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Speaker 2: And so I tell people all the time, do you
Speaker 2: want a million followers or do you want a million
Speaker 2: dollars a million follow I know people with five, ten,
Speaker 2: fifteen million followers broke can't even pay their bills, but
Speaker 2: fifty thousand people paying you two dollars a month is
Speaker 2: one hundred grand a month, one point two million dollars
Speaker 2: a year. I know y'all heard about bad Baby, catch
Speaker 2: me outside. She made fifty five million dollars off OnlyFans, right,
Speaker 2: I said, she made fifty five million dollars off one
Speaker 2: hundred and sixty pieces of content. The next thing I
Speaker 2: did is I went to her Instagram page and there
Speaker 2: was no content on the page.
Speaker 3: It was like six posts. But I was like, see.
Speaker 2: I was like, she hit all her content because she
Speaker 2: knows she makes Instagram. Instagram doesn't make her. She's like,
Speaker 2: I have sixteen million followers. This serves me no purpose
Speaker 2: at all. So she archived all her content and she
Speaker 2: put a link tree and said you can stream my song,
Speaker 2: watch my music video, and come to my only fans.
Speaker 2: Because what is this sixteen million people doing for me.
Speaker 2: It's doing nothing. It's just a vanity number. It means
Speaker 2: absolutely no. What is good as having sixteen million follows
Speaker 2: so you can't use them?
Speaker 4: My graduates from my school being forced back drop drop
Speaker 4: drop back drop.
Speaker 5: All right, guys, welcome back, e y l South.
Speaker 6: This is gonna be a legendary episode, something that the
Speaker 6: public has asked for and something that we've been in
Speaker 6: communication for a long time.
Speaker 5: A lot of people they they lack patients. They're like,
Speaker 5: why don't you get fan based on I'm like, what
Speaker 5: we keep talking about. It's down. We are for the culture.
Speaker 5: Everything just has to happen in the right time.
Speaker 6: But you did do our guys ask cash is shows
Speaker 6: inside the whole, shout inside the vote.
Speaker 5: So Isaac Hayes the third.
Speaker 6: Legendary situation fandis this is something that if you're not
Speaker 6: familiar with it, we're gonna I'm gonna let you explain
Speaker 6: it because I don't want to do it any disservice.
Speaker 6: But it's a social media app that's designed for monetization.
Speaker 3: Yeah right, yeah, absolutely, And.
Speaker 6: It works similar to like a lot of the other
Speaker 6: social media apps where you can like interact with your photo,
Speaker 6: video stories, live live short form audio chat, audio chat.
Speaker 6: So it's like a combination of a lot of different
Speaker 6: social media.
Speaker 2: Apps, every media vertical you can think of subscription service
Speaker 2: in one.
Speaker 3: Yeah.
Speaker 5: So we're gonna have no conversation.
Speaker 6: We're gonna talk about the process, your thought process that
Speaker 6: even developing the app, of course, raising money for the app,
Speaker 6: marketing the app, the business model where do you see
Speaker 6: it going?
Speaker 2: You know, the whole the whole gambit. But first and fall,
Speaker 2: thank you for joining us, appreciate it, Thank you guys
Speaker 2: for having me. This is like my favorite interview before
Speaker 2: it starts, my favorite before it's like everybody like, but
Speaker 2: I told people I was coming in there, like I
Speaker 2: want to come. I love those guys, you understand, like
Speaker 2: I watched earlierly, so this is the one showed that
Speaker 2: everybody I know watch it.
Speaker 7: So they got to make sure that they watched this one.
Speaker 3: Absolutely the Holy g of financial absolutely.
Speaker 5: So all right, So where does it start?
Speaker 6: Obviously, if you didn't catch it by his name, his
Speaker 6: dad is Isaac Hayes, legendary vocalists and performer. So where
Speaker 6: did this start with you? You never wanted to go
Speaker 6: into music and followed your dad's footsteps. What made you
Speaker 6: wanted to be an entrepreneur in text based?
Speaker 2: So I was a producer, like I started producing in
Speaker 2: ninety nine, and then I decided that I wanted to
Speaker 2: license my music, and so I started licensing my music
Speaker 2: for television and film and did that for like ten
Speaker 2: or fifteen years. And after my dad passed, somebody my
Speaker 2: family wanted someone to run the estate, and so my
Speaker 2: family named me the manager of his estate.
Speaker 3: So I had been managing his estate.
Speaker 2: But while simultaneously, you know, like I said, A simultaneously
Speaker 2: licensing my music for TV and film. The idea to
Speaker 2: develop an app came out of left field, came out.
Speaker 2: It came from It came from my connection to Memphis, Tennessee.
Speaker 2: So I was born in Memphis, left Memphis at an
Speaker 2: early age and moved to Atlanta. But just me being
Speaker 2: on social media all the time, this young kid went
Speaker 2: viral for dancing in a Spider Man costume and a
Speaker 2: game stopping. He was from Memphis, and I just sent
Speaker 2: him a text message like a DM said congrats young
Speaker 2: Memphis and he immediately hit me back, was like, are
Speaker 2: you a manager? And I was like, well, I manage
Speaker 2: my dad to stay. He goes, I need a manager.
Speaker 2: I really need a manager. And this is back and
Speaker 2: forth of bus Well year was this twenty eighteen? It
Speaker 2: was Instagram. Yeah, sent him an Instagram DM. I'm saving Instagram.
Speaker 2: I'm saving the DM. So when this is the largest
Speaker 2: tech company in the world, I just people don't know
Speaker 2: that this is the moment that I came up with
Speaker 2: the idea.
Speaker 3: So it was March twenty eighteen.
Speaker 2: So anyway, I left that conversation like, Yo, this kid
Speaker 2: is like he don't know how to.
Speaker 3: Make no money and he doesn't own Spider Man.
Speaker 2: And whenever Marvel and Disney want to shut down him
Speaker 2: monetizing their property, they can.
Speaker 3: But people need to learn. People need to be able.
Speaker 2: To subscribe to him like you subscribe to like Netflix,
Speaker 2: and learn how to dance like him. If he wants
Speaker 2: to teach people to dances, he does, and charge people
Speaker 2: for those dances.
Speaker 3: And so that's when I was like, yo, we need that.
Speaker 2: And it was like and then only Fans was out
Speaker 2: at the same time, and I remember only fans, Yeah, legendary,
Speaker 2: and so I remember seeing I remember saying like, yo,
Speaker 2: when the strippers find out about this one?
Speaker 5: Oh so you you was on it before it became
Speaker 5: what it became.
Speaker 2: Yeah, no, because because I because one of the things
Speaker 2: that I did, the first things I did when I
Speaker 2: thought of the name fan base, I trademarked it.
Speaker 3: So I hadn't built anything.
Speaker 2: I trademarked the name fan base in the in the
Speaker 2: form of an application that's downloaded with software for subscription
Speaker 2: based whatever.
Speaker 8: Very important Yeah, the details on how you trademarkets very important.
Speaker 5: Yeah.
Speaker 2: So yeah, you got to get the class and the
Speaker 2: territory and I did all that so because I don't
Speaker 2: ever want to take an idea to fruition and then
Speaker 2: not be able to fully execute it because a lot
Speaker 2: of people, you know, rappers have a name, can't use
Speaker 2: a name, right, somebody have a product, can't use the product.
Speaker 2: So I just know that from music like trademarket first
Speaker 2: and so then after trademarking the name, I just went
Speaker 2: ahead and like I said, was figuring out like only Fans,
Speaker 2: like all the other platforms out here that kind of
Speaker 2: did it. I was aware of Patreon. Patreon only Fans
Speaker 2: were the only two that I heard of. A matter
Speaker 2: of fact, Only Fans was called fans only. So I
Speaker 2: was like, okay, cool, and then I just knew that.
Speaker 2: But I said, we got to build something that's just
Speaker 2: straightforward for the community of people that are going to
Speaker 2: be able to monetize the content in the future.
Speaker 3: Yeah.
Speaker 8: So, I mean creating a tough company obviously takes capital,
Speaker 8: and he did something very brilliant. Never signed a publishing
Speaker 8: deal when you were producing, right, and so you were
Speaker 8: able to license. The content that you were making was
Speaker 8: born in jail. So is that the basis or the
Speaker 8: foundation of where you got capital to create it?
Speaker 2: Yes, okay, And so being a pre do so I
Speaker 2: never did a public deal because my dad had terrible
Speaker 2: relationships with publishers. So I was able to go to
Speaker 2: my pro which are like being my ass cap, the
Speaker 2: performing rights people that collect your money and ask for
Speaker 2: a loan. And I asked for a loan of like
Speaker 2: one hundred thousand, and I got another one hundred thousand.
Speaker 2: I just I could pull from it whenever I wanted to.
Speaker 2: And that's the thing mailbox money is like, you know,
Speaker 2: I say, you got to make money while you sleep.
Speaker 3: So that was a cool thing about me.
Speaker 2: It's like I'm watching Real Housewives and married to medicine
Speaker 2: and loving hip hop and my beats and playing NBAT
Speaker 2: be the All Star Game, Like I would hear my
Speaker 2: music all the time, and I just go to the
Speaker 2: mailbox and be a check for you know, twenty thousand whatever,
Speaker 2: fifty thousand, you know, every quarter. So I'm like, okay, cool.
Speaker 2: So when I came up with the idea, I was like, well,
Speaker 2: let me just pull from this. I'm you know, when
Speaker 2: I started managing my dad's the state, I said, just
Speaker 2: take care of my expenses. I don't want to take
Speaker 2: no salary. So I just had capital to be able
Speaker 2: to build that.
Speaker 5: So talk about the loan. How did that work?
Speaker 6: So you took a loan from the record companies and
Speaker 6: then they recouped.
Speaker 2: That from my pr Yeah, they recoup it from from
Speaker 2: what's paid so as ay.
Speaker 3: So it's it's not like a year.
Speaker 2: You probably get paid like a year after, like nine
Speaker 2: months after something airs. So whenever your song is played
Speaker 2: on the radio or it is on a television show
Speaker 2: or a movie, about nine months after it airs is
Speaker 2: when you actually get the money for it.
Speaker 5: That's like it's out the ghost face. He said. Waiting
Speaker 5: on these royalties take too long. It's like waiting on babies.
Speaker 2: It's like, yeah, so that's when you So when you
Speaker 2: when your joint hit, you know, you got nine months
Speaker 2: before you get the check. So that's a long it's
Speaker 2: a long gap. So yeah, I was able to just
Speaker 2: you know, take in advance.
Speaker 5: And then they charge like a percentage.
Speaker 2: Of no, because it's not it's not a publishing deal.
Speaker 2: It's just the money I was gonna get paid anyway.
Speaker 2: It's just they just keep collecting it till it comes back.
Speaker 2: So you spoke about your dad's a state. That's I
Speaker 2: mean that's pretty expensive catalog, Yes, especially in music. I
Speaker 2: know he did voiceovers even in.
Speaker 8: South Park, right, it's so so like, I mean, you're
Speaker 8: into music at the time, but managing the state is
Speaker 8: a totally different thing.
Speaker 7: So where did you like figure out the skills to
Speaker 7: manage that.
Speaker 2: So most of it, most of managing the state revolves
Speaker 2: or my dad to say, will revolve around publishing and
Speaker 2: masters and so I've been doing that. So it's like
Speaker 2: you want to license his name it was in likeness
Speaker 2: or a song or anything like that. That's that's very,
Speaker 2: very simple. So it wasn't a hard thing to do.
Speaker 2: The only thing the only hard thing to do is
Speaker 2: probably is expand the brand, and you need relationships to
Speaker 2: do that. But I also have and my family has
Speaker 2: hated me for this for a long time because I
Speaker 2: told him it's going to take a long time for
Speaker 2: us to be in position because as a songwriter, you know,
Speaker 2: my dad's copyrights have been owned by other people, just
Speaker 2: for the for the way that publishing deals were done
Speaker 2: in his era. So when you wrote a song in
Speaker 2: my dad's era, the publisher would actually have ownership of
Speaker 2: the copyright for fifty six years. So then so even
Speaker 2: my dad never got to see his copyrights back returning
Speaker 2: his lifetime. So the songs that he wrote in nineteen
Speaker 2: sixty three just started coming back a couple of years ago.
