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New Platform Digitizes The ‘Socios’ Model, Fusing Crowd-Management With Blockchain Technology To Create A New Era Of Fan Engagement & Monetization In Football
Mediarex, the Malta-based, Binance-backed fintech and sports company, who recently raised more than $65 million through a private token sale for its blockchain-based sports platform, will launch the world’s first fan engagement and fan monetization platform for the football industry through Socios.com.
The ultimate fan engagement tool for the football industry, Socios.com is the world’s first scalable, tokenized voting platform where football fans can buy, trade and execute voting or ‘crowd-manager’ rights for their favourite football teams. Powered by the chiliZ fintech platform and $CHZ token, chiliZ has committed $20 million to the Socios.com venture that will take football fan engagement into the mainstream.
The desktop and mobile platform, which is currently being developed for the booming esports industry, was originally inspired by the ‘socios’ or fan-controlled management frameworks of many football teams around the world. Perhaps the best known examples are Real Madrid and FC Barcelona, which are run by their 90,000 and 145,000-strong fan base respectively, but they are by no means the largest – indeed, that title goes to FC Bayern Munich, arguably the biggest and most successful example of this democratic/mutual management, with 290,000 affiliate fans. Portugal’s SL Benfica has 184,000 partners, while Sporting CP has 160,000.
The ‘socios’ concept is tried and tested, and has created powerful relationships between the clubs and the fans for decades. Socios.com represents the digitisation of this framework, and the football industry will be encouraged to embrace new technology and fintech innovation. The fully mobile solution means fans will no longer be restricted by geography, with the ability to connect the 4 billion football fans worldwide to the 1000 UEFA clubs and 2300+ professional football teams in existence.
Once onboard, teams trade voting rights for management decisions within the Socios.com platform. Each team will operate their own ‘token sale’, from which they will receive funding from fans and investors in exchange for voting rights. Although each team will receive the same number of voting tokens, it is up to the team to decide how the fund is handled to support their vision or what decisions are put up for fan vote. The platform then acts as an exchange, meaning fans can trade and re-trade those voting rights. The underlying blockchain technology is the most practical and eloquent way to unite the needs of maintaining voting integrity and transparency with transforming voting rights into an ‘ownable’ commodity.
“We believe that technology and innovation can bring so much value to both the clubs and their fans in the future,” said Alexandre Dreyfus, CEO of Mediarex. “Socios.com will allow football teams to create a completely new economy that can be monetized, whilst building a new fan engagement ecosystem. We understand that this will bring a certain degree of disruption to an established industry, and it will no doubt require require a lot of education, but the first mover advantage will be critical in paving the way for a new democratic, digital, and international standard in club management.”
The chiliZ/Socios team is comprised of 25+ industry experts, experienced in regulated gaming and tech. Members of the Advisory Panel include Dr. Christian Mueller, Vice President, Strategy & Business Development, InFront Sports – one of Europe’s leading sports marketing agencies – and Sam Li, Head of Strategic Partnerships for Sina Sports, who leads domestic and international sports content acquisition for China’s largest online media portal. Chief Strategy Officer of Perform Group, John Gleasure, is a shareholder of Mediarex. In addition, Socios.com is backed two of the biggest cryptocurrency exchanges in the world, providing the liquidity required to create a global fan exchange market.
The company will present the Socios.com platform at the World Football Summit in September, with a view to announcing their first strategic partnerships in due course.
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