At the recent Creator Economy Summit 2021, Patreon CEO Jack Conte and CPO Julian Gutman further embellished upon their plans to introduce cryptocurrency to the platform.
The question, raised to them by interviewers, was not completely unprompted. Patreon had previously tackled the idea of running cryptocurrency on the platform in order to help creators out by providing another form of relevant economy. However, the context in which that conversation took place was a bit different. Creator coins as a new form of currency was raised last month at a Creator Policy Engagement Program, but it couldn't take precedence over a much more pressing matter of Mastercard developing new standards for purchasing or momentarily contributing to adult content. So, the idea was mentioned and then never brought up again for the remainder of the month.
The Creator Economy Summit being a massive event shows just how far online content creation and monetization has come along. While making money off of ad revenue in the form of blogs and the like was always a prevalent idea since the early days of the internet, platforms such as YouTube pioneered making very lucrative careers out of more engaging content. Creators now rely on more than just AdSense for their revenue. Entire programs exist that provide creators with revenue, sponsorships are regularly seen across all platforms (it's why we know what Raid: Shadow Legends is), and with the likes of Patreon fanbases can directly support their favorite creators. Online monetization is a multifaceted, lucrative business with much potential for both creators, advertisers, and the platforms that host them.
As of yet, when addressing the panel, Jack Conte made sure to make his stance on cryptocurrency one of careful planning. He clarified that while Patreon had no immediate plans of making it's own online currency, the idea of letting creators issue their own personalized cryptocoins to act as membership passes has been pitched multiple times. It's an idea that the creator community on the platform seems interested in, and it's therefore one that Patreon seems keen on delivering upon. Conte elaborated upon his pride for Patreon becoming much more than just a form of temporary, short term monetization. The reason that cryptocurrency is even being considered so seriously by Devs is because it allows creators to even further own their own revenue streams. People have made entire careers just from the platform alone. Therefore, any new introductions to it must be carefully planned out before execution.
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Read next: What Country Has the Most Per Capita App Spending? The Answer Might Surprise You
The question, raised to them by interviewers, was not completely unprompted. Patreon had previously tackled the idea of running cryptocurrency on the platform in order to help creators out by providing another form of relevant economy. However, the context in which that conversation took place was a bit different. Creator coins as a new form of currency was raised last month at a Creator Policy Engagement Program, but it couldn't take precedence over a much more pressing matter of Mastercard developing new standards for purchasing or momentarily contributing to adult content. So, the idea was mentioned and then never brought up again for the remainder of the month.
The Creator Economy Summit being a massive event shows just how far online content creation and monetization has come along. While making money off of ad revenue in the form of blogs and the like was always a prevalent idea since the early days of the internet, platforms such as YouTube pioneered making very lucrative careers out of more engaging content. Creators now rely on more than just AdSense for their revenue. Entire programs exist that provide creators with revenue, sponsorships are regularly seen across all platforms (it's why we know what Raid: Shadow Legends is), and with the likes of Patreon fanbases can directly support their favorite creators. Online monetization is a multifaceted, lucrative business with much potential for both creators, advertisers, and the platforms that host them.
As of yet, when addressing the panel, Jack Conte made sure to make his stance on cryptocurrency one of careful planning. He clarified that while Patreon had no immediate plans of making it's own online currency, the idea of letting creators issue their own personalized cryptocoins to act as membership passes has been pitched multiple times. It's an idea that the creator community on the platform seems interested in, and it's therefore one that Patreon seems keen on delivering upon. Conte elaborated upon his pride for Patreon becoming much more than just a form of temporary, short term monetization. The reason that cryptocurrency is even being considered so seriously by Devs is because it allows creators to even further own their own revenue streams. People have made entire careers just from the platform alone. Therefore, any new introductions to it must be carefully planned out before execution.
Read next: What Country Has the Most Per Capita App Spending? The Answer Might Surprise You