Patreon was founded in May 2013. The San Francisco-based company has grown tremendously since its launch less than two years ago. In 2013 the platform exchanged about $259,000 in transactions compared to over $10 million in 2014. An update to fans and creators Patreon recently shared some of the changes that were implemented last year which helped them achieve this growth. They also mention some things that they have planned for this year. Tyler Palmer, VP of Operations, said:
“In our eyes (and hearts), this demonstration of support underscores a dramatic, cultural revolution happening in arts communities around the globe. More creators are able to create freely and fully by connecting directly to the people with the power to support them. We’re honored to help make this happen, and inspired to do more.”
For those who don’t know, Patreon allows anyone to become a patron of the arts. Their goal is to help support a new generation of content producers and artists. They use a crowdfunding model that is different than Kickstarter’s or Indiegogo’s because they provide ongoing funding instead of funding for one big project. Supporters can provide a small monthly donation, which is charged from their account whenever the creator posts new content (until the subscription is canceled), in return for early access and other rewards. Monthly limits are available so backers can stay within their budgets.
The team at Patreon worked hard this year to improve their site for both creators and patrons. The home page now has a ‘Featured’ section, and they added a recommendations engine for new patrons to search for creators they like. Patreon added a ‘Creations’ page that lets creators share their work with fans on the platform itself. They also updated their payment settings, making it easier to send and receive payments on the website. For comments, they added upvoting and downvoting to make conversations on creator’s pages more interesting. One other thing they did was add SPAM filters. Still, they attribute their success to those who use their site:
“Thank you for making things. Thank you for paying people to make things. And thank you for stepping into a new ecosystem that’s evolving the way art is financed and shared. We know that without you, Patreon is an empty shell. YOU fund, YOU create, YOU fill us up, and for that, we are eternally grateful.”
In 2015 users of the platform can expect to see “beautiful new designs and features”. A few of these will include community tools that will be useful for both creators and patrons such as notifications, creator analytics, and a mobile app. Judging by Patreon’s growth so far, this year is likely to be even more successful as they add more functionality to their service. Anything can happen in 2015 as their platform is introduced to new artists looking for stable funding for their work and patrons of the arts who are eager to support something new, different, and exciting.
