Friendable Inc (OTCMKTS:FDBL) shares surged 15.38% on Tuesday to $0.00150 and an additional 3.27% in after-hours trading. The company has a market cap of $1.30 million at 869.19 million shares outstanding. Share prices have been trading in a 52-week range of $0.00 to $0.03.
Friendable Inc is a company that is engaged in the development and dissemination of a proximity-based mobile social media application that facilitates connections between people, utilizing global positioning system and localized recommendations. Its location-specific platform offers a discovery application that facilitates communication between two or more users on a one to one meeting or group style event-based meet ups for concerts, sporting events, coffee, movies and night out, among others.
Friendable Inc has invested heavily in a feature called Fan Pass Live, which is designed to provide performing artists and celebrities with the opportunity to broadcast live, exclusive, uncut, and uncensored content to subscribers of their channel in real time. This will enable a unique and powerful connection between performing artists, athletes, celebrities, agents and their existing base of social media followers and fans by providing real-time access to events.
“The Fan Pass brand is expected to capture the essence of this new category of live, interactive broadcasting and the power of leveraging exclusive, premium content with an existing base of social media followers and fans. We believe Fan Pass, by coupling existing connections between millions of loyal social media users and the celebrities they follow with a platform to access live, engaging and exclusive content, will be uniquely positioned to develop recurring monthly revenue streams for both the company and the celebrities,” said Friendable Inc CEO Robert Rositano, Jr.
He went on to say that Fan Pass Live is expected to feature exclusive, uncut and uncensored video streaming of celebrity events such as recording studio sessions, behind-the-scenes action on music video sets, special interviews and backstage access before, during or after events to provide the ultimate fan experience. This can enable the company to monetize the social media platform by creating multi-level subscription plans.
Existing social media networks such as Facebook, Twitter, and Snapchat are competing for their share in the live streaming niche, as this has been drawing more engagement among users. Friendable Inc is working to establish its presence among celebrities in securing commitments among artists and athletes as they move closer to launching Fan Pass Live. Friendable Inc has worked with celebrities that have a total of 20-50 million social media followers across different platforms and they are seeking to capitalize on this existing audience base.
A couple of months ago, Friendable Inc announced that it is negotiating the acquisition of specific technology that can allow the company to extend its brand and monetize the app. This should allow the company to create a multi-channel revenue model that has the potential for a high conversion rate based on its target audience and demographic. According to CEO Rositano, this can serve as an extension of the Friendable app and the next generation of the brand. What distinguishes Friendable Inc from other social media platforms is that it focuses more on geolocation to channel marketing or streaming content to users in a specific location, based on events and interests.
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