- Of the revenue recorded in 2021 for the global music recording market, $18.7 billion belonged to major record labels; just under $7 billion was earned and pocketed by independent music artists
- Independent artists face problems with music production, distribution, and promotion, often losing rights to their music to the major labels, which provide the funding up front but enforce strict contracts
- Fan Pass Live 360-degree artist platform provides independent artists with the tools and support necessary to produce, distribute, and market their music without losing the rights
Independent artists face numerous obstacles in pursuing success in the music industry. With record labels controlling a majority of the revenue, it’s more than challenging for independent artists to find a real footing. According to IFPI, the global music recording market reported revenues of $25.9 billion in 2021. Of this global total, $18.7 billion belonged to the major record labels, meaning that just under $7 billion belonged to the independent music artist revenue (https://ibn.fm/QCYJ9). In addition, when compared to the 2020 numbers, it suggests that independent artist revenue is growing three times slower than that of the major labels.
Friendable (OTC: FDBL), a mobile technology and marketing company focused on developing and identifying products, services, and brand opportunities, offers a 360-degree artist offering, free from labels, that answers the majority of the roadblocks encountered by independent artists who want to earn revenue but not at the cost of label control.
For independent artists looking to turn their music from a hobby into a lifestyle, production, distribution, and marketing, are the three areas that matter. In most instances, record labels that sign an artist will give them money up front and then produce, distribute, and market the music – but with a major catch. When the record labels offer this handout to the artist, the artist loses the rights to the music and, in effect, become owned by the record label. When royalties are paid for the music, it often goes back to the label to “settle up” the amount given to the artist, and the artist is never in control of their music again.
Friendable’s flagship offering, Fan Pass Live artist platform, in collaboration with the newly acquired Artist Republik and FeaturedX, changes how independent artists make their mark on the music industry while retaining 100% ownership of their music. Collectively, the Fan Pass Live 360-degree artist service offering provides independent artists access to produce, distribute, and market their music – all from their smartphones.
The Fan Pass Live offering provides artists with:
- Music distribution and management
- Music production assistance
- Press release and Instagram promotion
- Digital storefront activation
- Artist marketplace for collaborations
- Merchandise, logo, and promotional design support
- Virtual concert booking and ticketing mobile streaming service
- Live streaming support
- Revenue from fan tips, monthly artist contests, merchandise, and ticket sales
- Access to fan data and performance analytics
- Monthly artist contests
- NFT development and Metaverse performances (coming soon)
The initial Fan Pass Live offering was released to the public in July 2020, during the pandemic, when the need for artists to have a virtual stage was high due to closed venues and performance spaces. The acquisition of Artist Republik and FeaturedX was finalized in January 2022 – completing Friendable’s “anti-label” artist offering. Having spent his life surrounded by independent music artists, Robert A. Rositano Jr., CEO and founder, saw an immediate need for artists to have control over the revenue from their music to support their pursuit of a career in the industry. His brother and co-founder, Dean Rositano, CTO and president, is also a musician, and together they have seen the struggle firsthand of artists working to make it in the industry.
For more information, visit the company’s websites at www.Friendable.com or www.FanPassLive.com.
NOTE TO INVESTORS: The latest news and updates relating to FDBL are available in the company’s newsroom at http://ibn.fm/FDBL
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