Speaker 2: And so one of the biggest songs that he ever
Speaker 2: wrote before even became an artist, as a song by
Speaker 2: Sam and Day call hold On I'm Coming. So I
Speaker 2: know people hear that dum.
Speaker 7: Du hold I'm coming.
Speaker 2: So he wrote that song. So we wrote, yeah, him
Speaker 2: and David Porter. So we just got that song back
Speaker 2: like last month. And even since we did that, like
Speaker 2: it's already like licenses coming in. But think about like
Speaker 2: how many how much money has been made off that record,
Speaker 2: and then think of all this sampling and all that stuff.
Speaker 3: So again, yeah, I.
Speaker 8: Feel like once I heard that, you made me think
Speaker 8: of Malcolm Nuts in the movie, like when he's at
Speaker 8: the whole.
Speaker 3: That's the song that's playing everything. And listen, there was crazy.
Speaker 2: There were songs they used, they used hold on them
Speaker 2: And this is the crazy thing because the publishers are
Speaker 2: trying to get us to do new deals, and I'm
Speaker 2: like the numbers that they were sending us. Was like, na, man,
Speaker 2: there's there's no way you can offer us this. If
Speaker 2: I say they offered us like two million, right, I
Speaker 2: was liked. I just heard this song on an oil
Speaker 2: cookie commercial for Christmas.
Speaker 3: They played it.
Speaker 2: When the Lakers won the championship, they played it. They
Speaker 2: had a Toyota truck commercial. It's a bunch of different,
Speaker 2: you know, different commercials that I hear in it. That's publishing,
Speaker 2: so it doesn't matter who does the song. So I
Speaker 2: was like, Nah, y'all not feeling Offersta and we have.
Speaker 2: We haven't even gotten to his artist catalog where even
Speaker 2: in his songwriting catalog, everybody is sampled. My dad, like
Speaker 2: I always say, James Brown is the most sampled artists
Speaker 2: of all time, right, but Isaac Hayes, there's not a
Speaker 2: Every iconic rapper has an Isaac's song that you know
Speaker 2: that's an Isaaca sample. And I'd be like, so Warning
Speaker 2: by Biggie is Isaac's Can I Live by Jay z As,
Speaker 2: Isaac Kay's Creamed by Wu Tang Clan is Isaaca's Me
Speaker 2: Against the World by Tupac is Isaacay's Shimmy Shimmy y'ah.
Speaker 2: A bout old dirty Bastard is Isaac's explosive by Doctor
Speaker 2: Dre is Isaac's. So it's like you can't think of one,
Speaker 2: Like there's not any of the icons, right, you know
Speaker 2: what I'm saying classic, Let's.
Speaker 9: Just right the sample or the lyric, the sample, the musical.
Speaker 9: So he produced the record, He wrote and produced. He wrote, Yeah,
Speaker 9: the writer and producer and artist.
Speaker 2: So he was a songwriter first and then he became
Speaker 2: an artist because Otis Redding died and then Sam and
Speaker 2: Dave got they got taken back. They were on loan
Speaker 2: from Atlantic and it was a bad deal with Stacks,
Speaker 2: so they had no artists, so they had to rebuild
Speaker 2: their catalog and they asked everybody to do an album.
Speaker 2: They had like twenty nine. They had twenty eight artists
Speaker 2: and they needed twenty nine. It's called the Soul Explosion,
Speaker 2: and they said we need you to do an album
Speaker 2: and he was like, okay, but y'all did an album
Speaker 2: on we before and it was some bullshit. So if
Speaker 2: I do an album this time, you got to let
Speaker 2: me do it the way I want to do it.
Speaker 3: And that album was Hot Buttered Soul.
Speaker 2: So that's the album where you know he did walk
Speaker 2: on By and it's like the first time you ever
Speaker 2: heard like soul artists and orchestra's merge or organs and
Speaker 2: bass and all that stuff together with orchestras and stuff.
Speaker 3: So like that.
Speaker 2: He even had to go to Detroit to record the
Speaker 2: strings because there were no people that can play strings
Speaker 2: in Memphis. So imagine going to like Motown to put
Speaker 2: your sound with they sound and come back. And really,
Speaker 2: I always state my dad is the inventor of modern
Speaker 2: day R and B because you can't imagine R and
Speaker 2: B without flutes and strings.
Speaker 3: And you think of marriag jr. Blige when you think
Speaker 3: of like.
Speaker 2: Mask off by Future or whatever when you hear flutes
Speaker 2: and hip hop is like Isaca is the first person
Speaker 2: to put flutes and strings on top of like organs
Speaker 2: and gritty guitars and stuff like that.
Speaker 8: So when the publisher companies are coming at you now,
Speaker 8: are they now trying to renew the deals? Obviously fifty
Speaker 8: six years not gonna happen in this dayage, but are
Speaker 8: they doing like short term leases on the content is.
Speaker 2: Five years ironically, and this will go this, This will
Speaker 2: transition a lot into tech. What they're doing now, they're
Speaker 2: trying to buy catalogs, and I know you hear all
Speaker 2: the time people are buying catalogs, right, And I'm like,
Speaker 2: why these people selling their catalogs? It doesn't make sense
Speaker 2: to me because I understand the value of the music.
Speaker 2: And so I tell I think about this, and I say, well,
Speaker 2: how many people on Earth have a smartphone? And it's
Speaker 2: like six point three billion people with smartphones? Right, And
Speaker 2: I'll ask you, guys, this question aize people all the time. So,
Speaker 2: of six point three billion people on smartphones, how many
Speaker 2: people do you think have music streaming services on their phone?
Speaker 2: Like Apple Music, Spotify and Title in the millions or billions?
Speaker 2: How many people would you think of six point three
Speaker 2: business this point three? I say four billion? Cool, what
Speaker 2: do you think?
Speaker 5: Three billion?
Speaker 2: Okay, no, it's five hundred twenty five million people. It's
Speaker 2: so it's left so seven percent of the available market
Speaker 2: of people that could have a music streaming service on
Speaker 2: their phone have it. So in my mind, I'm like
Speaker 2: they said, by twenty thirty, it'll be like a billion
Speaker 2: people on streaming services. So in the next eight years,
Speaker 2: the streaming revenue is gonna double or triple, So why
Speaker 2: are you I wouldn't sell shit? And it's the same
Speaker 2: thing for Netflix. It's only two hundred and twenty two
Speaker 2: million people that have Netflix out of six point three
Speaker 2: billion people with the device that could have Netflix on it.
Speaker 2: So I'm like, oh, content is gonna be like the thing.
Speaker 2: And so when I talk about when I mentioned the
Speaker 2: fan base, the reason why I think that's important because
Speaker 2: I believe that person to person subscription is going to
Speaker 2: outpace platforms like Netflix because anybody that I know has Netflix.
Speaker 2: They watch a Netflix or a Hulu for one or
Speaker 2: two shows, but there's like thousands of pieces of content
Speaker 2: on there. So in the future, why wouldn't I just
Speaker 2: subscribe directly to the brand or the person that I
Speaker 2: really like their content from as opposed to paying this
Speaker 2: twenty five twenty dollars a month with commercials too shows
Speaker 2: for stuff that I don't really like. But if I
Speaker 2: really rock with like you know, Cardi B, then I'll
Speaker 2: just subscribe to her. If I really rock with this
Speaker 2: particular brand, and I'll subscribe directly to them or that
Speaker 2: person or you guys like you guys just like okay,
Speaker 2: then I'll just subscribe directly to y'all, and you guys
Speaker 2: get all the revenue. You own the content, and you
Speaker 2: make the and you call the shots.
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Speaker 6: So, all right, so let's get into this conversation off
Speaker 6: fan base. What's the first steps that you took to
Speaker 6: get the company off the ground and how much money
Speaker 6: was it actually to actually get the company off the ground.
Speaker 5: So do you don't have a tech background? Right?
Speaker 7: No?
Speaker 5: All right?
Speaker 6: So you have an idea, but you don't necessarily know
Speaker 6: how to actually go about it. So what's the first
Speaker 6: thing that you did to actually get an app? Because
Speaker 6: a lot of people have ideas about app they don't
Speaker 6: even know how to go about it.
Speaker 2: Well, I mean, I think I educated myself through mentors.
Speaker 2: So there's my three mentors and tech immediately, Joel Berk's
Speaker 2: Barry Gibbings and Justin Dawkins, and so the three of
Speaker 2: them have a company called Collapse Capital. So Jewel Berks
Speaker 2: had a company called part Pick that she saw the
Speaker 2: Amazon and exited. And Barry Gibbons had a vent a startup,
Speaker 2: a tech startup, and Justin is their partner, and they
Speaker 2: have a company called Collab Capital where they invest in people.
Speaker 2: So I went to them and I met them at
Speaker 2: the gathering spot in Atlanta, Georgia where everybody comes together
Speaker 2: and meets and has great ideas. And I got to pick. Yeah,
Speaker 2: so I got to I got to pick their brains.
Speaker 2: And they were more than gracious to just give me
Speaker 2: the information about you know, you know, how much should
Speaker 2: a CTO have, what kind of equity like to the
Speaker 2: other this idea which you're gonna build, You need an MVP.
Speaker 2: So I was just learning, you need a deck, you
Speaker 2: need you know, you need a proof of concept.
Speaker 3: So they're okay, okay, okay.
Speaker 2: So I just had all that information and I just
Speaker 2: started researching and then I'm kind of one of those
Speaker 2: kind of do it do it off, I need to
Speaker 2: do it all type of people. So even the deck,
Speaker 2: like I had somebody, they gave me somebody that builds decks,
Speaker 2: but I said, send me the deck in Keynote and
Speaker 2: then I just started clicking buttons and I built my
Speaker 2: deck and learned how to use Keynote. Now, so now
Speaker 2: I'm a keynote whiz. So I'm the kind of person
Speaker 2: that is just figure it out on my own if
Speaker 2: I need to. And I'm a produce, so I know
Speaker 2: what it's I know what the app is supposed to
Speaker 2: look like, what it's supposed to feel like, what the
Speaker 2: buttons are supposed to do.
Speaker 3: All I need I need.
Speaker 2: I know what the colors are supposed to be, so
Speaker 2: all I need is somebody to build it. So that
Speaker 2: was the part that was very very.
Speaker 3: Hard for me. Yeah, it was. It was. It was
Speaker 3: a challenge.
Speaker 2: But again, and I had somebody that was working with
Speaker 2: me on this, which is really weird. It was this
Speaker 2: young lady that was working with me on the app
Speaker 2: and she was kind of like guiding me through it.
Speaker 2: But then she just disappeared and I was like, Okay,
Speaker 2: now I'm really out here, like I'm dolo. So my
Speaker 2: attorney at the time introduced me to my now CTO
Speaker 2: and and he built the app. Very talented god by
Speaker 2: the name of Romero Cannavas. That's like my guy, my
Speaker 2: right hand and what we do at fan Base couldn't
Speaker 2: build it without them, And so we just started the
Speaker 2: process of putting together the early stages of what fan
Speaker 2: Base would be.
Speaker 8: So when you meet him and you're putting the plants together,
Speaker 8: how long before the actual completion of the idea.
Speaker 3: So it's about six months.
Speaker 2: So we built it from We built the MVP from
Speaker 2: like July to December.
Speaker 5: MVP middle viable products, And that's just like.
Speaker 6: The most important things that need to be part of
Speaker 6: the situation.
Speaker 2: Yeah, because so typically, and this comes from people in
Speaker 2: black tech, is like we don't get to write our
Speaker 2: ideas down on a napkin and slide it over to
Speaker 2: somebody say okay, I'll fund that for twenty million dollars,
Speaker 2: because because along the way, you know, I would hear
Speaker 2: from from other people in tech and say, man, like
Speaker 2: these dudes got twenty million dollars and spend all the
Speaker 2: money on some other bullshit and never even built an MVP,
Speaker 2: never built a prototype. They just take the money and
Speaker 2: trick it off or do something like that, and they're
Speaker 2: not They're not black. R we don't get we don't
Speaker 2: get you know, we get to you know, we don't
Speaker 2: get a nap. We have to prove ourselves be on
Speaker 2: a shadow of a doubt. So I knew, Okay, I'm
Speaker 2: gonna have to make something that like, Okay, this shit
Speaker 2: really really works and once people have those light bulb moments, right,
Speaker 2: And I'm gracious enough in building a platform that I
Speaker 2: know that because I hated every social media platform that
Speaker 2: came out except for Instagram. I was hated all on
Speaker 2: my thought, and I mean not dislike them. I hated
Speaker 2: on them, like oh, this is stupid. Like first time
Speaker 2: I saw first time I saw MySpace, I was like.
