Photo Credit: Fave
Fave, the superfan app for like-minded music lovers, has secured $2 million in an ongoing round of funding, with backers like Sony Music and WMG.
Superfan-focused connection app Fave has raised $2 million in an ongoing round with backers including WMG, Sony Music, and the Female Founders Fund, and expectations to surpass $6 million. The platform previously raised $2.2 million in 2021, with a current valuation of $15 million. The company will use the capital from its latest funding to complete the launch of its suite of tools at the end of 2023, enabling more artist teams to find and contact superfans.
Over 50,000 devoted music fans — from Swifties and BTS ARMY to Harries and Bey Hive — have joined Fave in its beta to connect and share their dedication through concert clips, fan-art, and storytelling. The app’s “Fan Verification” feature ranks fans according to their status between Fan, Verified Fan, and Verified Superfan.
Users earn points based on concert/event attendance, streaming activity, proof of meeting their favorite artist, or things like getting a fan-related tattoo, with moments documented in the form of badges. Fans compete against one another, rising in rankings and unlocking various perks provided by artists and brand partners, such as concert tickets, early access, exclusive events, merch, and more.
Fave’s marketplace allows users to resell concert tickets and promote their third party shops (like Etsy) to sell handmade merch, with the company taking a 2.4% transaction fee. Artists can also opt to earn 10% from the fans’ sales.
“This is very distinct from other platforms, but something we are proud to stand by to allow artists to finally benefit from fan-made content monetarily in a win-win,” said Fave founder and CEO Jacquelle Amankonah Horton, who previously worked at YouTube.
The recent funding will also enable Fave to expand beyond music fandoms, reaching into other entertainment markets, including movie and television stars, as well as content creators. In the future, the company also plans to explore sports teams and partner with fashion brands.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : DigitalMusicNews – https://www.digitalmusicnews.com/2023/10/12/superfan-app-fave-raises-2-million-from-backers-like-wmg-sony/