Crowdfunding Platform, Patreon, Now Valued at $4 Billion

Rachel Guttman

Patreon, a crowdfunding and membership platform, is now valued at $4 billion after they recently concluded raising $155 million in their latest crowdfunding endeavor. Patreon has around two hundred thousand creators across their platform, working on podcasts, videos, art, and music. Patreon works with various artists in order to present exclusive content to their audiences. In addition, Patreon has around 7 million customers, and users have earned over $2 billion total since the company was founded in 2013.

Patreon seeks to utilize funding in order to speed up progression on their other initiatives. They want to improve the overall user experience on both computers and phones. To expand further, they aim to proliferate their services internationally. In May of 2020, Patreon gained 70,000 new creators who began using their services, and this spike ultimately allowed for a 150% increase in the number of musicians on Patreon.

All in all, Patreon’s goal is to close the gap between creators and the arrival of their paychecks from people using their services. The number of creators on the platform is increasing every day. In today’s world of social media, there is definitely a higher demand for creators and a need for methods of getting funds from consumers to creators. With a creator economy in our sights, Patreon wants to be the source of transformation and growth for creators and consumers alike.

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