Speaker 3: That's done. And I was like, oh, and I was
Speaker 3: on Facebook, that's done. I was like oh.
Speaker 2: And I saw Twitter and I was like I got
Speaker 2: on Twitter and oh eight nobody was on there. And
Speaker 2: I left and then I came back like the end
Speaker 2: of O nine, and I thought about it. I was like, Oh,
Speaker 2: this is going to be the news before the news,
Speaker 2: so somebody get to shooting. This is how I think
Speaker 2: somebody get to shooting. It'll be on Twitter before the news.
Speaker 2: Even though they were shooting at the club. And that's
Speaker 2: kind of what you see now. I checked Twitter. Twitter
Speaker 2: is my news before anything, so that's you know, I
Speaker 2: knew that. So and then Instagram is the only one
Speaker 2: that I got because I said, this is going to
Speaker 2: kill the website.
Speaker 3: So websites are done.
Speaker 2: I haven't been to a website in ten years because
Speaker 2: I can see TMZ and ESPN and you know, some
Speaker 2: funny comedians and all this kind of stuff all at
Speaker 2: the same time. So I just knew that that was
Speaker 2: what the future of social media is gonna be. So
Speaker 2: that's what that's what led me to thinking about fan base.
Speaker 6: So all right, so you get the CTO, he builds it.
Speaker 6: You hadn't mentioned the equity, So did you give him
Speaker 6: equity as opposed to paying him or so.
Speaker 2: So the first thing, and this is when I knew
Speaker 2: I was onto something. I paid them directly right just
Speaker 2: to build it. But I made sure that on the code.
Speaker 2: How was it to cost the building It costs like
Speaker 2: two hundred thous what costs initially about one hundred thousand
Speaker 2: to build it just to do that, And and the
Speaker 2: fact that if this was done in the state, it
Speaker 2: probably would have cost me like three I couldn't have
Speaker 2: built this in America because it's the time and the
Speaker 2: resources it takes the building. It probably would have taken
Speaker 2: me like three hundred and fifty grand to build it,
Speaker 2: because that's just how much. You know, if you get
Speaker 2: somebody because you hear it, you hear a lot of
Speaker 2: people say, oh, I'm gonna go to India.
Speaker 5: We did that. Yeah, yeah, we so we had not
Speaker 5: to cut you off.
Speaker 6: But we had an app that he was building for DJs,
Speaker 6: and we realiz that it was going to cost like
Speaker 6: five hundred thousand buildings in America, but in India except
Speaker 6: they said we can get it done for like fifty
Speaker 6: thousand man, so we ended up paying You paid one
Speaker 6: guy like twenty thousand. Yeah, we paid him like twenty
Speaker 6: thousand and eight. They it was terrible, you know, telling
Speaker 6: was wrong, it didn't work properly, everything was bad, and
Speaker 6: they after a while they stopped answering. Then they went
Speaker 6: on holiday, which you found out the holidays is like
Speaker 6: three weeks.
Speaker 5: And then we hired another Indian to go find.
Speaker 6: This the guy in India, Yeah, he was in the jungle,
Speaker 6: and paid him like five thousand.
Speaker 8: Right, we paid a flight for him. So the next
Speaker 8: thing he tried to find was in the jungle. So
Speaker 8: then we paid it his flight to go find him.
Speaker 8: But he end never ran.
Speaker 6: Off on He ran off on this so we got
Speaker 6: burnt pretty bad. We lost about thirty thousand dollars.
Speaker 3: Wow.
Speaker 5: Yeah, never got any kind of proble.
Speaker 2: Mean, And what I tell people about when I tell
Speaker 2: people about India, it's not a knock to get India,
Speaker 2: it's it's on the other side of the plane. So
Speaker 2: the times is off. Argentina is just like an hour head.
Speaker 2: And Argentina is just like they hungry, like they like yo,
Speaker 2: we can cold, just as good as Facebook and all
Speaker 2: these major corporations and so and it was just fortunate
Speaker 2: that Ramiro lives in Atlanta, so his company is based
Speaker 2: here in Atlanta. So equity was not a part of
Speaker 2: the conversation. It was built. And then what he did,
Speaker 2: and this is this is when I said, Okay, I
Speaker 2: got something here. Because they had been in business for
Speaker 2: about ten years or so already, and he said, we
Speaker 2: want to invest in this. This is the first this
Speaker 2: is the first app that we've ever been a part of.
Speaker 2: And they've built stuff for the CDC and Taco Bell
Speaker 2: and all these other companies and a lot of startups
Speaker 2: to come through their doors and they've built stuff and
Speaker 2: gone along. But it was like, nah, we want to
Speaker 2: we want to be a part of this because we
Speaker 2: rock with you and we think this is like what
Speaker 2: the future is about. And I said, okay, I'm on
Speaker 2: this something because and it was great because then I
Speaker 2: had him. And this is a lesson that I learned
Speaker 2: and had to know is if you're going to raise capital,
Speaker 2: you're going to have to have a ct because if
Speaker 2: you because if nobody's gonna give you money, if the
Speaker 2: person that is gonna build they can just pick up
Speaker 2: and leave.
Speaker 5: The technology officers, yeah.
Speaker 2: They have to have some skin in the game that
Speaker 2: they're attached to the product just as much as you.
Speaker 2: So you guys are in it together, so that they
Speaker 2: just look at like they don't take it as a check, like, oh,
Speaker 2: here's a check, here's your app. Because then when you
Speaker 2: go to raise money, somebod's gonna ask you we who's
Speaker 2: gonna help you build this? And if you don't have
Speaker 2: a CTO, you have to get one. So people, and
Speaker 2: those are the things that I learned from Jewel and
Speaker 2: Barry and justin like you got to have a CTO,
Speaker 2: they have to own part of the company, you know.
Speaker 2: And so that's the that's the situation that arose because
Speaker 2: it makes me best just feel comfortable.
Speaker 8: Was that the first time, as you were obviously finding
Speaker 8: Romero he's building it. Is this the first time you're thinking,
Speaker 8: all right, this is my company, I'm gonna allow other
Speaker 8: people to have shares in this equity In the situation.
Speaker 2: No, so we were still we were still going to
Speaker 2: go the route. Initially, I just left it alone because
Speaker 2: I didn't want anybody to know that I was attached
Speaker 2: to it, because of the stigma that.
Speaker 3: That Unfortunately.
Speaker 2: When my companies, Yeah, when white people build something, it's
Speaker 2: a perceived it's for all people. But when black people
Speaker 2: build something, it's perceived it's only for black people. And
Speaker 2: fan base, its fan base is for every single user
Speaker 2: on the planet. So I just wanted to stay as
Speaker 2: far away as I possibly could. So I did that,
Speaker 2: and I wanted a proof of concept without without corrupting
Speaker 2: the data. So I didn't tell anybody I built it.
Speaker 2: I didn't tell nobody to use it. I just want
Speaker 2: to see if I put it out there with somebody
Speaker 2: use it and make money, and people did, and in
Speaker 2: a year we got to about ten thousand users and
Speaker 2: a couple of users made four grand, six grand. I said, Okay,
Speaker 2: now I can walk into a room and say I
Speaker 2: didn't tell nobody, I didn't pay nobody to talk about this.
Speaker 2: I didn't spend any money on marketing that someone could
Speaker 2: actually use the platform and do that. And so that
Speaker 2: I had one VC call and it's still kind of
Speaker 2: rub me the wrong way, like you're supposed to like
Speaker 2: you're supposed to be like, Okay, here's the money to
Speaker 2: do this, And it didn't work out that way. And
Speaker 2: then covid just came down like a hammer, and we
Speaker 2: was all inside.
Speaker 3: What was that feeling like?
Speaker 8: Right, you had the idea, you built it, you don't
Speaker 8: tell anybody's all word of mouth. What's that feeling like?
Speaker 8: Because every time we tell people like celebrate all the ones. Right,
Speaker 8: once you start seeing people making money on your idea,
Speaker 8: what's the feeling like at that time for you?
Speaker 3: Oh?
Speaker 2: It was enormous because I just because in my mind
Speaker 2: the calculations I'm learning about, like Okay, how much can
Speaker 2: you scale this? How far can this idea go? That
Speaker 2: every single person on the planet has the ability to
Speaker 2: turn themselves into their own business because that's what you're doing.
Speaker 2: You're democratizing access to distribution for every single user on
Speaker 2: the planet. And that's enormous for brands and every single person.
Speaker 2: And when I think of our competitors out there, I
Speaker 2: don't like when people talk about fan base, they say
Speaker 2: it's fan base for content creators or artists or musicians,
Speaker 2: and they isolated and platforms the other the other platforms
Speaker 2: tend to do that they call the user a content creator,
Speaker 2: when in truth, we're all content creators. Every single person
Speaker 2: on social media's creating content. If you're commenting, posting, you're
Speaker 2: posting once a year, one hundred times a day, we're
Speaker 2: all content creators. And so that that made me feel,
Speaker 2: you know, really good, because now the sky's the limit.
Speaker 6: So let me ask you this, as far as the app,
Speaker 6: can you just explain every single aspect of the app
Speaker 6: and details where you can give like a a perspective
Speaker 6: of people that might not be familiar with it.
Speaker 2: Well, okay, yeah, So so fan base is photo, video,
Speaker 2: livestream and audio and long form content that's monetizable for
Speaker 2: every single user on the planet, so you can have
Speaker 2: so you can it's free to dol, free to use.
Speaker 2: But you can also simultaneously have subscribers at the same time,
Speaker 2: so you can have follower you have one hundred thousand
Speaker 2: subscribers and one hundred thousand followers and twenty thousand subscribers
Speaker 2: and they be on the exact same page. It's just
Speaker 2: the content that you deem for subscribers only they can
Speaker 2: see and it's paywall or they can unlock it, and
Speaker 2: then the free stuff is for everybody else like all
Speaker 2: the other social media platforms.
Speaker 5: How much is it.
Speaker 2: It's like it's four ninety nine a month per person
Speaker 2: you subscribe to.
Speaker 5: So per person subscribe to. So if I subscribe to.
Speaker 6: Little Wing, I'm paying five dollars. If I subscribe to
Speaker 6: Earn your Legion, I'm paying five dollars.
Speaker 5: If every single time it's a five dollars yall, we
Speaker 5: couldn't do that.
Speaker 2: And this is important to say because I know that
Speaker 2: the conversation of subscriptions has become so mainstream the last
Speaker 2: two or three years. Fan Base was the first native
Speaker 2: application to allow a user to have a follower and
Speaker 2: a subscriber at the same time, and the reason I
Speaker 2: know we were first because Apple wouldn't let us do it.
Speaker 2: And that's the crazy part about it. So when you
Speaker 2: when you subscribe it like Spotify or or Netflix or
Speaker 2: whatever it is, you create something called a subscription profile
Speaker 2: on Apple, right, And so we went to Apple said
Speaker 2: we want to make an app that allows you to
Speaker 2: subscribe to whoever you want to subscribe to, and they
Speaker 2: were like no, because if one person subscribed to fifty people,
Speaker 2: that's fifty subscription profiles we have to keep up with.
Speaker 2: They were like, we're not letting y'all do that. So initially,
Speaker 2: what we did is allow users to subscribe to one person,
Speaker 2: three people, or five people, so each one of those
Speaker 2: is an individual subscription profile that only Apple has to
Speaker 2: keep up with.
Speaker 3: But you get five people for one profile.
Speaker 2: So fast forward to Instagram aligned subscriptions.
Speaker 3: And I was like, wait a minute.
