The startup, which allows content producers to offer fans perks in exchange for recurring payments, has become popular with YouTubers, podcasters and musicians.
As YouTube and Facebook roll out new tools to help creators make money on their platforms, startup Patreon has raised a round of funding to give that talent off-platform monetization opportunities, too.
Founded by Jack Conte and Sam Yam, Patreon is a membership platform where talent of all stripes — from YouTubers to podcasters to musicians — can offer perks to their fans in exchange for recurring payments. More than 100,000 creators now use its tools, and by company projections, it expects to pay out $1 billion to its partners by the end of the year.
YouTube and Facebook have both introduced monetization features that expand beyond pure ad revenue share agreements. YouTube, for instance, offers memberships, and during VidCon announced plans to expand the program to multiple tiers. Facebook on July 9 said it would expand its fan subscriptions program and add a tipping feature known as Facebook Stars to live streams.
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