By Rachael Green, Benzinga
Hanryu Holdings, Inc. (NASDAQ: HRYU) launched Version 2.0 of its K-culture fandom platform, FANTOO, this month. The 26 million users currently using FANTOO will now get personalized content and a more user-friendly interface. Heres a closer look at what the global fandom social media platform offers users and how its generating earnings for the company and its shareholders.
What Is FANTOO?
Unlike other fandom apps that are centered around a single artist or group, FANTOO is a global platform for all fandoms. Its current user base spans 150 countries, but real-time multilingual translation erases language barriers so users can connect with each other over their shared interests regardless of language or location.
The fandom-oriented social media app gives fans a place to join or start clubs focused on their favorite artists, shows and more. They can unpack the latest episode of their favorite K-drama with fellow fans, vote for their favorite K-pop artist in monthly contests, and create content to share in clubs or the main feed. That includes webcomics, fan art, fan fiction and other fandom-related content.
What separates the app from any other social media platforms out there, though, is a unique reward system that actually allows users and content creators to earn money on their fandom content and interactions. Creating content, posting, liking, sharing and other activity in the app is rewarded with FP points. Those points can be used to make purchases in the app or be converted into your local currency and withdrawn. Another way users can earn is by selling things on the fan shop, an eBay-like platform for buying and selling merchandise and collectibles related to their favorite fandoms.
FANTOO 2.0 Comes With Multiple Revenue Streams
Right now, Hanryu generates the bulk of its revenue through advertising, generating over $889,000 from that stream in 2022. Brands advertising on the platform have access to a highly engaged audience along with the data analytics needed to get their message in front of the users most likely to be interested. But the company has added additional sources of revenue throughout this year, including transaction fees, user-created content, merchandise and live shows streamed on the platform.
Looking ahead, Hanryu has more big plans in store for FANTOO including expanding the range of fandoms that can gather on the platform and a metaverse version of the platform where fans can meet and explore the different features of the app in virtual reality.
The company also announced a partnership this month with SALTLUX, a South Korea-based AI tech company thats developed an AI-powered conversational virtual assistant. SALTLUX bears the distinction of holding the most AI and big data-related patents in Korea. Through the partnership, Hanryu plans to adapt the technology to create personalized AI assistants and chatbots. Slated to launch later this year, the service will use voice synthesis and deep learning technology to allow fans to have realistic conversations with an AI that sounds like their favorite celebrities.
Chang-Hyuk Kang, CEO and Director of Hanryu Holdings, commented on the development, "We are pleased to partner with SALTLUX to integrate AI into FANTOO. This advanced technology will provide our loyal userbase with an enhanced experience on FANTOO. Launching our conversational virtual assistant is only the beginning of AI capabilities on our platform."
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