Speaker 2: I was like, that means Apples changed it their way
Speaker 2: because now you can subscribe to whoever you want to
Speaker 2: on Instagram and I was like, that didn't exist before
Speaker 2: we did it. And I remember Rameiro saying, that's a
Speaker 2: good thing because you're cause that means you're doing something
Speaker 2: that nobody's been done. Whenever you run into a barrier
Speaker 2: in tech, that means oh, nobody's done it. But he's like,
Speaker 2: but we can work our way around that. And that
Speaker 2: was the workaround we came up with.
Speaker 8: So when they're creating content, content creators, everybody is right,
Speaker 8: I know, especially like on Instagram you have five hundred
Speaker 8: thousand followers, a million followers, Not everybody sees that content.
Speaker 7: What's that like for fanbase?
Speaker 3: Right?
Speaker 8: Is it the same out Like everybody that follows me
Speaker 8: will be updated on what I'm doing. Yeah, it doesn't
Speaker 8: matter if I'm free or subscription. I'ld still be something
Speaker 8: that could be unlocked it from subscription.
Speaker 3: You know, it doesn't matter.
Speaker 2: It doesn't matter because that that is the goal is
Speaker 2: for us to allow anybody to make as much money
Speaker 2: as it possibly can.
Speaker 3: Right.
Speaker 2: So on current social media platforms like Instagram, and I'm
Speaker 2: very critical of that. Instagram was fun until about twenty fourteen, right,
Speaker 2: and that's when they started running ads, and so because
Speaker 2: you would go viral, you could wind up with a
Speaker 2: million followers in a day.
Speaker 3: It was popping.
Speaker 2: Somebody might say something, you know, go viral and it's like, yo,
Speaker 2: I got like three hundred thousand followers in a day. Right,
Speaker 2: It doesn't work that way anymore. That's because Instagram and
Speaker 2: Facebook are built around advertising, and so I tell people
Speaker 2: all the time, and people are like, I never thought
Speaker 2: of that. I was like, why would Instagram you reach
Speaker 2: a million people? When they charge people to reach a
Speaker 2: million people? So they can't do that. Right, If you
Speaker 2: go to your iPhone right now, try to boost your
Speaker 2: posts on Instagram. It'll take you ten thousand dollars to
Speaker 2: reach the minimum of a million people, and you may
Speaker 2: or may not reach those people. Right, So if you
Speaker 2: got twenty million followers, you think that every time you
Speaker 2: post a photo, Instagram's gonna send that to twenty million
Speaker 2: people if you could do that every single time. And
Speaker 2: what I said before was it was cool when it
Speaker 2: was just text and photo. Once video gets involved, now
Speaker 2: you're a network, you know, Like I say, eighteen million
Speaker 2: people watch Sunday Night football during football season. NBC charges
Speaker 2: eight hundred and sixty thousand dollars for a thirty second spot.
Speaker 2: So if you could post a video on Instagram and
Speaker 2: it reached eighteen million people, you catch charge eight hundred
Speaker 2: and sixty thousand dollars every time you did that. But
Speaker 2: guess what happens. The brands would come and pay you
Speaker 2: and not pay Instagram. So for that very reason, they
Speaker 2: have to limit the amount of people that see your
Speaker 2: content so they can make money. You still get engage,
Speaker 2: but it's about three to four percent of your following,
Speaker 2: but it's not the one hundred percent. So on fan base,
Speaker 2: we want everybody to see your content. I mean, Beyonce
Speaker 2: got two hundred and thirty one million followers.
Speaker 3: She cheat.
Speaker 2: You could charge ten million of posts and never work again,
Speaker 2: like ten million here, ten millionaire. They're not doing that.
Speaker 2: If you go to Beyonce's page right now and click
Speaker 2: on the video portion of her page, her videos have
Speaker 2: like three four million views, five million views max. May
Speaker 2: other ones that go viral because it went viral, so
Speaker 2: might have eleven million, eighteen million, But most of the
Speaker 2: videos are like three to four million, which is like
Speaker 2: three or four percent.
Speaker 5: So let's talk about this algorithm. What is an algorithm?
Speaker 6: Because every social media, every single one of them, has
Speaker 6: an algorithm to TikTok, Twitter, Facebook, to Instagram. My understanding
Speaker 6: is that as the apps get bigger, the algorithm is
Speaker 6: needed because it filters out who they think would be
Speaker 6: more engaged with it and it's easier to navigate as
Speaker 6: opposed to like just getting it to every single person. Yeah,
Speaker 6: that may be true, that may not be true. Does
Speaker 6: your app have an algorithm and what is it? What
Speaker 6: is the actual purpose of algorithm because everybody's heard the term,
Speaker 6: but I don't think a lot of people actually fully
Speaker 6: understand album.
Speaker 2: Well the purpose of algorithms. They can serve many purposes.
Speaker 2: One is to actually moderate content, right, So content moderation
Speaker 2: is key.
Speaker 3: In the early days of social media.
Speaker 2: You might see someone that you might someone might be
Speaker 2: able to post a hashtag that says like big booty bitches, right,
Speaker 2: and it's like, okay, it's vulgar, but people might go viral.
Speaker 2: But you don't want brands and people to get on
Speaker 2: your platform and see big booty bitches. So the algorithm
Speaker 2: might see that and be like, if it has big
Speaker 2: booty bitches in the hashtag, then we're gonna hide that content.
Speaker 2: A suppressor or there's algorithms, there's there's content moderation that
Speaker 2: actually recognizes big booty and then they be like, yeah, demographics, right,
Speaker 2: but it actually can there's actually algorithms and and and
Speaker 2: stuff that can actually recognize the human form, right, so
Speaker 2: let's say, oh, this is new. So because to manually
Speaker 2: moderate content it's too expensive. You can't do it, especially
Speaker 2: on a platform that has billions of people, because when
Speaker 2: you're talking about eight ten billion pieces of content today
Speaker 2: and you can't have people looking like, is that a nipple?
Speaker 3: Is that a shadow of a nipple? We ain't got
Speaker 3: time for all that shit.
Speaker 2: So so algorithms are designed to take a lot of
Speaker 2: the human workload off of what's being done. They're also
Speaker 2: designed to help boost visibility of content or make the
Speaker 2: content more engaging for the benefit of the business. So
Speaker 2: the TikTok algorithm is very, very simple. It really is
Speaker 2: based off how long you hover on a piece of
Speaker 2: content and if you rewatch it. So if you hover
Speaker 2: on a piece of content that's about like dogs and cats,
Speaker 2: then the algorithm will serve you another piece of content,
Speaker 2: you know, ten fifteen pieces later and see what you do.
Speaker 2: And if you hover on that one and rewatch it,
Speaker 2: then they say, Okay, we think they like pet videos,
Speaker 2: so we'll start sending them more pet videos. But the
Speaker 2: problem is if the video is about suicide or you know,
Speaker 2: conspiracy theories, then the algorithm. It is just an algorithm
Speaker 2: still doesn't know, but it'll start sending you suicidal content
Speaker 2: so you can get down these rabbit holes of negative content.
Speaker 2: So algorithms are just programs that are designed to enhance
Speaker 2: the experience of the platform. But sometimes they can work
Speaker 2: to the benefit of the user or you know, to
Speaker 2: the defeat of the algorithm.
Speaker 8: Yes, so if that's I'm thinking, so for fan base,
Speaker 8: it would be more advantageous to actually have it boost
Speaker 8: the content because of more visibility.
Speaker 2: Well, there's we don't have algorithms. We don't have algorithms
Speaker 2: that boost content. It's simply if you have a million
Speaker 2: followers on fan base, some closer piece of content, then
Speaker 2: we're going to send it to a million people. I
Speaker 2: don't want to because once I start controlling the amount
Speaker 2: of visibility on the content that you receive, then I
Speaker 2: become you know what I said, I didn't want to
Speaker 2: be because it's about maximizing visibility to turn the And
Speaker 2: this is a good a good thing to talk about.
Speaker 2: Five percent of the people that follow you are your
Speaker 2: fan base. So if you have a million followers on
Speaker 2: social media and fifty thousand people really rock with you,
Speaker 2: the other ninety five percent of people follow you follow
Speaker 2: you passively like a magazine at a checkout aisle, or
Speaker 2: their nosy or their haters. The other five percent they
Speaker 2: are like, I rock with y'all, and that's what you
Speaker 2: focus on. And so I tell people all the time,
Speaker 2: do you want a million followers? Or do you want
Speaker 2: a million dollars a million follow I know people with five, ten,
Speaker 2: fifteen million followers broke can't even pay their bills. But
Speaker 2: fifty thousand people paying you two dollars a month is
Speaker 2: one hundred grand a month, one point two million dollars
Speaker 2: a year.
Speaker 3: That's it. Fifty thousand people.
Speaker 2: In fact, when bad Baby, I know y'all heard about
Speaker 2: Bad Baby, catch me outside, she made fifty five million
Speaker 2: dollars off OnlyFans, right, right. And the first thing, there's
Speaker 2: two things that I did. First thing I did is
Speaker 2: went subscriber page. Not not because I wanted to. I
Speaker 2: wanted to see what he did market research, yeah, no, absolutely,
Speaker 2: but to see what she posted that got that and
Speaker 2: I was surprised. Number One, she wasn't naked on any
Speaker 2: of the content. The videos might have been ten says,
Speaker 2: it might have been like ten seconds max and there's
Speaker 2: a lot of pictures right of her and like bikinis
Speaker 2: and lingerie and it was only like one hundred and
Speaker 2: sixty pieces of content. I said, she made fifty five
Speaker 2: million dollars off one hundred and sixty pieces of content.
Speaker 2: The next thing I did is I went to her
Speaker 2: Instagram page and there was no content on the page.
Speaker 2: It was like six posts. One of them was I
Speaker 2: made fifty five million dollars. Go cry about the bitches.
Speaker 2: And that's what the that's what the capture said, right.
Speaker 2: And I said, and this is something that I know
Speaker 2: in our community we need to hear.
Speaker 3: And it's gonna be a little controversial.
Speaker 2: But I was like, see, I was like, she hit
Speaker 2: all her content because she knows she makes Instagram. Instagram
Speaker 2: doesn't make her. And that mentality came to her because
Speaker 2: she's white. And what I mean by that if she
Speaker 2: understands she runs shit. These apps don't run me. On
Speaker 2: the other hand, we said, these apps are in us.
Speaker 2: They take our pages, they throttle us down. We beg
Speaker 2: giving my page back. They kick Boosy off the Instagram
Speaker 2: every other week he begging to get his page back on.
Speaker 2: He comes right back on. She's like I have sixteen
Speaker 2: million followers. This serves me no purpose at all. So
Speaker 2: she archived all her content and she put a link
Speaker 2: tree and said, you can stream my song, watch my
Speaker 2: music video, and come to my only fans. Because what
Speaker 2: is this sixteen million people doing for me? It's doing nothing.
Speaker 2: It's just a vanity number. It means absolutely no. What
Speaker 2: is good as having sixteen million followers if you can't
Speaker 2: use them?
Speaker 5: Oh do you think that it to play devils out
Speaker 5: of the kid? Oh? Gods, now the kids.
Speaker 6: My god nineteen Keys would say, it is a great
Speaker 6: form of promotion that's free, that you can reach. You
Speaker 6: might not be able to reach one hundred percent of
Speaker 6: your followers, but you can reach enough to tremendously boost
Speaker 6: your business.
Speaker 5: You know, don't think so.
Speaker 2: I believe that. But they're your followers. If I follow you,
Speaker 2: I want to see you.
Speaker 5: No.
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Speaker 3: I agree with you, right, but that's that.
Speaker 2: But my point is the only thing that the only
Speaker 2: reason why it isn't done that way is because they're
Speaker 2: making money off you. What I tell people all the
Speaker 2: time is that if you're not making money directly from
Speaker 2: the platform, like the platform itself isn't hang you.
Speaker 3: You're the product. There's no way.
Speaker 2: And I was laughing the other day cause who was
Speaker 2: I talking I can't remember who I was talking to.
Speaker 2: And I was like, yeah, you know, I was like,
Speaker 2: they don't even let you reach your followers, even you know,
Speaker 2: you know, get a lot of money. They're like, well, yeah,
Speaker 2: they're not gonna let you build a business on top
Speaker 2: of their business, Like who won't let you do that?
