many years.
Hayes III is also the president and CEO of Isaac Hayes Enterprises, an entertainment, media, music licensing and publishing company for his late father's estate, where he manages a catalog of content for TV and film licensing and other uses. Hayes III is also a veteran songwriter and producer who geared Fanbase toward the needs of entertainers looking to make a mark on social media and build a following.
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Fanbase stands apart from other social media platforms:
- It offers a virtual currency called Love that users can offer as tips to others for content usage. The currency enables everyone on the platform to profit from their creative output.
- Subscription-based monetization allows users to charge a variable monthly fee for exclusive videos, photos, chat room content and other media.
- Users have full control over their posts, with no content suppression by Fanbase.
- It's a good platform for microcontent such as audio clips and short-form videos, which are both ideal for follower engagement.
- Fanbase is a new and growing platform with more than 1 million users and 100,000 creators that has attracted celebrities including Bella Thorne, Cardi B, and Charli D'Amelio.
Fanbase's business model combines subscription revenue and in-app purchases. Users can subscribe to exclusive content from creators for a monthly fee, and the company takes a commission on all in-app purchases, such as Love. The company has a unique value proposition for both creators and users. Creators can use Fanbase to monetize their content and build a closer relationship with their fans. Users can use Fanbase to access exclusive content from their favorite creators and support them directly.
Thumzup Media is another startup company that's disrupting social media and advertising and offering new pathways to monetization. It offers a democratized model similar to Uber Technologies Inc. or Airbnb Inc. that enables business owners to pay customers for posting about the business on social media through the Thumzup app. It connects brands to consumers through Instagram and plans to expand to other social networks.
Fanbase's crowdfunding initiative on StartEngine will support its plans for marketing and growth initiatives to attract more users to the platform. Fanbase also plans to add new features and functionality, such as live streaming and e-commerce to drive engagement and build additional revenue streams.
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