Patreon Co-Founder Jack Conte. Photo: Getty Images
Patreon, an online membership platform that lets fans subscribe to exclusive content from artists, surpassed a $1 billion valuation Sept. 1 after it raised $90 million to continue hosting creator content, offer more merchandise and localize the platform in Europe.
Following this raise, Patreon is now valued at $1.2 billion. The platform has seen a surge in membership since the pandemic began, which is driving investor interest.
Founded by Stanford University roommates Sam Yam and Jack Conte, who now serves as CEO, Patreon launched in 2013 and has now raised over $257 million to date, according to funding tracker PitchBook Data Inc.
“This level of belief in Patreon is proof that the world is changing,” Conte said in a recent video addressing the raise. “The stigma of the starving artist is going to fade away.”
Conte said in a blog post that “more than 200,000 creators on the platform that have collectively earned $2 billion dollars to date directly from their fans — no advertisers, no gatekeepers, no black box.” Conte added that he expects that “moving forward, creators from all over the world will be earning at least $1 billion a year on Patreon.”
While creators are earning cash on the platform, Patreon has yet to turn a profit — though the privately-held company takes a payment processing fee and between 5-12% of the monthly income earned by each of its artists.
Despite being based in San Francisco, the majority of Patreon’s clientele is outside the United States. Conte said the company will use some of the new funding to localize the platform in French, Spanish and Italian and allow fans to pay creators in their local currencies. Patreon operates offices in Berlin and Dublin in addition to its Bay Area headquarters.
Patreon said it is also working to offer its fans more options to buy merchandise on the platform, which is a valuable way for creators to supplement their income as in-person gigs remain on hold.
New Patreon investors New Enterprise Associates, Wellington Management and Lone Pine joined the round alongside the company’s existing backers, Glade Brook Capital, Thrive Capital, DFJ Growth and Index Ventures. Following this round NEA partner Jonathan Golden will join Patreon’s board.
“We believe the Patreon team is leading the way when it comes to changing the way society thinks about what it means to be a creator,” Golden told The Wall Street Journal.
Watch Conte’s full funding announcement video below.
Emmy Nomination Predictions 2020: All the Picks in 24 Top Categories (Photos)
For the first time in 42 years, the reigning drama and comedy series winners will not be in the running at this year's Emmys -- so here's who we think will be in line to take over from "Game of Thrones" and "Fleabag" as nominees in the top categories. You can also find more analysis on why we think these will be the nominees (and who could pull an upset) in drama, comedy, limited series/movies, and variety/reality programming.
Outstanding Drama Series: “Better Call Saul,” “The Crown,” “The Handmaid’s Tale,” “The Morning Show,” “Ozark,” “Pose,” “Succession” (pictured), “Westworld”
Outstanding Lead Actor in a Drama Series: Jason Bateman, “Ozark” (pictured); Sterling K. Brown, “This Is Us”; Brian Cox, “Succession”; Bob Odenkirk, “Better Call Saul”; Billy Porter, “Pose”; Jeremy Strong, “Succession”
Netflix
Outstanding Lead Actress in a Drama Series: Jennifer Aniston, “The Morning Show”; Olivia Colman, “The Crown”; Jodie Comer, “Killing Eve”; Laura Linney, “Ozark”; Elisabeth Moss, “The Handmaid’s Tale” (pictured); Sandra Oh, “Killing Eve”
Hulu
Outstanding Supporting Actor in a Drama Series: Jonathan Banks, “Better Call Saul”; Billy Crudup, “The Morning Show”; Kieran Culkin, “Succession”; David Harbour, “Stranger Things”; Josh O’Connor, “The Crown”; Tom Pelphrey, “Ozark”; Bradley Whitford, “The Handmaid’s Tale”; Jeffrey Wright, “Westworld” (pictured)
HBO
Outstanding Supporting Actress in a Drama Series: Helena Bonham Carter, “The Crown”; Laura Dern, “Big Little Lies”; Ann Dowd, “The Handmaid’s Tale”; Cynthia Erivo, “The Outsider”; Julia Garner, “Ozark”; Thandie Newton, “Westworld”; Rhea Seehorn, “Better Call Saul” (pictured) ; Meryl Streep, “Big Little Lies”
AMC
