Patreon, the membership platform that many podcasters use to monetize their show, has just raised another $90 million in funding. The new investors include New Enterprise Associates, Wellington Management and Lone Pine, with several previous investors also putting more money into the company including Glade Brook Capital, Thrive Capital, DFJ Growth, and Index Ventures. Since its launch in 2013, co-founder and CEO Jack Conte said Patreon has paid out $2 billion to creators of all types from their fans.
“It took six years for creators to earn $1 billion through Patreon and just 15 months to earn their second. Moving forward, creators from all over the world will be earning at least $1 billion a year on Patreon,” predicted Conte.
In a blog post Conte said the financial resource will help Patreon put more of a focus on building a better mobile experience. They are also going to put more of an emphasis on search and discovery to help contributors find new creators they may be interested in. “Search results will be based on factors such as the Patreon communities that patrons are already a part of, what type of content they support, or where they are located,” he said.
With a majority of Patreon creators and patrons residing outside of the U.S., the company has taken several steps in recent months to beef up its overseas operations. That includes opening offices in Berlin and Dublin and allowing patrons to now make contributions in Euros and Pounds in addition to dollars. “The impact thus far has been incredible,” he said. “When fans can pay in their local currency, their likelihood of becoming a patron is 30% to 60% higher. We’ll continue to add more currencies this year to make it even easier for fans all over the world to support the creators they love.” There is already a German-language platform option and Conte said Spanish, French, and Italian language versions will launch soon.
“This moment is a big deal because it proves that the world is changing,” said Conte. “Being a professional artist is no longer a dream but a reality for more people than ever before. The second renaissance has arrived, and the creative class is crushing it.”