News - 20/01/2016

Patreon closes a $30 million funding round

Patreon closes a $30 million funding round

Patreon, the company that has popularised the concept of online arts patronage via a per-work or per-month subscription model, has raised another $30m led by Thrive Capital and with the participation of Allen and Company as well as prior investors Charles River Ventures, Index Ventures, Accomplice and Freestyle Capital.

The company had already raised $15 million in its series A round close in June 2014. 

Patreon has been steadily building a base, seeing artists such as Amanda Palmer sign up - Palmer currently makes a substantial $32,894 per work created.

Musicians are most likely to ask their patrons to pay for each work (thus avoiding the pressure of a steady flow of releases), whilst regular podcasts and shows on the platform are more likely to use the per month model - the Daily Tech News Show for example makes over $14,000 per month this way, but releases five shows per week. 

Patreon’s model is new, exciting and works very well for certain types of creators and their audiences. However there are still question marks as to the potential for the company’s growth on a large scale. With an extra $30 million in the bank, Patreon has all the fire-power it needs to bring its model to the masses. 

 

(Andrea Leonelli) 

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