Wattpad Launches Fan Funding Experiment So Readers Can Fund Writers for Exclusive Rewards

Posted by Techvibes NewsDesk

Toronto-based Wattpad today launched a new fan funding pilot project with six writers.

The online community for reading and sharing stories says this experiment gives readers the option of supporting their favourite writers to help them fund a story, an ebook, or the development of their work with a publishing partner, in return for a range of novel rewards. According to the Canadian company, the diversity of projects is intended to showcase the nature of today’s publishing environment.

“The real goal for us is creating new options for writers to connect with their existing fan base on Wattpad,” explains CEO Allen Lau. “We want to enhance the social exchange not create a transactional culture. Ever since Wattpad started offering readers and writers a place to share and engage in digital storytelling, we knew we wanted to share the power of the platform with them. This project explores that.”

Quoth Wattpad:

Fan funding lets writers propose projects that readers (fans) can fund. It is based on crowdfunding models but is amplified by the existing fan bases writers have built on Wattpad and the emotional connections they have with their readers. Anyone can pledge money toward these projects to help a writer achieve their goals such as writing a new story, having their work professionally edited, covers designed, or distributing a book or ebook. In return, funders receive rewards like naming a character in a story or receiving a signed copy of a book.

“Fan funding is one of a number of revenue models we’ll be testing this year,” says Lau. “We have built a social graph between readers and writers and these connections can lead to new ways for people to monetize their work at different points in the creation process. Fan funding is one experiment in providing an outlet for this.”

Wattpad’s community now has 16 million active users spending four billion minutes (80% of that mobile) on the platform each month.

Learn more about fan funding here.

Company:
Wattpad
Website:
http://www.wattpad.com
Location:
Toronto, Ontario, Canada

Great stories bring people together! Wattpad is the world's largest community for discovering and sharing stories. It's a new form of entertainment connecting readers and writers through storytelling, and best of all, it's entirely free. With thousands of new stories added every day, an incredibly active community of readers, and the ability to read on your computer, phone, or tablet, Wattpad is the only place... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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