Kickstarter Launches Patreon-Like Subscription Service Called Drip
Kickstarter has launched a new Patreon-like service called Drip allowing fans to subscribe to their favorite creators. The move comes as the crowdfunding platform is experiencing stagnant growth and senior leadership taking flight.
The announcement was made via a blog post where the company provided details on what to expect from the new service. Drip is meant to complement the platform's current business model by creating a community around ongoing projects.
Participating creators will have their own pages showcasing the content they create along with subscriptions that will be divided into different tiers. Similar to Patreon, each tier will feature different rewards such as such as early access to content, bonus content, or personal interaction with artists. This gives the company a whole new revenue stream while at the same time, allow fans to support their favorite artists.
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Every Drip account begins with a founding membership period, during which subscribers can get additional bonuses. At the moment, the service is invite-only for content creators, but Kickstarter has confirmed the service will be available for all at a later date.
This move can't come any sooner as the proliferation of new platforms over the years has made the crowdfunding space very, very competitive. While Kickstarter is still the top dog in the industry, it has recently been through some trying times.
Recent studies revealed that the amount of money pledged to the platform has stagnated over the last two years despite the company expanding to other countries. The sudden loss of growth also coincided with internal issues as members of the company's senior leadership team have left the company.
Following the departure of Yancey Strickler, founder and chairman Perry Chen has taken on the leadership role in the company. For the moment, Chen seems content with helming the company he helped found. This is already apparent in Drip which reflects Chen's ongoing emphasis on certain kinds of projects.
