Isaac Hayes III's idea for his startup began with a viral video. A teen dancing in a Spiderman costume.
His dancing was so good that Hayes reached out to congratulate him on his explosive internet presence. The teen didn’t know how to manage the influx of deals coming in and how to make money off this newfound fame. That conversation sparked the creation of Fanbase, which gives creators a way to monetize their content -- an ongoing trend in the creator economy.
Fanbase users make money through viewers giving them “loves” and through creating premium subscription content.
Digital tools that allow creators to generate income through their content are catching the eye of venture capitalists. The creator economy, which includes internet personalities along with the platforms to which they post, is a relatively new market ripe for investment. More than 100 startups in the creator economy have raised $3.7 billion in the first three quarters of 2021, according to tech news site The Information.
But Hayes, formerly a record producer, didn’t want to launch Fanbase through the traditional investment model. The goal of the startup is to put money back into the hands of social media users.
"Who better to own equity in the startup than the people making it valuable?” Hayes said.
He launched the first crowdfunding campaign for Fanbase on StartEngine in 2020. Fanbase raised $1 million in three weeks, eventually ending with $3.4 million. Hayes opened a second crowdfunding campaign earlier this month and already has another $1 million.
Fanbase has more than 170,000 users since its launch in 2019. Most users are making between $100 to $500 a month on the platform, Hayes said. That number should grow as more people start using the platform.
There’s no better city to launch the social media platform than Atlanta, Hayes said. The city is an epicenter of Black culture and has a diverse technology talent pool.
“Black culture has an enormous effect on the popularity of social media,” Hayes said. “It gives us an opportunity to see what’s next and what’s happening to creators.”
Fanbase partners with the creators in the Collab Crib, a house of Black social media creators south of Atlanta that’s featured in a New York Times documentary. Those influencers make up about half of the Fanbase advisory board. Almost all the 25 members on the board own shares of the company.
Fanbase has 17 employees and an office in West Midtown. The platform allows users to post pictures, videos, live stream and create audio rooms. A feature like TikTok and Instagram Reels is coming out this year.
Hayes’ goal for 2022 is to reach one million users while continuing to update the Fanbase platform.
