Fanbase’s CEO says his startup has more than 400,000 users at the time of its final $5 million crowdfunding.
Isaac Hayes III knows that the first thing people notice is his name. His father is an iconic R&B producer and singer, best known for writing the theme song for the 1971 film Shaft and providing the voice of Chef on South Park. did.
But this generation’s Isaac Hayes wants to conquer the world of social media. His startup, Fanbase, is betting on the continued erosion of traditional media companies, with small, direct-to-consumer interactions becoming the new, perhaps soulful, normal. becomes.
“The future of television is not networks,” Hayes said. forbes. “It will be individual.”
Hayes’ story is Second edition of forbes magazine “Journey to” Forbes BLK An editorial series leading up to the Summit. first event in atlanta From November 5th to 6th. Forbes BLK A growing number of local entrepreneurs like Hayes are taking a unique approach to business and thought leadership.
Hayes started the software company Fanbase in 2018 to help content creators, especially low-wage creators, leverage their name and influence to monetize it.
Hayes sees a new media environment emerging soon. At first, traditional television (or “broadcast”) was the norm. That transitioned to streaming, or “narrowcasting” with Netflix. What will happen next is the mass introduction of “microcasting”. People will not only follow his media personalities and channels on social media but also subscribe to their feeds and content to benefit.
“We are merging culture and infrastructure into one,” Hayes said. “There is currently a predatory relationship between major platforms and creators.”
HIP hop is driving the culture, he says, and marketing for the past decade has been through social media platforms that have been replaced by music networks like BET, MTV and VH1. United Masters CEO Steve Stout. “And Spotify and Apple Music have replaced most of the radio[stations],” he added.
Hayes wants Fanbase to top BlackPlanet, one of the original social media platforms built by Black voices in the early 2000s. Sold for $38 million.
Since Hayes spent $200,000 of his own seed money, he says the fanbase has raised more than $10 million. Mainly through crowdfunding, We have over 400,000 users. In March 2022, Venture’s data company Pitchbook valued his company at $52 million. Hayes said that amount has increased to about $85 million, with revenue coming from subscription and transaction fees related to user engagement. Hayes says the fan base hasn’t turned a profit yet.
Competitors include nearly every social media platform, including Meta’s Facebook, Instagram, and Threads. Elon Musk’s X (formerly Twitter), TikTok, and Snapchat. Audio app Clubhouse. And the rookie spill. The last company, also a Black-owned startup, has raised about $3.5 million from investors including Los Angeles-based MaC Venture Capital.
Doesn’t matter – keep going.
“Anything Facebook can build, I can build,” Hayes said. “I know that the core and energy of social media is kids and black culture. Without that, [social media] it doesn’t matter. “
Watch the video to learn about Hayes’ plans to grow his fan base.
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