Rokfin October Update: Not Looking Good
6 Days Into October: No Payouts, No Communication, No Statements, but Rokfin definitely received all the subscription & tip payments it took in for September. Now the CEO has set up a new LLC? Hmmm
Intro
This is another follow up/companion to Rokfin, Video Publishing Platform: Financial Trouble?, published September 16.
There is a companion article describing some of the challenges experienced getting paid out via the Rokfin video streaming platform, which you can find here.
There is another companion piece detailing the technical issues with the platform, which you can find here.
There was a third companion piece published on September 17 - Rokfin: Who Would Buy Them and Why?
No Payouts Yet for October
UPDATE: As of October 6 at 5:30pm ET, none of the Rokfin creators I’ve spoken with (more than 10) have received payment for their September tips or viewing hours. This is the 2nd month in a row where nothing was paid out before the 7th.
Rokfin Paid Late Last Month, and Possibly Shorted Creators
Last month, Rokfin was 2 weeks late in paying out for August’s tips and viewing - paying out in RAE tokens to creators on the 16th and 17th.
They provided no explanation, paid out no interest for the additional time, and provided no monthly statement to the creators indicating the payout and the conversion to RAE.
Several creators feel they were short paid for the month, and have no way to reconcile it. Rokfin has not responded to any emails since the 15th of September. We still show no record of any payout to our MetaMask wallets from Rokfin in months.
CEO Martin Floreani Set up a new LLC in September - WHY?
A web search for CEO Martin Floreani’s name revealed a recent filing in Texas for a new LLC as of September 5, 2024: Black Whale, LLC (the symbol for Rokfin has been a whale). Could he be working on whatever he’s moving on to and leaving Rokfin in the cold?
FloSports - Family Lawsuit Distracting Martin?
Floreani is also involved in a family lawsuit involving the company he founded and ran prior to Rokfin, FloSports. He and his sisters are suing his brother.
This is all public record. FloSports has received, per Tracxn, $76.4M over 4 rounds of investment funding, but none since 2019.
FloSports Expanding, New Offering
FloSports, meanwhile, of which Martin is a principal shareholder, is still growing and has launched another new subscription service, FloCollege.
“This October, FloSports will launch FloCollege, a new college sports streaming platform elevating underserved Division-II and Division-III athletics while serving Division-I fans at scale…
The 12 NCAA conferences included at launch are the BIG EAST, Coastal Athletic Association (CAA), Great Lakes Intercollegiate Athletic Conference (GLIAC), Landmark Conference, New England Women’s and Men’s Athletic Conference (NEWMAC), South Atlantic Conference (SAC), California Collegiate Athletic Association (CCAA), Lone Star Conference (LSC), Gulf South Conference (GSC), Southern California Intercollegiate Athletic Conference (SCIAC), Southern Collegiate Athletic Conference (SCAC) and Northeast-10 Conference (NE10) with more on the horizon.”
INN Is OUT On Rokfin Until This Is Resolved
The
Rokfin channel is still unable to livestream. We are getting zero response from the company & we still have no update on when it might be resolved. In the meantime, we will still be streaming to YouTube, Rumble, Kick, Twitch, X and Telegram.It feels more like a ponzi scheme every day - where US Dollars go in, but they only pay out in RAE tokens, which can only be exchaned for ETH or Stablecoin USDC/USDT (Tether).
We have made the decision to stop livestreaming & uploading to Rokfin until this matter is resolved and are advising all independent creators on the platform to follow our lead and do the same until we get some answers.
Indie Media Today operates on a “Value for Value system.” Everything we do is free to all. We don’t paywall our content, but we do need - and deeply appreciate - your support in order to keep running, and one way to do that is with a monthly subscription here, if you feel you get value out of the shows & articles and can spare a few bucks a month.
Read More:
This is a companion piece to Rokfin, Video Publishing Platform: Financial Trouble?. Read that here.
Rokfin has always been challenging from a technological standpoint. To learn more about the technical challenges of the platform, CLICK HERE.
For more of a deep dive into the nightmare for a creator on Rokfin showing the insane steps to extracting actual cash from RAE tokens to deposit into a bank account, CLICK HERE
For more about who would buy Rokfin (Rumble), check this out:
Indie Media Today operates on a “Value for Value system.” Everything we do is free to all. We don’t paywall our content, but we do need - and deeply appreciate - your support in order to keep running, and one way to do that is with a monthly subscription here, if you feel you get value out of the shows & articles and can spare a few bucks a month.
Active & Former Rokfin Creators on Substack:
Definitely looks like it's time to jump ship...and quickly.
I never really used Rokfin but how easy is it for creators to take their audience with them?
Do you have email addresses you can export?