By Brittany Mackins (Source: ww.rollingout.com) – Isaac Hayes III is CEO and founder of Fanbase, a new tech startup. Hayes III noticed that only influencers with large followings and endorsements were making money from social media. As an alternative, he created an app that allows its users to make money from their content. You can catch the full interview at rolling out‘s Brand Creators conference on Oct. 28 and 29, 2021.
Why should people use Fanbase?
If you posted one photo a year, in between that content, you’re running ads. These corporations are making billions of dollars and passing it collectively back to the creators. Rather, they’re providing a service. There’s money there [and] you’re not getting paid for your content. Fanbase wants to shift that whole narrative, focusing on giving the user the opportunity to make money for the content [they] create.
The platform allows any person to have followers and subscribers if they choose on the platform, and it’s totally free. So, for someone like Jay-Z, or Beyoncé, let’s say Beyoncé, she probably has about 10 million people that are her core fan base. Turning that into a subscription-based audience is about $20 million a month and about $240 million a year for her. It’s turning that 5,000 people with 100,000 followers … into a $10K a month business [with a] $120,000 a year revenue stream.
What has been people’s response so far?
I think there’s that disbelief that a Black man can build an app. There’s always going to be that skepticism. We’re all going to face that when you’re the first person that has tried to break through it.
What do you believe is the hesitancy for people to join Fanbase?
Let’s say that you got on Instagram in 2010. You have an 11-year relationship with that platform. You’ve invested time, energy, content, resources, all of these things, to leave and go to a new relationship. It’s really hard. Especially, if you’re comfortable with the relationship that you have. We still see people stay on social media platforms that they complain about. That’s dysfunction at its core. You don’t like it, but you don’t leave. You feel like there’s nowhere else that you can go to be loved and appreciated. So, you stay where you are with the following that you have.