After launching its “Paid Tales” program in 2019, the social storytelling platform Wattpad is now changing it with a brand new freemium mannequin referred to as “Wattpad Originals” that provides authors the most effective of each worlds — monetization and rising their viewers of non-paying readers. With the brand new mannequin, authors can conceal sure chapters behind a paywall whereas additionally permitting readers to entry free content material and take a look at earlier than they purchase.
Wattpad Originals is invite-only and consists of top-tier content material chosen by editorial consultants primarily based on reader engagement metrics. Readers can assist their favourite writers by unlocking chapters with cash (the associated fee is dependent upon phrase rely) or by paying for a Wattpad Premium+ subscription for $7.49 per 30 days.
Nonetheless, they will additionally wait per week or longer till the chapter is free. As an example, at any time when a brand new chapter is added, a earlier one turns into free. “For the latest story in a collection, solely the latest ten chapters will ever be behind a paywall,” Wattpad writes on its assist web page. “Readers will have the ability to see how lengthy they should wait till the subsequent half shall be obtainable totally free.”
There shall be greater than 1,600 Wattpad Originals obtainable at launch.
“Paid Tales paid out hundreds of thousands to authors, nevertheless it additionally meant slower story progress,” Nick Uskoski, head of content material and creator growth at Wattpad, advised TechCrunch. “It was more durable for a narrative to go viral or immediately decide up new readers on the identical fee as a free story. So, for some authors, this system created a troublesome alternative between shortly rising the readership for a free story or monetizing and accepting the potential of slower viewers progress.”
Paid Tales was the primary time Wattpad hosted paid content material. Uskoski believes that the brand new paid content material mannequin shall be a “win-win” for each authors and readers because the former can develop their viewers of free readers whereas giving supporters early entry to new chapters for a small price.
Webtoon, Wattpad’s sister platform that makes a speciality of digital comics, rolled out the same pay-to-read-ahead or wait-to-read-for-free mannequin within the U.S. in 2019. From 2020 to 2022, this system paid out greater than $27 million to English-language comedian artists.
Within the final 5 years alone, Wattpad’s creator alternatives — which additionally embrace model partnerships and creator program stipends — have paid out practically $10 million to authors, the corporate completely advised TechCrunch.
Wattpad has invested in lots of instruments and writing initiatives to assist authors achieve success on the platform. Most lately, a brand new Publishing Scheduler Tool permits authors to schedule tales and publish extra persistently. The corporate additionally revamped its Creators Program by including new academic sources just like the Story School collection.
Up to date 10/3/23 at 10:20 a.m. ET with a correction clarifying that Webtoon paid out $27 million to U.S. creators solely throughout 2020-2022.
