Fave is a social discovery app for super fans of musical artists. It connects the fans of an artist like Taylor Swift to discuss, share clips and even sell each other tickets and merchandise. The company successfully raised funding in 2021, but is again securing more in the latest round, $2 million as it stands.
This successful round of funding is being reported by TechCrunch, and in fact, the latest round is expected to pass $6 million when all is said and done. The funding has come from institutions such as the Female Founders Fund and Warner Music and Sony Music.
The app is yet to fully launch, but in its beta it already has 50,000 fans signed up. These are super fans of various artists such as BTS and Taylor Swift. While fans are there to meet like-minded super fans, there is an element of competition and gamification. Users can get themselves verified as fans, or even super fans, earning perks and badges on the app to show their devotion. The more devotion and higher up the ranks fans go, the more access to special promotions related to the artist they can unlock, whether it be tickets or early access to music.
It’s also a place to resell tickets to other verified super fans, or users can link to etsy shops to sell handcrafted merch. The Taylor Swift latest tour has seen an explosion in the creation of friendship bracelets for example. Fave takes a 2.4 per cent transaction fee on these interactions.
Jacqueline Amankonah Horton told TechCrunch how the platform is a hugely beneficial tool for fans but also for artists, giving them a reliable way to reach their core audience:
“I can’t tell you how painful it’s been to see artist teams trying to reach their superfans for super cool campaigns and just cannot find them, cannot message them, or get limited by algorithms that are only sharing their message to a small percentage of their followers at best.”
Fave is on a strong path in the music industry, and looking to partner with more music artists before its full launch. What’s interesting, is the potential the app has to work across other aspects of the entertainment industry, whether that be tv shows, movies or even sports. If they can prove the concept in one industry of being a social discovery app to connect fans in a meaningful way, why could it not be replicated in other industries.