Amid the tumult of mainstream social media platforms, startups like Favorited are catching the spotlight. Garnering attention from both creators and viewers, the livestream app recently announced a pre-seed fund of $1.3 million.
Uniquely resembling TikTok Live, Favorited seeks to facilitate instant interaction for its creators with their followers. The app echoes functionalities like virtual gift sending, interactive games, and more. With a competitive 70/30 revenue share for creators, Favorited could offer a more appealing deal than TikTok’s approximate 50% cut.
Conceptualized by David Tesler and Zach Ferraro in the past year, Favorited is paving the way towards real-time social interaction. Ferraro expresses that the app is engineered to bring more “face-to-face” interaction to platform users.
The recent funding spell amidst rigid competition from apps exploiting the livestream revenue model demonstrates Favorited’s growing presence. Despite the challenging marketplace, Favorited holds an impressive user base of over 750,000 and boasts participation from notable investors like Andreessen Horowitz.
Favorited’s future plans revolve around global expansion, potentially fueled by more external investments. The app currently generates over $4 million in monthly revenue. Favorited is available for installation through the App Store and Google Play Store with 1.3 million app installs and counting.
Original source: Read the full article on TechCrunch