Speaker 5: And they're not, what's so you kind of did you
Speaker 5: kind of like we built the business on their business?
Speaker 2: You do until they don't allow you to just they
Speaker 2: shadow you, block you, so they block you, or they
Speaker 2: just say we don't allow that. Like people, because I
Speaker 2: have there are a lot of people that are making
Speaker 2: money off bonuses, like off reels. They're like, oh, if
Speaker 2: I make if I get I can make up to
Speaker 2: thirty five thousand dollars. If I get three hundred and
Speaker 2: fifty million views, and I took out my calculator, I said,
Speaker 2: that's point zero zero zero one cent of you.
Speaker 3: Point zero zeros.
Speaker 2: It's like one hundredth of a percent per view, right,
Speaker 2: And they could decide and even remember that they're not
Speaker 2: on bonuses anymore. But if you're making that money month
Speaker 2: of a month and then in the program, your business
Speaker 2: is done.
Speaker 3: Yeah, And it's not. It's not my design.
Speaker 2: It's not my My design is not to My design
Speaker 2: is to let people build an infinite business off the
Speaker 2: tools that I give you the build it, and I
Speaker 2: just collect the fee. I just take a percentage, make
Speaker 2: you make your business as big as you want to
Speaker 2: build it. I'm not the business. My business is making
Speaker 2: you a business.
Speaker 7: So do you take a percentage of the four ninety nine?
Speaker 3: Yeah?
Speaker 8: But there's also other ways to monetize, right, So like
Speaker 8: if I go live, is it flicks?
Speaker 2: It's just gonna live. But Flix is like our version
Speaker 2: of short form like TikTok and rails, So I, oh,
Speaker 2: I do flicks or something like that. People could actually
Speaker 2: like give money while it's happening. Almost like people like
Speaker 2: YouTube has super chat or something like that. So, so
Speaker 2: we have subscriptions, and then we have a virtual currency
Speaker 2: we call love, and so love is purchased by the
Speaker 2: user to tip anybody on the platform or unlock content
Speaker 2: that you don't feel comfortable completely subscribing to. So so say, oh,
Speaker 2: I go to somebody's page and they got twenty pieces
Speaker 2: of content. Let me unlock one to see what's behind there,
Speaker 2: and then you get that and for that for that reason, right,
Speaker 2: So a lot of these other platforms used they make
Speaker 2: you go through the process of pulling out your credit
Speaker 2: card or sending up some sort of account. We use
Speaker 2: the innap purchase technology that's already built into Google and
Speaker 2: Apple for that reason. Their gangsters and they take thirty
Speaker 2: cents of every dollar, which is hefty, and we take
Speaker 2: twenty and we give fifty to the user. Now, when
Speaker 2: I hear it in the record business, when you got
Speaker 2: to think about people that are getting like sixteen cents
Speaker 2: out of a dollar, nine cents out of a dollar,
Speaker 2: fifty percent is a lot of money if you're making
Speaker 2: two dollars and fifty cents a subscriber, right, even that,
Speaker 2: even like I said, even if that's what is that
Speaker 2: that's one hundred and twenty five thousand dollars a month,
Speaker 2: one point five million dollars a year for fifty thousand people.
Speaker 2: Even if you wanted to, even if you wanted to,
Speaker 2: just go down to five thousand people subscribing to you,
Speaker 2: and you're making two fifty that's more money than you
Speaker 2: know ninety six percent of Americas one hundred and fifty
Speaker 2: thousand dollars a year.
Speaker 3: That's a lot of money.
Speaker 8: So I'm just thinking, like, if I'm an artist, you
Speaker 8: come from music, why would I just not put my
Speaker 8: I make a piece of art of music, and I
Speaker 8: put it directly there?
Speaker 3: Is it?
Speaker 7: Meaning?
Speaker 8: If I'm getting fifty percent on each view or each listen,
Speaker 8: will it make more sense?
Speaker 2: You get artists approaching you about this, Yeah, but most
Speaker 2: artists are tied into recording contracts and those people own
Speaker 2: that copyright, so they own the music video, they own
Speaker 2: the song, they own the master. But in this what
Speaker 2: I tell people all the time as an artist. For musicians,
Speaker 2: there are two ways of artists monetize their content. Primarily
Speaker 2: monetize their content through like music, like people buying your single,
Speaker 2: streaming your record, right, and then they monetize their audience
Speaker 2: through doing shows. So monetize your monetize your content through music,
Speaker 2: monetizer your audience by performing and doing concerts. There are
Speaker 2: large gaps of time where you're doing neither, and people
Speaker 2: want to know about your life. So people want to
Speaker 2: know where do you shot, who you dating, how do
Speaker 2: you stay fit? What happened at time? Y'all got in
Speaker 2: a fight in the club. So when I see people
Speaker 2: go live, this has happened two times in the last month.
Speaker 2: And I'm just and I say this all the time.
Speaker 2: When I seen when I seen Mega Stallion with Gail King,
Speaker 2: and I just saw Danny Lee talking to and Andy Martinez,
Speaker 2: I was like, what purpose did this serve? You could
Speaker 2: have literally sat down where Angie Martinez and told the
Speaker 2: whole story and put it behind the paywall. And now
Speaker 2: not even if you got kicked out the baby's house,
Speaker 2: go buy two houses, because everybody gonna tune in to
Speaker 2: see They might not even tell you they gonna watch,
Speaker 2: but they gonna watch. You know what I'm saying, Like
Speaker 2: monetize like fan base gives the ability for people to
Speaker 2: own their celebrity and monetize their celebrity. Don't let because
Speaker 2: what you do is when you tell it for free,
Speaker 2: TMZ takes it Baller at the Shade Room, all these
Speaker 2: places and they get all the views and.
Speaker 3: Continue to make money. And you just gave away your
Speaker 3: story for free.
Speaker 5: So what's the business model? Fan base?
Speaker 3: So, so the business model is subscriptions and virtual currency.
Speaker 6: I mean, as far as the company's making, how does
Speaker 6: the company make money?
Speaker 2: It makes it takes a percentage of we takecription, Yeah,
Speaker 2: twenty percent of anything. That so twenty percent of every penny,
Speaker 2: twenty percent of every dollar.
Speaker 5: So for five dollars a month, you get a dollar.
Speaker 3: Yeah, the creators get fifty cents.
Speaker 2: Remember Apple, Apple and Google take thirty. We take twenty, okay,
Speaker 2: and then we pass fifty to the creator.
Speaker 5: So they get to fifty.
Speaker 3: Yeah, two fifty person scrap that? Yeah, all right?
Speaker 6: Is the plan to also at one point have ads
Speaker 6: like all these other companies have.
Speaker 2: Again, if I have to run ads, then I have
Speaker 2: to probably limit the visibility of content because at that point,
Speaker 2: how am I gonna make revenue If I don't limit
Speaker 2: Brands are gonna want to come to the people that
Speaker 2: are on the platform to make money. And I don't
Speaker 2: think we have to run ads well, I think there's
Speaker 2: ways to be creative in the way that you advertise
Speaker 2: without actually running ads. I don't want to say what
Speaker 2: it is because every time I say something, it literally
Speaker 2: winds up on an app. I'm not lying like nobody's listening. No,
Speaker 2: for sure, like it's happened. So it's literally happened, like
Speaker 2: in real time where I and actually I had a
Speaker 2: friend of mine. I'm not gonna say what company he
Speaker 2: worked for, but he came and said, I want to
Speaker 2: talk to you because I want to talk to you
Speaker 2: about face, a huge like media company. He goes, we
Speaker 2: have this software, like like Facebook use us. All these
Speaker 2: companies use us. He's like, you know when you be
Speaker 2: like saying, like you talk about a product and also
Speaker 2: you get an add for Yeah, we're listening to your
Speaker 2: microphone like they hear it and they transcribing what you're saying.
Speaker 2: So if you talk about some shit and it show
Speaker 2: up on your phone, yes, they're absolutely. He's like, if
Speaker 2: you don't turn that shit off on your phone, your microphone,
Speaker 2: they're listening to everything you say.
Speaker 3: They're geo. They're geo fencing you.
Speaker 2: You walking, If you walk into a lingerie store, you're
Speaker 2: gonna get an ad about some brawls, and if they
Speaker 2: hear you talking about it, they hear you talking about
Speaker 2: a certain car or a certain product, they gonna send
Speaker 2: you and you know, oh, go go to this car
Speaker 2: wash or you know, do you know want some new
Speaker 2: rims or you need you know, anything like that. That's
Speaker 2: how they targeted a marketing target. So I know they listen,
Speaker 2: trust me.
Speaker 5: So there is a way. I just can't say it
Speaker 5: right now.
Speaker 6: But because I say have to say, that's one of
Speaker 6: the problems with Twitter, right they can't find a way
Speaker 6: to make money and they don't run ads.
Speaker 2: So elon, just say what he just said, he wants
Speaker 2: to turn into a subscription platform.
Speaker 6: Well it's yeah, but I'm just saying it still hasn't
Speaker 6: been done yet, So there's no there's no proven model
Speaker 6: that a social media company can be extremely profitable just
Speaker 6: based off of subscriptions.
Speaker 2: Yeah, I mean only fans. Only fans extremely profitable for
Speaker 2: the company.
Speaker 5: Yeah.
Speaker 9: Absolutely, They about to change the whole business model through
Speaker 9: because they were trying to get.
Speaker 3: Away from that.
Speaker 2: But they were But again, it's like it's the same thing.
Speaker 2: It's kind of like you're you can't cut off your
Speaker 2: source of revenue to maintain your business. And I think
Speaker 2: it's great for sex workers. I think it's terrible for
Speaker 2: people that want to establish their brand beyond, you know,
Speaker 2: being associated with sex work, which is why a lot
Speaker 2: of people shy away from the platform because it's hard
Speaker 2: because brands will not rock with you for that very reason.
Speaker 6: Have you thought about leaving it up to the creative
Speaker 6: to see how much they want to charge?
Speaker 5: So?
Speaker 2: Yes, and no, we can't the reason. So I've done
Speaker 2: an enormous amount of research on this, But what tends
Speaker 2: to happen is anything over like the seven eight dollars mark,
Speaker 2: subscriptions fall off about fifty percent month over a month.
Speaker 2: If I go into like if you going to only
Speaker 2: fans and you get there and it's a stack of
Speaker 2: folded clothes, you're out of there, like you're not. I
Speaker 2: came here to see boobs and so and she and
Speaker 2: she charged me like twenty five dollars.
Speaker 5: That's just what's your call of charge?
Speaker 3: That baby? She charged twenty four dollars, twenty four dollars
Speaker 3: twenty four a month.
Speaker 5: Yeah, so it's working for.
Speaker 2: Her, Oh no, because but it's it's it worked. I
Speaker 2: did I calculated it, it's still she made If you
Speaker 2: look at the image, she made like twenty five million
Speaker 2: dollars off messages, which is basically like unlocks, like what
Speaker 2: we're talking about, like how you can unlike.
Speaker 7: Conscious took the content.
Speaker 2: Yeah, but sixteen million off subscriptions, And even if I
Speaker 2: did it, when you do the math, it's still about
Speaker 2: fifty six thousand people that she made sixteen million dollars
Speaker 2: off of just fifty six thousand people. She made sixteen
Speaker 2: million dollars off of a year. That's a small town. So,
Speaker 2: I mean, it's so because like it's you don't want
Speaker 2: to do it.
Speaker 8: But we see pretty much every subscription service started at
Speaker 8: a low tier and then they may offer another tier,
Speaker 8: not that they have to raise the price, but they
Speaker 8: just have an added to.
Speaker 2: Is that maybe an option? Yeah, it's it's hard. It's
Speaker 2: hard to do. I'm not trying to get too much
Speaker 2: of the game away. There's a reason why I'm not
Speaker 2: going to. I'm going to tell you it's it's it's doable,
Speaker 2: but it's not as easy as people think it is,
Speaker 2: just because of where technology is now. But it's it's doable,
Speaker 2: and I think we can we can do it. I
Speaker 2: just know that people, and I'll tell people all the time.
