Earlier this year, fan-funding platform Patreon raised $155m in a round valuing the company at $4bn, having tripled that valuation in just seven months. But what is the company planning to do with that latest injection of cash?
“Patreon’s plans, which haven’t been previously reported, include courting podcasters, video game livestreamers, YouTubers, and major celebrities such as Will Smith and Jennifer Lopez to make content that will appear live on Patreon before showing up elsewhere,” reported Bloomberg yesterday.
“For Patreon, the move could be transformational. The company is hiring engineers and product executives to build new tools for content consumption.”
It’s a fascinating evolution of Patreon’s strategy, and one already signposted by its signing of hip-hop podcaster Joe Budden in February this year, shortly after his acrimonious exit from Spotify exclusivity. Budden also took a job as Patreon’s head of creator equity as part of that deal.