Isaac Hayes III Becomes First Black Entrepreneur to Reach $10 Million in Crowdfunding
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As the potential ban on TikTok looms in the United States, Isaac Hayes III’s social media app, Fanbase, is making significant strides, having secured over $5.2 million through crowdfunding.
Founded in 2018 by the son of legendary R&B singer Isaac Hayes, Fanbase allows creators to earn directly from their content and lets users profit from their interactions on the platform.
The app, which is free to download and use, offers additional subscription tiers for enhanced monetization opportunities. “For people who value content and community, Fanbase is a next-generation social network that allows any user to earn money from day one,” states the company website.
Despite being available for years, Fanbase has recently surged in popularity, coinciding with the uncertain future of TikTok in the U.S. The Atlanta-based platform has climbed the App Store charts, reaching #6 in social media rankings and #16 in overall app store downloads, and has surpassed the 5 million mark in crowdfunding.
Celebrating this milestone, Hayes shared his excitement in a LinkedIn post and encouraged public participation not just as users but also as investors. According to Afrotech, for a minimum investment of $399, users can become shareholders in this Black-owned startup.
Hayes is ambitious about Fanbase’s potential, aiming to make it the next dominant player in the social media market. He emphasized the unique aspect of Fanbase being a Black-founded app created for a global audience, with both infrastructure and ownership being Black-owned.
In a discussion on the “Black Tech Green Money” podcast, Hayes explained his vision, saying, “Instead of being customers to our creations, we are turning our innovations into acquisitions. Facebook, Instagram, and TikTok will not always be at the top. No business lasts and dominates forever.”
With this innovative approach, Hayes is not only challenging existing social media giants but also reshaping how creators and users engage with social media platforms by turning them into stakeholders.