Update

Friendable’s 360 Music Artist Platform Generates Increases in Revenue, Website Traffic and General Artist Interest from January 2022 to Date, Mainly From Its FeaturedX Branded Service

The Company’s ongoing actions have built a strong brand reputation and alongside its upgraded features, these integrated offerings have resulted in a surge of new artist interest and activity, all needing continued attention to monetize and convert FeaturedX to other 360 service offerings

The Company is clarifying its July 13, 2022, press release to clarify that the revenue reported is the value of total orders and not the total collected amount.

CAMPBELL, CA, July 18, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Friendable Inc. (OTC: FDBL) (the “Company”), a mobile technology and marketing company, today provides an update on the first six-months following its acquisition of Artist Republik and FeaturedX brands/offerings on January 4, 2022.

Following the acquisition, management successfully completed a phase II upgrade of the FeaturedX brand, with FeaturedX being the main factor in achieving 270 total gross orders having a value of $169,865. Approximately 17% of the total has been collected to date.

The FeaturedX platform was originally designed to have pending orders between artists requesting the required music service and artists providing that music service, rather than requiring the requesting artist to pay upfront. While pending orders will still require formal acceptance by the artists prior to revenues being booked and reported, the Company has now improved this process by requiring upfront payments from all artists requesting the FeaturedX services. This cash will then be collected and booked or refunded based on the fulfilling artist or artists’ agreement to fulfill and complete the services agreement.

The FeaturedX offering has shown significant traction in building a revenue ramp that adds to the existing base and must now be met with additional technology upgrades and features that continue to close the purchase loop between providing artists and their ordering counterparts, which in turn increases the booked and reportable revenue for the Company. 

Key to the continued successful growth of the FeaturedX brand is overhauling the communication tools between artists and the Company, as well as between the “featuring artist” and the artist interested in purchasing their services. The business model brings music artists seeking other music artists to be featured in a song or video, as well as graphic designers the Company has curated to provide logo, merch and other promotional items.