Patreon announced that it has raised $60M in new funding. CEO of Patreon, Jack Conte stated on Medium that Patreon will use that funding to scale their team, to build faster, and to build more. In other words, the money be used to help Patron’s product evolve.
Many podcasters use Patreon as a way to raise money so they can continue to podcast. It costs money to keep your website hosting going. Patreon is also a good way to deliver special content to your superfans.
TechCrunch reported that Patreon raised $60 million led by Chris Paik at Thrive Capital, which also led Patreon’s Series B funding. According to TechCrunch:
The new capital will go towards hiring to expand its 80 person team and scaling up growth by recruiting more creators including videographers, political pundits, game developers, illustrators, musicians, and comedians.
Here’s what Jack Conte says you can expect as a creator on Patreon:
- Analytics for understanding your patrons, your rewards, and your income
- Dashboards that summarize the performance of your membership business and give you clear and helpful suggestions
- Rock solid and simple financials
- Rewards management, automation, and delivery
- Patron management (Who are my patrons? What are their Twitter handles? How much have they spent on me?)
In addition, there will be changes that will give creators everything they need to entice and keep their patrons. The idea is to make offering and fulfilling rewards or benefits to be seamless. In the Medium post, it says “We segment rewards into three main categories.” Those categories are:
- Creator-patron intimacy, like live interactions and patron-only polls
- Ongoing exclusivity, like access to a patron-only Discord server or early-access to content
- Actual goods, whether digital or physical, like a signed poster or an extra episode