Speaker 2: If you go on your phone and look at the
Speaker 2: subscription you have on your phone, like I probably got
Speaker 2: like fifteen sixteen subscriptions on my phone. You forget about
Speaker 2: that three ninety nine. You remember that thirty four ninety
Speaker 2: nine or whatever, like, oh yeah, let me take that
Speaker 2: off because I'm getting killed. But you know anything, that's
Speaker 2: a price for bagg of chips in the soda and
Speaker 2: you're and you're getting what you want.
Speaker 3: People forget about that.
Speaker 2: And then you'll have a subscriber for a year, two years,
Speaker 2: and they're just into what they're locked into your content.
Speaker 3: That's what you want.
Speaker 2: You want the want, the you want the acquisition, you
Speaker 2: want the purchase to not immediately hit you. And especially
Speaker 2: reasons why I did virtual currency and love and why
Speaker 2: I built fan base, Like I said, I didn't build
Speaker 2: fan base for me. I build fan base for the
Speaker 2: generation or two after me, right, because you know, those
Speaker 2: those kids are transactional. They spend their money, they live
Speaker 2: their life like now and they're like I'm gonna save
Speaker 2: and you know, go to Paris when I get you know, retired,
Speaker 2: Like nah, we go into Paris this weekend, and I'm
Speaker 2: gonna go buy you know, the the rick Owens, and
Speaker 2: I'm gonna go buy all the fly clothes and even
Speaker 2: I'm gonna quit my job, and bro, they gonna live
Speaker 2: life like right now, so they gonna buy. They'll buy
Speaker 2: what they want. And they understand virtual virtual payment. So
Speaker 2: they got Venmo cash at PayPal. They understand that they're
Speaker 2: transactional and they're born into this. That's all they know.
Speaker 2: They don't My little brother don't really know paper money.
Speaker 2: I mean, he's sixteen years old. All he knows is,
Speaker 2: you know, I send him money, you know, digitally, and
Speaker 2: he has a card and he's not counting cash, like
Speaker 2: if that hurts to pull out money and spend it
Speaker 2: that way. So and then there's no amount of innovation
Speaker 2: that Facebook and Instagram can do to capture kids because
Speaker 2: kids are always gonna want to be on apps that
Speaker 2: their parents are not on. It's about community building. So
Speaker 2: soon as my mama got on Facebook, I was like,
Speaker 2: Peece's like, you know Facebook as stated by a young child,
Speaker 2: which which the user sent me, and he sent me
Speaker 2: the tweet. His daughter said, Facebook is where old people
Speaker 2: go to brag about their grandchildren. That's what a young
Speaker 2: person thinks of Facebook. So I don't care what Facebook
Speaker 2: bill you can build. As matter of fact, the child
Speaker 2: said meta credit feta, I don't care what Facebook bills.
Speaker 2: It'll never be as cool as roadblocks because Facebook is
Speaker 2: where old people go to brag about their grandchildren.
Speaker 3: So build whatever you want.
Speaker 2: Kids are gonna want to be able to talk about
Speaker 2: their love life, their sex life, the music that they're
Speaker 2: listening to, the things that they're going through in spaces
Speaker 2: and places where their parents are not.
Speaker 5: So let's talk about this funding conversation.
Speaker 6: So you raised three point five million, I believe in
Speaker 6: the regc crowd six million, six million, two rounds.
Speaker 3: So I raised three point four in the first REXCF
Speaker 3: and two point six in the second.
Speaker 2: Oh so this is crowdfunding, right, yeah? Equity crowdfunding? What platform?
Speaker 2: Start engine starting? Oh, it's equity crowdfunding. Yeah so all right,
Speaker 2: So the equity crowdfunding is people who have ownership, right, yeah,
Speaker 2: so talk about that. So this is where my good
Speaker 2: friend don Dixon, who's raised money multiple times on Starter,
Speaker 2: and she's like the she's the first black woman to
Speaker 2: raise a million dollars to equity crowdfunding, and so she's like,
Speaker 2: you know, you can do this too, I because you
Speaker 2: understand your business is a great product, and then who
Speaker 2: better to have equity in the startup than the people
Speaker 2: that actually use it. And it's different for other companies,
Speaker 2: but I think it fit well with fan base and
Speaker 2: the time that we were in because there were so
Speaker 2: many complaints about what was going on on social media.
Speaker 2: It's like TikTok had this huge scandal about how if
Speaker 2: you put black anywhere you on the creator marketplace and
Speaker 2: you use black lives matter, black success black people. They
Speaker 2: were like, it's inappropriate concept, but you can put white supremacy,
Speaker 2: you know, and still charge for that. So TikTok had
Speaker 2: had a bad rich problem and they still do. And
Speaker 2: I tell people all the time, like, there's nothing that
Speaker 2: TikTok can do to to help you as a creator
Speaker 2: in the United States of America. That's a Chinese based company.
Speaker 2: The algorithm in China. All the shots get caught from China.
Speaker 2: So for us that the opportunity to equity crowdfund came about.
Speaker 2: And it's hard because only two percent of startups that
Speaker 2: apply for equity crowdfund and get accepted. So It's not
Speaker 2: like I could just sign up the start engine and
Speaker 2: do shared. It's a very very long process. You know,
Speaker 2: you have to go through multiple financial disclosures, like you
Speaker 2: got to fill out a lot of paperwork, file a
Speaker 2: lot of paperwork. So once you do all this kind
Speaker 2: of stuff, you know, then you're allowed to raise, and
Speaker 2: then you have to you know, market the raise to
Speaker 2: the point that the money that you're trying to raise.
Speaker 2: So I've known people that have tried to raise a
Speaker 2: million dollars and weren't able to raise ten thousand, right,
Speaker 2: and so you have to become the raise. You have
Speaker 2: to live it and really market and promoted non stuff.
Speaker 2: So we were successful two different times.
Speaker 3: So you have.
Speaker 8: Correct me if I'm over eight thousand investors. So what's
Speaker 8: the minimum to be able to invest? And obviously I
Speaker 8: don't know if obviously there's a.
Speaker 2: Maximare So when you're doing a RecF, the minimum is
Speaker 2: is I mean somewhere and around the nature of about
Speaker 2: one hundred and fifty to two undred fifty dollars. For
Speaker 2: our raise was two fifty minimum to invest with two
Speaker 2: hundred and fifty six dollars and the maximum is one
Speaker 2: hundred grand one hundred thousand dollars.
Speaker 8: Okay, So what's the marketing plan to make sure that
Speaker 8: people hear about it? They're interested in it? Obviously beyond you.
Speaker 8: It must be a marketing plan that's put behind it
Speaker 8: so we can have awareness. Are you going on social
Speaker 8: well social media to promote it? Are you using the
Speaker 8: other platforms?
Speaker 2: So Dawn was Dawn was my coach, and I took
Speaker 2: a lot of what she said a little bit of
Speaker 2: what I do. Because most people that raise capital, like
Speaker 2: do equity crowdfunding, have to take it a portion of
Speaker 2: their raise and put it back into advertising the campaign.
Speaker 3: I've never done that.
Speaker 2: I've never running ad campaign to raise money for fan base.
Speaker 2: What I have done is use platforms like clubhouse, you know,
Speaker 2: or use the use the climate of the in of
Speaker 2: what people are going through right now to say there's
Speaker 2: an alternative to this. If you if you're tired of
Speaker 2: these platforms treating you the way that you're treated, then
Speaker 2: you can definitely own part of one platform and continue
Speaker 2: to use this. So doing shows like this like I
Speaker 2: was Fun, like I did the I did the first round,
Speaker 2: I raised like three hundred thousand dollars.
Speaker 3: The first goal was to.
Speaker 2: Raise a million, and we did that in about I
Speaker 2: raised like three hundred thousand dollars in like the first
Speaker 2: two and a half weeks, and I did the Breakfast
Speaker 2: Club and then the day that I did the breakflub
Speaker 2: in that air, I raised like seven hundred thousand dollars
Speaker 2: unless an hour close that raise and had a wait
Speaker 2: list of like one point three million dollars.
Speaker 3: So you just never and that was viral. You never
Speaker 3: know when you're going to go viral.
Speaker 2: But also I think a key factor in doing when
Speaker 2: you're doing equity crowdfunding is letting people know how you're
Speaker 2: doing because it becomes a game to people, like people
Speaker 2: are watching it.
Speaker 3: Oh he raised a little fifty.
Speaker 2: Thousand dollars, I know he trying to raise like a million,
Speaker 2: two million, all right, and then they'll see you raise
Speaker 2: one hundred thousand, and they'll see you raised two hundred thousand.
Speaker 2: And that's what happened, and people were like, oh, man,
Speaker 2: I'm missed out because then went viral and to raise
Speaker 2: clothes at a million, I was able to open it
Speaker 2: back up and accept the wait list onto three point
Speaker 2: four million dollars. But a lot of people missed out
Speaker 2: and so but they'll follow it and they'll be like,
Speaker 2: I don't think he gonna make it then, and then
Speaker 2: when you make it, then they get like, I ain't
Speaker 2: missing the next one because you don't, you know. We
Speaker 2: The importance of equity crowdfunding is that accredited investors are
Speaker 2: allowed to go in and put minimal amounts of money
Speaker 2: into companies and walk away with huge.
Speaker 3: Amounts of return. Right.
Speaker 2: And so the credited investor, for those that don't know,
Speaker 2: is a person that makes over one hundred thousand dollars
Speaker 2: a year for two consecutive years, or has a networth
Speaker 2: of a million dollars minus their primary residents.
Speaker 3: Right. So I give this example, and I tell people
Speaker 3: all the time. One of the seed.
Speaker 2: Investors in uber or in Michael's Google him, he put
Speaker 2: five thousand dollars into uber in twenty ten, So I
Speaker 2: think the first you know half a million that they're raised,
Speaker 2: he put five g's an accredited investor. When the company
Speaker 2: ippiled in twenty nineteen, his five thousands worth twenty four
Speaker 2: million dollars. And I'm like, oh, okay, I'm not trying
Speaker 2: to be funny, but I know I know a lot
Speaker 2: of people with five j one thousand dollars. I know
Speaker 2: ten people with five hundred dollars. How come we can't?
Speaker 2: How come ain't nobody call me about Uber?
Speaker 3: Right? Because you're not accredited.
Speaker 2: So the accredited investor rule came in in nineteen thirty five,
Speaker 2: and it was really a rule to lock out the
Speaker 2: good opportunities only for the rich people. So like, oh,
Speaker 2: you got to be rich in this because we don't
Speaker 2: want you to blow your life savings on a bad investment.
Speaker 2: We don't want you to take your retirement money and
Speaker 2: put it into this thing called Uber and it goes
Speaker 2: belly up and you lost your fortune. But I tell
Speaker 2: people all the time, you don't have to be accredited
Speaker 2: to go to Vegas and blow five thousand dollars on
Speaker 2: the crap table. You don't have to be accredited to
Speaker 2: go buy lottery tickets five thousand dollars with a lottery
Speaker 2: tickets and wind up winning nothing. So why can't we
Speaker 2: gamble with startups the same way? And so that is
Speaker 2: where companies like start Engine come in and allow us
Speaker 2: for people to put the price of a pair of
Speaker 2: Jordan's into a startup and see where it goes. Because
Speaker 2: you're gonna eat it, you know, you're gonna buy it
Speaker 2: on some bullshit or hookah or whatever, you know, throw
Speaker 2: it at the strip club or you know, just do
Speaker 2: normal things.
Speaker 3: But why not be able to take some money and
Speaker 3: run with it?
Speaker 6: So, all right, VC, are you interested in getting venture capital?
Speaker 6: Did you have you tried to get VNCI traditional venture capital?
Speaker 6: What's your thoughts on venture to capital? And you investors?
Speaker 2: So I took one venture capital meeting before we did
Speaker 2: equity crowdfunding, and it felt really like, we don't want
Speaker 2: you to let we don't want you to play in
Speaker 2: our field. And then it just so happened that again
Speaker 2: like COVID hit. And so I'm definitely interested in venture capital,
Speaker 2: but I'm interested in the right venture capital and then
Speaker 2: the right way that it's done. And so I think
Speaker 2: the benefit of working in the music business, and I
Speaker 2: say this all the time, is that I've seen the
Speaker 2: worst deals possible.