Outstanding Comedy Series: “Better Things,” “Curb Your Enthusiasm,” “Dead to Me,” “The Good Place,” “Insecure,” “The Marvelous Mrs. Maisel,” “Ramy,” “Schitt’s Creek” (pictured)
Outstanding Lead Actress in a Comedy Series: Pamela Adlon, “Better Things”; Christina Applegate, “Dead to Me”; Rachel Brosnahan, “The Marvelous Mrs. Maisel” (pictured); Linda Cardellini, “Dead to Me”; Issa Rae, “Insecure”; Catherine O’Hara, “Schitt’s Creek”
Amazon
Outstanding Lead Actor in a Comedy Series: Anthony Anderson, “black-ish”; Ted Danson, “The Good Place” (pictured); Larry David, “Curb Your Enthusiasm”; Michael Douglas, “The Kominsky Method”; Eugene Levy, “Schitt’s Creek”; Ramy Youssef, “Ramy”
NBC
Outstanding Supporting Actress in a Comedy Series: Alex Borstein, “The Marvelous Mrs. Maisel”; D’Arcy Carden, “The Good Place”; Betty Gilpin, “GLOW”; Marin Hinkle, “The Marvelous Mrs. Maisel”; Jane Lynch, “The Marvelous Mrs. Maisel”; Kate McKinnon, “Saturday Night Live” (pictured); Annie Murphy, “Schitt’s Creek”; Yvonne Orji, “Insecure”
NBC
Outstanding Supporting Actor in a Comedy Series: Mahershala Ali, “Ramy” (pictured); Louie Anderson, “Baskets”; Alan Arkin, “The Kominsky Method”; Sterling K. Brown, “The Marvelous Mrs. Maisel”; Peter Gallagher, “Zoey’s Extraordinary Playlist”; Dan Levy, “Schitt’s Creek”; Tony Shalhoub, “The Marvelous Mrs. Maisel”; Kenan Thompson, “Saturday Night Live”
Outstanding Lead Actor in a Limited Series or Movie: Jeremy Irons, “Watchmen”; Hugh Jackman, “Bad Education”; Aaron Paul, “El Camino: A Breaking Bad Movie”; Paul Mescal, “Normal People” (pictured); Mark Ruffalo: “I Know This Much Is True”
Hulu
Outstanding Lead Actress in a Limited Series or Movie: Cate Blanchett, “Mrs. America”; Kaitlyn Dever, “Unbelievable” (pictured); Regina King, “Watchmen”; Kerry Washington, “Little Fires Everywhere”; Merritt Wever, “Unbelievable”
Netflix
Outstanding Supporting Actor in a Limited Series or Movie: Tituss Burgess, “Unbreakable Kimmy Schmidt: Kimmy vs. the Reverend”; Darren Criss: “Hollywood”; Tim Blake Nelson, “Watchmen”; Jim Parsons, “Hollywood” (pictured); Jesse Plemons, “El Camino”; John Turturro, “The Plot Against America”
Netflix
Outstanding Supporting Actress in a Limited Series or Movie: Uzo Aduba, “Mrs. America”; Rose Byrne, “Mrs. America” (pictured); Toni Collette, “Unbelievable”; Margo Martindale, “Mrs. America”; Sarah Paulson, “Mrs. America”; Jean Smart, “Watchmen”
Hulu
Outstanding Variety Talk Series: “Full Frontal With Samantha Bee” (pictured), “Jimmy Kimmel Live!,” “Last Week Tonight With John Oliver,” “The Late Late Show With James Corden,” “The Late Show With Stephen Colbert”
Outstanding Variety Sketch Show: “At Home With Amy Sedaris,” “A Black Lady Sketch Show,” “Drunk History” (pictured), “Saturday Night Live”
Comedy Central
Outstanding Variety Special (Live): “Garth & Trisha Live!,” “Live in Front of a Studio Audience: ‘All in the Family’ and ‘Good Times’,” “The Oscars,” “Super Bowl LIV Halftime Show Starring Jennifer Lopez and Shakira” (pictured), “73rd Annual Tony Awards”
Getty
Outstanding Variety Special (Pre-Recorded): “Dave Chappelle: Sticks & Stones”; “Hannah Gadsby: Douglas” (pictured); “Homefest: James Corden’s Late Late Show Special”; “Jerry Seinfeld: 23 Hours to Kill”; “The Kennedy Center Honors”; “One World: Together at Home”
Outstanding Host for a Reality or Competition Program: Bobby Berk, Karamo Brown, Tan France, Antoni Porowski and Jonathan Van Ness, “Queer Eye” (pictured); Nicole Byer, “Nailed It”; Ellen DeGeneres, “Ellen’s Game of Games”; Jane Lynch, “Hollywood Game Night”; Amy Poehler & Nick Offerman, “Making It”; RuRaul, “RuPaul’s Drag Race”
Netflix
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Last year’s champs, ”Game of Thrones“ and ”Fleabag,“ are out of the running — so here’s who we think will be vying to occupy those empty thrones
For the first time in 42 years, the reigning drama and comedy series winners will not be in the running at this year's Emmys -- so here's who we think will be in line to take over from "Game of Thrones" and "Fleabag" as nominees in the top categories. You can also find more analysis on why we think these will be the nominees (and who could pull an upset) in drama, comedy, limited series/movies, and variety/reality programming.