The features open up new monetization opportunities and ad-free reading for users
Wattpad Premium and Wattpad Paid stories are now available globally, the text-based story platform announced Thursday morning.
The two features give creators around the world new ways to monetize content they post to the platform and the option for ad-free reading. With Paid Stories, the company’s exclusive paid content program, creators can utilize paywalls to monetize their stories. The program, which initially launched in beta in fall 2018 in the U.S., Canada, Mexico, Great Britain, and the Philippines, is currently being used by 150 stories across the platform. The company says users have read more than 5.5 million minutes of Paid Stories in the past month alone.
Wattpad Premium is the company’s ad-free subscription tier, which also offers readers access to exclusive, customizable profile colors. Wattpad Premium subscribers receive bonus Coins — up to 66% more free Coins — with every purchase of any Wattpad Coin package to unlock Paid Stories. The program initially launched in 2017 to English-language countries, rolling out to select regions throughout 2018 and 2019 before today’s global launch.
Founded in 2006, Wattpad allows users to write, post and read short, text-based novels. Readers can engage with the content by commenting on the novel or “liking” specific paragraphs. Using this data, the company can identify emerging trends within the platform — such as what type of content is being written about and engaged with the most. The company then uses this information to help studios around the world create video content.
Wattpad has over 70 million monthly users and has received over $117 million in funding from investors including The Raine Group, Tencent Holdings, Peterson Group, Kick Start Ventures, and Golden Ventures.