Speaker 3: I've seen the worst.
Speaker 2: Publishing bills, I've seen my friends get signed, the bad
Speaker 2: publish deals. I've seen the worst kind of business deals
Speaker 2: done for artists and labels. So a VC can't slide
Speaker 2: me a deal Because a lot of my friends that
Speaker 2: are into tech, they have their version of bad record deals,
Speaker 2: like they have versions of where they might have given
Speaker 2: up too much equity or too much power in their
Speaker 2: company and got voted out of the company like Steve
Speaker 2: Jobs did, like Steve's all the genius. How do you
Speaker 2: get voted out your own damn company? But you know
Speaker 2: you're so fixed on I know I can make this work.
Speaker 2: That'll never happen. But now things happen and you get
Speaker 2: voted out. So I'm definitely interested in that. And so
Speaker 2: I treated I treat fan base like an independent artist
Speaker 2: because when the vcs were like that, one VC was like,
Speaker 2: oh no, it's like trying to go to the record
Speaker 2: company like Drake and they dish you and then you
Speaker 2: put your mixtape out and it which is my version
Speaker 2: of selling shares out the truck of my car to
Speaker 2: the tune of six million dollars. So now I was like,
Speaker 2: I got the streets. I don't need y'all. So now
Speaker 2: a VC can't come along and just hand me any
Speaker 2: old deal, right, the deal's gonna have to be respectable,
Speaker 2: and I under stand in the market and so and
Speaker 2: I can always go back to raising capital from the streets.
Speaker 2: So it's like I can always go back being independent.
Speaker 2: So if I do do a deal, my goal is
Speaker 2: to make fan base it's hot as little baby. So
Speaker 2: when the vcs come along, they're like, we got to
Speaker 2: sign you because you're so hot in the streets. If
Speaker 2: we don't, we're gonna miss out. And that's the that's
Speaker 2: the the the the model of the energy that I have.
Speaker 2: I definitely want vcs because they're they're definitely good business
Speaker 2: parties and can open up a lot of doors. But again,
Speaker 2: it just has to be the right deal.
Speaker 8: So you got over eight thousand, and now the app
Speaker 8: is in one hundred and seventy countries, maybe.
Speaker 3: More one hundred and thirty plus. Why why would that work?
Speaker 8: As far as international investors are people from other countries
Speaker 8: able to invest?
Speaker 2: So the only only two countries that you couldn't invest
Speaker 2: that started and had limitations on, and that was based
Speaker 2: on the country where the UK and Canada. Everywhere else
Speaker 2: is open. It was open for people to wes. We
Speaker 2: have international investors from overseas and stuff like that. I
Speaker 2: don't know what regulations prevent you from investing from Canada
Speaker 2: and the UK, and and those are the two places
Speaker 2: where people.
Speaker 3: Were like, man, I want to invest, like I'm right here,
Speaker 3: like I'm right.
Speaker 2: I'm not for y'all let me and I just I
Speaker 2: had no choice, you know, I had no control over that.
Speaker 5: How many users is on the app right now?
Speaker 2: Two hundred and fifty thousand.
Speaker 5: What's your goal for users?
Speaker 2: I mean, I want to get I want to get
Speaker 2: to a million users before the end of the summer.
Speaker 2: And we in the entire time we've we've you know,
Speaker 2: we've raised six million dollars. Even though we've raised six
Speaker 2: million dollars, I didn't we haven't done any marketing. So
Speaker 2: now we're getting to the point in the phase where
Speaker 2: we're going to do some marketing and do some strategic marketing.
Speaker 3: But there's a plan to onboard a lot.
Speaker 2: Of users and and you know, and really have a
Speaker 2: strong push through the summer. I want to get young.
Speaker 2: We got we have a creator advisory board of young
Speaker 2: talent that is geared toward what the app is going
Speaker 2: to do with creators, and then you know, audio rooms
Speaker 2: and stuff like that that are happening. So the goal
Speaker 2: is to get to a million users super super quick
Speaker 2: and then raise a significant Series A because that'll just
Speaker 2: give us the capital continue that's what you do even
Speaker 2: even even investors and and and vcs aren't so much
Speaker 2: concerned about the revenue because even in startups it's like,
Speaker 2: you know, you got to figure out monetization, even though
Speaker 2: monetization is built in. They're more they're more excited about
Speaker 2: the user base. So I want to focus on the
Speaker 2: user base. We're making money, We've made a lot of
Speaker 2: money with fan base, but I want to continue to
Speaker 2: to scale the user base because that just becomes more advantageous.
Speaker 9: To the community and vcs. So okay, so is it
Speaker 9: all right? I get the subscription side of it, but
Speaker 9: is it still a social side? Like what if you're
Speaker 9: going on you don't want to follow anybody to pay?
Speaker 5: Yea, is it still a social It's free, it's free,
Speaker 5: it's free to follow.
Speaker 3: There's there's tons of free companies.
Speaker 5: Is it designed strictly for creatives or is it designed
Speaker 5: for just general public?
Speaker 2: This is not for every user. It doesn't it doesn't matter.
Speaker 2: That's the thing about it. You're going to make money
Speaker 2: on fan base whether you want to or not. You
Speaker 2: don't never have to like enter your your debit card
Speaker 2: or whatever to get paid. You're gonna still go look
Speaker 2: at your revenue and see some money because somebody's gonna
Speaker 2: love what you do. That's what I mean by being transactional.
Speaker 2: Somebody's gonna be like, oh, I'll give you like a
Speaker 2: couple of pennies for that. And when you think about
Speaker 2: scaling that over time, because we all don't know what
Speaker 2: we're going to become, you might somebody might have a
Speaker 2: really good knack for designing sneakers or dying tennis shoes
Speaker 2: or whatever, and all of a sudden, people want to know,
Speaker 2: like how do you die your tennis shoes? And you
Speaker 2: start making videos about that, and before you know it,
Speaker 2: you've got a whole business built on the content that
Speaker 2: you've created. So I just wanted to leave it wide
Speaker 2: open for you to discover your passion and then if
Speaker 2: you want to monetize it in the form of conversation,
Speaker 2: in the form of photo, in the form of long
Speaker 2: form content like a TV show, you know what I'm saying,
Speaker 2: Like I imagine, I imagine like how Whatterray did with
Speaker 2: Black Awkward, Black Girl, but she never sold it to HBOS,
Speaker 2: so it just eventually became Insecure and she just had
Speaker 2: subscribers subscribing to Insecure the whole time. Because now She's like,
Speaker 2: she owns the whole whole thing, and she owned a fab.
Speaker 2: If they want to come along and license it or
Speaker 2: buy it or go ahead, but it's mine. It's that
Speaker 2: Tyler Perry mentality, like own your content first, because you
Speaker 2: own your content on fanbase. If you if you blow
Speaker 2: up and somebody wants to come along and say, hey,
Speaker 2: we want to put the show on ABC, you have
Speaker 2: a decision to make. You want to sell the ABC
Speaker 2: or do you want to still own it? Make the
Speaker 2: line's share of the profit and call the shots. So
Speaker 2: obviously when you're raising each round, you're collecting the money.
Speaker 2: With development back into the business, talk about how you're
Speaker 2: going strategically about adding technologies because I know you don't
Speaker 2: want to build everything at once.
Speaker 8: It takes time. And obviously as you're building, other companies
Speaker 8: are building. So what's that process? Look, I mean it's tough.
Speaker 2: I mean I think we because we don't have and
Speaker 2: when I tell people to look like I'll bring I'll
Speaker 2: do like small focus script when we have people come
Speaker 2: out office and I'll hand them the app and I'll
Speaker 2: say how much of this feel like? Current platforms like Instagram, TikTok, Clubhouse,
Speaker 2: and they'll say, man, this is like I say, on
Speaker 2: scale of one to ten, they be like eight or nine.
Speaker 2: I say, okay, we've built this with less than like
Speaker 2: three and a half million dollars, three million dollars, Like
Speaker 2: what do you think we could do with thirty five
Speaker 2: or three hundred million? Right, So that's the thing about it.
Speaker 2: So I mean, our strategy, like I said, is continue
Speaker 2: to build the technology that people want, because everybody wants
Speaker 2: everything now, but you have to build things that also turn.
Speaker 3: Revenue and create engagement.
Speaker 2: So we focus on things like short form video because
Speaker 2: it's super super in gaging audio. Like when you think
Speaker 2: about platforms, like we in our data in our analytics,
Speaker 2: the average user spends about forty minutes a day on YouTube,
Speaker 2: twenty nine on Instagram, about ten to fifteen on TikTok.
Speaker 2: Because of the audio and video combined. On fan Base,
Speaker 2: people are spending about an hour and thirty minutes a
Speaker 2: day hour and twenty minutes a day on the app.
Speaker 2: Because you can score, you can be in an audio
Speaker 2: room and roll the app at the same time, so
Speaker 2: you can use your eyes and your ears at the
Speaker 2: same time. When you're on audio apps, you typically just
Speaker 2: listen and look at the phone, Like I said, who's
Speaker 2: an audience, and then that's kind of that it. But
Speaker 2: when you can engage with multiple mediums and content at
Speaker 2: the same time, we do that.
Speaker 3: So we wanna I call them user tools.
Speaker 2: We wanna build user tools that allow people to monetize
Speaker 2: and discover what their abilities are and make sure that
Speaker 2: those verticals are there while the things that people may
Speaker 2: want that are not so much geared towards like oh,
Speaker 2: we want more filters or we want carousels, like, we'll
Speaker 2: get there, But we have to focus on the things
Speaker 2: that I know that that the users want, because the
Speaker 2: users define a platform. You know, there were no there,
Speaker 2: There wasn't the things retweets. Still people started putting our
Speaker 2: t and then putting them behind the height and then
Speaker 2: they just added the functionality.
Speaker 3: So your community will tell you what it wants and
Speaker 3: we listen.
Speaker 2: So whatever whatever it gets sent in the most or
Speaker 2: of of most urgency, we develop the buildings of the platform.
Speaker 7: Do y'all have a partnership program? I know like Snoopers.
Speaker 8: I've seen Snoop promote the brand, perhaps an investor Charlotta Maine,
Speaker 8: is there like a part program or people hearing about
Speaker 8: it here say they meet you to talk to you
Speaker 8: about what the platform is based on, and they say,
Speaker 8: I want to be a.
Speaker 7: Part of It's like, what's that process like for you?
Speaker 3: Yeah?
Speaker 2: I mean so it's more like, and again I say
Speaker 2: this all the time, it's more about people just saying, hey,
Speaker 2: like this is a real chance for us to own
Speaker 2: and monetize our content, because like, the users make the
Speaker 2: value of the platform. Everybody left Instagram tomorrow, Instagram me
Speaker 2: worth zero dollars and zero cents, right, and so they
Speaker 2: create the value, and so everybody we're in this moment
Speaker 2: where everybody's so frustrated with shadow banding and all that
Speaker 2: kind of stuff. Like even when Snoop came on the
Speaker 2: platform and started using it more is because the day
Speaker 2: of the Super Bowl, Instagram wouldn't let him go live.
Speaker 3: So he's like, I'm going to fan base.
Speaker 2: Right where I can you know, send it out and
Speaker 2: go there and be live. And what I noticed was
Speaker 2: whenever we make a move and I said this, I
Speaker 2: said this before, is like, initially when we were building
Speaker 2: subscriber based story story that you can put behind the
Speaker 2: paywall so you don't have stories for followers, and stories
Speaker 2: for subscribers. Instagram was going to call that functionality fan clubs.
Speaker 2: I was like, come on, y'all right, they copy everybody,
Speaker 2: so it's cool, right they want to call it fan clubs.
Speaker 2: We were changing our price. Our price was three ninety nine.
Speaker 2: We went from three ninety nine to four ninety nine.
Speaker 2: Instagram had rolled out a pilot program for subscriptions and
Speaker 2: giving it to about ten or fifteen people the day
Speaker 2: that we announced that we were going to four ninety nine.
Speaker 2: The next week, everybody got subscriptions. Everybody black, I'm sorry.
Speaker 2: Everybody was on my feet. Subscribe to this person, subscribe
Speaker 2: to that person. Everybody's like, do you see this?
