Friendable Inc (OTCMKTS:FDBL) shares were down 8.82% on Thursday to $0.00310 and flat in after-hours trading. Share prices have been trading in a 52-week range of $0.00 to $0.03. The company has a market cap of $2.06 million at 663.55 million shares outstanding.
This week, Friendable Inc announced that it will be offering live, uncut, uncensored, celebrity content through a new application which has been code-named Broadcaster. This will leverage the live streaming video technology that it recently acquired from Hang With. The live streaming trend has been pursued by more well-known social media platforms such as Facebook and Twitter but if Friendable is able to come up with a unique strategy to differentiate itself with this feature, it could be gearing up to level with these larger companies.
Broadcaster can allow celebrities to broadcast live, uncut, and uncensored content that cannot be viewed anywhere else, to the subscribers of their channel. Some types of content that can be included are backstage before or after events, recording studio sessions, behind-the-scenes video sets, special interviews, on-set make-up, and an all-access ultimate fan experience.
Friendable Inc continues to make connections among celebrities to help boost interest in their platform by providing content. For instance, the company has worked with Austin Mahone who has 13 million fans on Facebook alone. If a fraction of these were converted to Friendable with a monthly subscription of $1.99, this could translate to significant revenues for the company.
“With several exciting developments already in our pipeline and our belief that Friendable’s next app release is a game changing application in the live video marketplace, we felt it was an opportune time to engage a strategic investor relations firm to help us more efficiently communicate our near- and long-term prospects to the market and expand awareness of our company,” noted friendable inc ceo robert rositano.
He added that their acquisition of Hang With technology will provide them the tools they need to create a differentiated offering for our brand in the live video streaming marketplace and capitalize on their existing relationships in celebrity circles.
Their Hang With acquisition also came with access to the total of 8 million users who have used the app over the past several years, representing a guaranteed existing user base from the get-go. To date, Friendable Inc has had previous or existing relationships with have upwards of 20-50 million social media followers in total.
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. Formerly known as iHookup Social, it offers a a location specific social platform, as well as 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.
The social media platform bridges its mobile community of users with the meeting of new friends, building relationships and connecting them with local venues or events tied to their interests. Its application is available on the Apple iOS platform and in iTunes stores, where Friendable Inc offers a free version and a paid version of the application. Its application is also available on the Android platform and in the Google Play Store.