Will the Creator Economy Embrace Crypto?

In attempting to beat back the other side of holiday cheer, seasonal affective disorder (SAD), I've gotten into the habit of bundling up and heading out each morning for a long walk with a tasty treat of "ear candy" -- er, podcasts -- to accompany me on the walk. Yesterday, my ear candy of choice was the podcast Maintenance Phase, where a couple of journalists generally debunk wellness and diet trends sold to us by the likes of Gwyneth Paltrow and Weight Watchers. I'm fascinated by the show because of the amount of research the hosts take the time to produce and explain, going back to scientific papers from the 1800s and digging up old exercise videos from Angela Lansbury. They do all of this work for free, but if you're feeling jolly, you're welcome to subscribe to the podcast's Patreon account. And subscribe, they do. The podcast boasts 23,232 subscribers offering up $3-10 a month for bonus episodes and exclusive updates.


                                                                  Image via Patreon

Patreon has created a mega-business by helping creators achieve financial success by building a loyal fanbase. As an eight-year-old company, the question is whether they will continue to maintain their relevancy as new and shiny creator-centric startups crop up to support artists and makers. Compared to the NFT startups and crypto Twitter-sphere making millionaires out of streamers and artists on iPads, the podcasters and writers who revolutionized the media landscape in the last decade feel left behind to some extent.

The company is planning huge increases in staffing and offerings to maintain its dominance in the creator economy after being valued at over $4BN earlier this year. One feature that hasn't come off the back burner is crypto. As a preliminary step, an internal group of crypto-enthusiasts is considering the benefits and disadvantages of bringing blockchain technology to Patreon. But the members of the group are not getting paid for their research. The company is hesitant to put any resources toward the cause for fear of alienating its creators. Kickstarter, for example, received backlash earlier this month when it announced its adoption of crypto technology.

Still, the company does plan to formalize its consideration of crypto in the new year. The company's CEO admits there are aspects of the tech that align with Patreon's mission. In a crypto landscape where nothing is slow and steady, Patreon's adoption of it seems to be.