Speaker 3: I'm like yeah.
Speaker 2: I was like, look at this company is raised six
Speaker 2: million dollars influencing a nine hundred billion dollar market cap
Speaker 2: company because they know that they've underserved an audience for years,
Speaker 2: and there's somebody that's stepping in the void to actually
Speaker 2: feel that that place for users and really allows them
Speaker 2: to take full advantage of their following.
Speaker 5: So what's next for fan base? Like, what's your what's
Speaker 5: your six month, twelve month vision?
Speaker 3: Yeah, a million users. Series A.
Speaker 2: We've been getting calls about Series A and I happily
Speaker 2: accept the phone calls and I think they're they're great
Speaker 2: and people are interested in So we're just gonna continue
Speaker 2: to have conversation with vcs and if the right partner
Speaker 2: comes along, because it's just it's just about the right partner.
Speaker 2: It's about a person that believes in what we're building,
Speaker 2: believes in the culture of what we're building, and then
Speaker 2: we'll continue to scale the platform. I want to be,
Speaker 2: like I said, I want to be the guy that
Speaker 2: disrupts so much media because here's the thing that I
Speaker 2: said about bad Baby, and I think people don't understand
Speaker 2: what Like I don't people understand understand what she did
Speaker 2: because she made fifty five million dollars. She's signed to
Speaker 2: Atlantic Records. Atlantic Records can't pay her fifty five million
Speaker 2: dollars a year, so when her dealer is up at
Speaker 2: Atlantic Records, she'd be like, ninety ten, I keep ninety
Speaker 2: you keep ten. I don't want this fifty to fifty
Speaker 2: whatever y'all you know, or I'll just go somewhere else
Speaker 2: and somebody will get rid of that deal. That's leverage,
Speaker 2: you know. NIL has kicked in for athletes, So the
Speaker 2: ability for an athlete to build a fan base to
Speaker 2: monetize it, and then if Nike comes with a deal,
Speaker 2: he'd be like, I make that a month on subscriptions,
Speaker 2: put that away. I'm giving leverage. It's like, you know,
Speaker 2: for talent, for people that do you know TV shows.
Speaker 2: That's why I say and I said this and shout
Speaker 2: out to Dre Davis, who works in fan base is
Speaker 2: a good friend of mine. He remembers when I said this,
Speaker 2: I sat across from a rapper, a female rapper, and
Speaker 2: I said this. This was less than a year ago.
Speaker 2: I said, if you're not monetizing your content today, five
Speaker 2: years from now, you're going to be out earned by
Speaker 2: somebody that's less talented than you that decided to do it.
Speaker 2: And I said, you're gonna walk up one day and
Speaker 2: somebody said, somebody made a million dollars off. Only fans
Speaker 2: are a million dollars subscribing. And he was like, it
Speaker 2: won a million dollars. It was fifty five million dollars
Speaker 2: And she made more money than Cardi B, Nicki, Minaj,
Speaker 2: Meg Thee Stallion, all the female rappers Doja Cat can't,
Speaker 2: nobody diss her can did her? She made fifty five
Speaker 2: million dollars off one hundred and sixty posts. You can't
Speaker 2: you can't disser for that. And she didn't get naked,
Speaker 2: she ain't busting open or nothing. She just went to
Speaker 2: her fan base and monetized it and made money. So
Speaker 2: that was that was such a such a moment that
Speaker 2: I don't think people realized what she did because she
Speaker 2: triggered the ability for people to say, oh, I again,
Speaker 2: I'm the I'm the show. You don't make me, I
Speaker 2: make you. If I decide to pick up and take
Speaker 2: my talents to fan base, they coming with me. And
Speaker 2: I think the moment that people realize that in mass
Speaker 2: these platforms are in trouble.
Speaker 5: One last thing before we wrap.
Speaker 6: You mentioned earlier that she was reluctant to shut that
Speaker 6: out because you didn't want to be looked at as
Speaker 6: like a black She did come out, y'all vocal and basically,
Speaker 6: so why did you decide.
Speaker 3: To do that?
Speaker 5: And do you think that people look at fan base
Speaker 5: as a.
Speaker 3: Black app So two reasons.
Speaker 2: One at the same time, the Black Lives Matter move
Speaker 2: happened when you were in middle of COVID and George
Speaker 2: for what happened, and the protests were going on, and
Speaker 2: all of a sudden, the tech community, the business community
Speaker 2: was acceptant, accepting of recognizing the effect that black culture
Speaker 2: and black people have on the economy and how we've
Speaker 2: been locked, you know, economically.
Speaker 3: Out of you know, those those systems.
Speaker 2: And then to most tech startups, you really you really
Speaker 2: invest also in the company, but you invest in the founder.
Speaker 2: And I think for me, I wanted the people to
Speaker 2: know me and understand that who you were investing in
Speaker 2: and what product you were getting and the person that
Speaker 2: had the passion behind what you were doing and what
Speaker 2: I was doing. So I was very very you know,
Speaker 2: cool with be in that. Now to that point, again,
Speaker 2: it's unfortunate that when you know, white people build things,
Speaker 2: it's perceived that they're built for all people.
Speaker 3: But when somebody black builds something, there's real luck to that.
Speaker 2: But what we also know is that wherever the culture goes,
Speaker 2: everybody follows. It doesn't matter wherever the party is. And
Speaker 2: I say that, I say, I treat fan base like
Speaker 2: a nightclub. I said, it's like, right now, fan base
Speaker 2: is like ten thirty, Like it's cool.
Speaker 3: You can get right to the bar, it's some girls
Speaker 3: in here. It's really cool.
Speaker 2: Whatever but once it hits like one am, everybody's gonna
Speaker 2: pull up at the same time. It's gonna be like, oh,
Speaker 2: it's the hottest club in the country. And fan base
Speaker 2: is the is the rule and not the exception. Companies
Speaker 2: like Instagram are the exception. Companies like Clubhouse are the exception.
Speaker 2: When I look at byte Dance, which is TikTok's parent company,
Speaker 2: or I even look at Patreon, those companies were started
Speaker 2: in twenty twelve, in twenty thirteen, and it took them
Speaker 2: years of raising capital and growing their audience to where
Speaker 2: even people know. People still don't know what Patreon is, right,
Speaker 2: and they've they've managed to raise I think three hundred
Speaker 2: million dollars so far, three hundred plus million dollars so far.
Speaker 2: And byte Dance started out twenty twelve and they become
Speaker 2: profitable until twenty nineteen. So it's it's usually a long
Speaker 2: grind of really, you know, building the company. So we're
Speaker 2: in it for the long haul and we're just ahead
Speaker 2: of the curve and where everybody else is that right now?
Speaker 6: So how can people follow you? How can they sign
Speaker 6: up to the app? What's all the information can they
Speaker 6: is the still raising money?
Speaker 3: No so we've closed both of our rounds.
Speaker 2: I can't tell if I'm going to raise another round
Speaker 2: to the public because that's illegal.
Speaker 3: Everybody said, are you gonna raise on the round?
Speaker 2: Can't say you can only announce a raise once a
Speaker 2: raise is live. So if I do, I'll come back
Speaker 2: here and tell y'all. I know a lot of people
Speaker 2: hear about it, and come do that. I'll do that.
Speaker 2: You can find me on fan Base. It's on iOS
Speaker 2: and Android. It's free to download, free to you. That's
Speaker 2: what I tell everybody. It's like, it doesn't it doesn't
Speaker 2: cost anything to use the platform at all. And I'm
Speaker 2: isaacase three on those platform So I aac h A
Speaker 2: y s and number three on Instagram, Twitter and fan Base,
Speaker 2: especially because I don't really post. I kind of post
Speaker 2: like about fan Base on my other socials, but I
Speaker 2: put what I do, what I eat, how I live,
Speaker 2: what I'm doing on fan.
Speaker 3: Base because that's that's where we at.
Speaker 2: And Twitter and twitters, and I say this Twitter to
Speaker 2: all the people that do make content. Your stories on
Speaker 2: Instagram and Twitter are your most valuable pieces of IP.
Speaker 2: That's where you can get the most traction and the
Speaker 2: most potential varility of what you.
Speaker 3: Do everywhere else TikTok.
Speaker 2: They're the most disloyal audience by way of they they
Speaker 2: just want people want to see this videos and be entertained,
Speaker 2: so they're not really attached to the user. They just
Speaker 2: want to be entertained, like what you got to do
Speaker 2: for fifteen seconds in this or one minute in this
Speaker 2: video dance. But if you really want to get to
Speaker 2: know the nuts and bolts of the persons in their
Speaker 2: real life, then content platforms like fan base that allow
Speaker 2: people to post photos and videos and give you a
Speaker 2: more inside look at what's going on is where it's
Speaker 2: going to be at.
Speaker 3: But Twitter also because again it's the.
Speaker 2: Only evergreen social media platform in my opinion, every social
Speaker 2: media platform has a lifespan, right including fan mase who
Speaker 2: have a lifespan. So all these platforms are defined by
Speaker 2: the generation that use them. Twitter is defined by what's
Speaker 2: happening right now, like who won the game?
Speaker 3: Who got divorced? Who? What? What is what's going on
Speaker 3: in Congress? Like right now?
Speaker 2: So I think it's evergreen, and that's why a lot
Speaker 2: of young kids use Twitter. Like young people flock the Twitter.
Speaker 2: They're still like what's happening at the Yeah, that's what
Speaker 2: makes that's that's the genius. That's when I say every
Speaker 2: app you have that aha moment like oh this is
Speaker 2: like you know, this is like the dark night where
Speaker 2: if something happens, it's like multiple angles of what's going on.
Speaker 2: So this is my version of what happened. This is
Speaker 2: my version, and it all comes together and paints this
Speaker 2: picture of what what really happens. So I think it's
Speaker 2: I think it's a genius platform. Eli's gonna's gonna turn
Speaker 2: up on it.
Speaker 3: You know what I'm saying.
Speaker 2: He gonna make it pop, hes gonna he gonna put
Speaker 2: I think he's gonna bring those I said. I think
Speaker 2: he gonna bring Doge into Twitter. So if you got Doge,
Speaker 2: even though it's in the toilet right now, fall onto it.
Speaker 2: The Doge Father. Yeah, the Doge Father. I think he's
Speaker 2: gonna blow that up. But yeah, that's where you can
Speaker 2: That's where you can find me. Though I'm on fan base, y'all,
Speaker 2: but y'all should come to Fambly, y'all should start doing
Speaker 2: like we need to find a way to get y'all
Speaker 2: do some really dope audio rooms on fan Base. We'll
Speaker 2: find some ways a part of what y'all and maybe
Speaker 2: have some conversations with some people because I think people
Speaker 2: like to have access to Because we're about to launch,
Speaker 2: we're about to watch subscriber based audio rooms too, so
Speaker 2: I know, so people have to subscribe to get into
Speaker 2: your audio rooms. So if EYL wants to have subscriber
Speaker 2: based audio rooms and you have thousands of subscribers or
Speaker 2: hundreds of thousands subscribers to come in here, y'all talk,
Speaker 2: that's something we can do. We'll be the face of
Speaker 2: the campaign.
Speaker 9: Hey, I love it absolutely, Troy House, keep up.
Speaker 8: Shout everybody on fan base, Shout to everybody on that
Speaker 8: other company, you know, Shout everybody on patri you all
Speaker 8: our patrons, everybody in EYL University, all our earners, over
Speaker 8: twelve thousand people that are subscribed and executing on if
Speaker 8: it may, but not only that, passing it on to
Speaker 8: the next generation and changing lives forever. So shout out
Speaker 8: to all of y'all, Shout to everybody in the merch team,
Speaker 8: Shout out to the entire.
Speaker 3: Atlanta, the city of Atlanta.
Speaker 8: We are here, obviously, this is our second home, UH Studios,
Speaker 8: obviously looking impeccable. Uh so, shout out to Mike and
Speaker 8: Ben and Smitty our team down here.
Speaker 3: Love is love.
Speaker 5: Thank you guys rocking with us to see you next week.
Speaker 4: Peace, Peace, my graduates from my school being forced back.
Speaker 4: Drop Bag Drop, Mike Drop.
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