Over 9 years ago, I came up with a concept that I believed would change the fan experience forever. After years of refining the idea and a few false starts, I'm finally ready to introduce this concept to the world. Introducing, Phanatiq. pic.twitter.com/VP2eULCp3h
— Vince Valholla (@VinceValholla) May 23, 2023
Phanatiq is a web/mobile application that Incentivizes music fans who support their favorite artists. This application is geared towards casual and super fans of recording artists and bands. It recognizes them for the level of support that they provide to artists with the purchasing of artist merchandise, concert tickets, and albums. The app introduces a fan leaderboard system that will allow customers the opportunity to compare their ranking with others and compete for the highest ranking which allows the customer access to a greater level of incentives.
It will connect the artists and their labels directly to core fans and allow them the opportunity to provide them with exclusive merchandise and content. It will also provide labels with detailed analytics.
With the advances in technology and the introduction of music streaming, currently, there aren't as many incentives for fans to buy digital and physical merchandise. With this app, it will be.
In 2022, global recorded music sales totaled $26.2 billion and the market grew by 9 percent. Subscription audio streaming revenues increased by 10.3% to $12.7 billion and there were 589 million users of paid subscription accounts at the end of 2022 according to IFPI. Total streaming (including both paid subscription and advertising-supported) grew by 11.5% to reach US$17.5 billion, or 67.0% of total global recorded music revenues. There was growth in other areas too with physical revenues remaining resilient (+4.0%); performance rights revenue increasing by 8.6% and returning to pre-pandemic levels; and synchronisation income climbing by 22.3%. That's where Phanatiq comes in. With fans having more incentives to buy music with this platform, this can contribute to the growth of this sector as a whole.
There currently isn't a platform like Phanatiq on the market that tracks album, concert ticket, and merchandise purchases in connection with a specific fan. There also isn't a way to track who is the biggest fan of an artist by the city, state, and global level. This will completely change the way artists and labels reward fans.