Wattpad Announces US Launch for Wattpad Next (Beta) Program, Adding Exclusive Paid Content to the Platform
The new monetization program is now open for US Wattpad users, with a fast-follow planned for Spanish-speaking regions and global availability in 2019
TORONTO - Nov. 13, 2018 - Wattpad, the global multiplatform entertainment company for original stories, today announced the launch of the Wattpad Next (beta) program for users in the US. The new program offers a selection of exclusive stories for purchase on the platform, allowing Wattpad readers to support some of their favourite writers. The company is planning a fast-follow launch for Wattpad Next (beta) in Spanish-speaking regions. The program will be available globally in 2019.
The US is Wattpad’s largest market, and the launch of Wattpad Next (beta) in the region will open exclusive stories to the company’s 13 million monthly US users. While the Wattpad Next (beta) program adds a selection of exclusive paid content to the platform, hundreds of millions of Wattpad stories remain free for readers.
Wattpad rolled out early testing for Wattpad Next (beta) in October in Canada, Great Britain, Mexico, and the Philippines, where users devoured Wattpad Next (beta) stories.
“Wattpad users around the world have overwhelmingly embraced the chance to support their favorite writers through the Wattpad Next (beta) program,” said Allen Lau, CEO & co-founder, Wattpad. “This program is part of our commitment to helping writers earn money from their stories, monetizing stories both on and off of Wattpad. Along with opportunities to connect with brands, and work with Wattpad Studios to turn their stories into books, TV shows, films, and digital projects, writers can now make money directly from the fans that have supported them since their first page. The beta phase of Wattpad Next is just the beginning, as we look at new ways to help support Wattpad writers around the world.”
Wattpad Next (beta) stories are available for purchase using the company’s new virtual currency, called Coins. US Wattpad users can now purchase participating Wattpad Next (beta) stories by chapter or, for finished works, as a complete story. A range of Coin packs are available, from 99 cents to $7.99.
There are currently fifty exclusive stories available in the program, though the company plans to add a new round of writers and stories in early 2019. Wattpad Next (beta) is currently an invitation-only program for writers.
Wattpad Next (beta) is the company’s latest move in its corporate Master Plan to monetize content both on and off of the platform, while also earning money for storytellers. In October 2017, Wattpad launched Wattpad Premium, its first-ever subscription tier. Wattpad Premium allows users to unlock an ad-free experience.
Beyond Wattpad Next, Wattpad also helps writers monetize their work with Wattpad Brand Partnerships and Wattpad Studios, where Wattpad stories are adapted for other mediums. Around the world, nearly a thousand Wattpad stories have been published as books, or turned into TV shows, films and digital media projects.
2018 has been a milestone year for Wattpad, which now has a global community of 70 million monthly users. In January of this year, Wattpad raised USD $51 million in new funding from Tencent Holdings Limited and other international investors. Wattpad has also made major moves in entertainment this year, co-producing Hulu’s hit show Light as a Feather with AwesomenessTV, expanding its international Wattpad Studios team, and signing new partnerships with iflix, Sony, SYFY, and others. 2018 has also been a year of new innovations for Wattpad. The company’s Story DNA machine learning technology continues to evolve, and now helps Wattpad discover stand-out stories among the more than 565 million uploads on the platform.
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About Wattpad
Wattpad’s vision is to entertain and connect the world through stories. Using the power of community and technology, the global multiplatform entertainment company is unleashing the full potential of stories to the world -- in any format. Its flagship app, Wattpad, is home to a community of more than 70 million people who spend over 22 billion minutes a month engaged in original stories. Wattpad’s Story DNA machine learning technology allows the company to understand and discover stand-out stories among the more than 565 million uploads on the platform. Wattpad Studios is transforming entertainment by bringing data-backed insights to the industry and turning Wattpad stories into books, films, TV shows, and digital projects. Wattpad Brand Solutions offers a full suite of advertising products to help brands build deep engagement with Millennial and Gen Z consumers. Tap by Wattpad, the company’s second storytelling product, offers immersive interactive entertainment experiences in over a dozen languages. The company is proudly based in Toronto, Canada. Learn more at: company.wattpad.com