Fireside: Mark Cuban Backs New Live Entertainment App for Creators

A New Platform for Creators: Fireside Launches

In a rapidly evolving landscape of creator platforms, Fireside is debuting today, presenting a solution designed for professional content creators. It aims to provide a more comprehensive toolkit for content creation, distribution, analysis, and revenue generation.

Platform Features and Beta Testing

This service, centered around live and interactive shows, gained attention during its beta phase, bolstered by investment from Mark Cuban, who also assumes the role of co-founder. He collaborates with Falon Fatemi, a former Google employee, YouTuber, and co-founder of Node, whose previous company was acquired by SugarCRM, and Mike Ihbe, an early contributor to Yammer.

Having completed its beta testing with over 500 creators, Fireside reports a combined audience reach exceeding 100 million.

Beyond Live Audio: A Multifaceted Approach

Initial comparisons to live audio platforms like Clubhouse or Twitter Spaces proved inaccurate. While Fireside incorporates live audio, it offers a much wider range of functionalities. The company deliberately maintained a low profile regarding its plans before launch, leading to speculation about it being another Clubhouse imitation.

However, Fireside delivers a more extensive suite of services.

Content Creation and Distribution Capabilities

The platform enables creators to broadcast live audio or video, simultaneously stream to other social networks, record and save content for later editing and distribution, or offer on-demand viewing within Fireside. It seeks to integrate the engagement of live shows with the need for content longevity beyond its original broadcast.

Fireside also provides tools for promotion, editing, performance tracking, distribution, monetization, and audience development. These features are integral to the platform’s end-to-end content production workflow, contrasting with the fragmented approach many creators currently employ.

Understanding Audience Engagement

“A key challenge is identifying and attracting both high-quality creators and engaged audiences,” explains Fatemi, Fireside’s CEO. “Successful creators excel at both.” She emphasizes the importance of understanding audience reactions during live broadcasts. “By analyzing real-time feedback, we can not only identify successful content but actively create it.”

Interactive Live Shows and Recording Features

Creators on Fireside can choose to host live audio, live video, or a combination of both. The platform includes a digital stage for co-hosts and guests, with audience interaction through emojis like clapping, thumbs up, hearts, and laughter. Shows are automatically recorded in high fidelity, with a local copy saved as a safeguard against network issues.

Editing and Analytics for Optimized Content

After recording, creators gain access to transcripts and editing tools. They can easily remove audio or video segments with a single tap. The platform’s data presentation, including user sentiment and engagement metrics, aids this process. For instance, segments with negative sentiment or low engagement can be removed before distribution.

Seamless Distribution to Multiple Platforms

During a live broadcast, content can be simultaneously streamed to platforms like YouTube, Facebook, Twitch, Vimeo, and LinkedIn Live, utilizing server URLs or Stream Keys. (Instagram is currently unsupported due to API limitations, but creators can upload content as IGTV videos post-broadcast). Edited shows can be distributed to various audio and video platforms, including social media and podcast services via RSS feeds.

Monetization Options for Creators

Fireside offers direct monetization options alongside existing revenue streams from social platforms and podcasts. Launch features include subscriptions and ticketed events with creator-defined pricing. Integration with Libsyn enables in-show advertising, with plans to add brand integrations, gifting, tipping, and NFT support.

Revenue Sharing Model

Fireside takes a 3% cut of transactions up to $30,000 in creator revenue, then increases to 15%. This structure was determined after market analysis and creator feedback.

The platform intends to allow creators to easily mint moments from their shows as NFTs and distribute them on other NFT marketplaces.

Future Developments and Investment

“NFTs represent a powerful way for creators to transform their content into a tradable asset,” Fatemi notes, adding that NFTs are integral to “the future of entertainment.”

While Fireside has been discreet about its product roadmap, it is withholding details regarding specific NFT partnerships, a key differentiator for the platform.

The company is also not disclosing details about external investment, although Cuban’s involvement as co-founder and investor is confirmed, and Fireside was reportedly seeking investment earlier this summer.

Cuban’s Active Role

Cuban’s co-founder role is unusual for the entrepreneur, investor, and Dallas Mavericks owner.

“He is deeply involved,” Fatemi emphasizes. (Though he did not participate in the press interview). She highlights Cuban’s guidance, particularly in product development. “He has built a new media empire independently, and therefore understands the challenges faced by professional creators.”

The company is currently finalizing its Series A funding round, explaining its reluctance to discuss backers at this time.

Targeting Professional Creators

Fireside is not open to all. It is selectively onboarding professional creators, even those in the early stages of building their audience. Current collaborators include Michael Dell, launching a new book; true-crime podcaster Robert Riggs; the cast and creator of “Entourage;” comedians from the Laugh Factory; author and researcher Daniel Pink, and others.

“We assess their commitment to their brand and community. Are they dedicated content creators…is this their primary focus?” Fatemi explains. A large existing fanbase is not a requirement. “We focus on their stage of development and their dedication to building a media business.”

Content Moderation and Platform Responsibility

This focus on vetted professionals is intended to mitigate content moderation challenges common on livestreaming platforms. However, recognizing that even professionals can disseminate misinformation, Fireside will need to define its content policies.

“Our approach has minimized challenges so far,” Fatemi says. “But as we expand, we must carefully consider these issues.”

Fireside is available on the web and via its iOS mobile app.