Digital entertainment and technology company JetSynthesys said that it has acquired a majority stake in Fanory, a content monetization platform for content creators.
Former Twitter India head and Fanory co-founder Manish Maheshwari will join Jetsynthesys as President at the Corporate level following this transaction.
Fanory enables creators to monetize their craft on their terms through their community of fans, thereby turning them into micro-entrepreneurs.
Rajan Navani, Founder and CEO, JetSynthesys, said, “The social media creators market has grown exponentially, and we see this continuing for the foreseeable future. Fanory’s model is beneficial for creators. It compensates them for their hard work and creativity. With Manish by our side, we look forward to exploring this new avenue and entrenching ourselves deeper into the digital entertainment realm,” said Rajan Navani, founder & CEO, JetSynthesys.
Fanory will work closely with the digital entertainment arm of Jetsynthesys and assist creators in locating their superfans — those who are both ready and willing to pay for exclusive opportunities to interact with their favourite artists.
It will then enable creators to upsell premium experiences on a personalized app through a frictionless, coin-based payment mechanism.
The platform connects creators with their superfans through a personalized app, a model similar to how in the eCommerce space, Shopify helps small offline businesses set up personalized digital stores. Maheshwari will now focus on the global expansion of Fanory.
“Social media platforms prioritize follower acquisition and engagement so that they can sell adverts to brands. Direct monetization for creators is an afterthought. Fanory is different because its core and only focus is creator monetization. This deal will exponentially grow the possibilities for creators and their superfans as they now have access to the broader platform and ecosystem relationships of JetSynthesys,” said Maheshwari.
Set up in 2014, investors in Jetsynthesys include Infosys co-founder Kris Gopalakrishnan, Serum Institute’s Adar Poonawalla, former cricketer Sachin Tendulkar, and the multi-billion-dollar family offices of the promoters of Thermax, Triveni Group, Yohan Poonawalla Group, and DSP Group.
Source: Economic Times