Wednesday, April 1, 2020

Over 30,000 creators signed up to funding platform Patreon in first 3 weeks of March | Music Business Worldwide

San Francisco-based crowdfunding/membership platform Patreon saw 30,000 creators launch new funding accounts in the first three weeks of March, and the company adds that the new creators are also “acquiring patrons faster than usual.”

The company, which raised $60 million in a Series D funding round last year, says that these new creators are launching on the platform faster than at any point in its history.

Artists use Patreon to offer exclusive content to more than 4 million patrons in over 180 countries.

According to a blog post published by the platform’s Head of Data Science Maura Church last week (March 25), more than 150,000 artists use Patreon to generate income from the platform and they’ve earned over $1 billion in the process.

Church writes that  “this moment in time is one of the strongest influxes of memberships that we’ve ever seen”.

The platform-wide behavior started to change on Friday, March 13 writes Church, and as of March 25 (when the stats were published), average new patron growth across the US, UK, Canada, Germany, Australia, and Italy was up 36.2% compared to February.

In addition, Patreon reports that the number of creators acquiring their first patron within 10 days of launching has increased and that the newest creators are therefore “unusually successful at acquiring patrons”.

Patreon has also seen “slightly higher patron deletion” in recent weeks, but “not nearly enough to offset the increasing numbers of new pledges”.

“Patreon exists to provide a stable, reliable source of income for creators, and that’s especially important in this time of global uncertainty.”

Maura Church, Patreon

Said Church: “Patreon exists to provide a stable, reliable source of income for creators, and that’s especially important in this time of global uncertainty. If you’re a creator, know that Patreon is here is help.

“Artists change lives by providing the much-needed work that uplifts us, inspires us, and gives us hope, and fans are rushing to support that. Art is needed now more than ever, and making sure creators are fairly compensated for the art they make is vital.

“If you’re thinking of launching on Patreon in this time, know that we have a host of resources and are committed to helping creators build sustainable income from the fans who love them most.

“And if you’re a patron, consider supporting your favorite creators during this turbulent time.”Music Business Worldwide


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