Sam Yam, a software engineer, and Jack Conte, a musician, were seeking for a method to earn a career from his YouTube videos when they came up with the idea for Patreon, Inc. in May of 2013.
It built a platform that enabled "patrons" to pay a predetermined sum of money each time an artist generated a piece of artwork with their own unique style. During the month of August in 2013, the firm was successful in raising $2.1 million from a consortium of angel investors and venture capitalists.In a series A financing that was headed by Danny Rimer of Index Ventures and took place in June of 2014, Patreon was able to secure an additional $15 million.
Patreon was able to raise a total of $47.1 million when the firm received a new round of funding in January 2016, which was a series B financing with a total of $30 million. Thrive Capital was the company that led this round.
Over the course of its first 18 months, it collected more than 125,000 "patrons" as members. Late in 2014, the website made the announcement that its users were contributing more than one million dollars on a monthly basis to the content providers on the website.
Patreon purchased Subbable, a comparable optional subscription service that was developed by the Green brothers, in March of 2015.
When Patreon did this, it absorbed the pages and content that were generated by Subbable producers. Notable examples are CGP Grey, Smarter Every Day by Destin Sandlin, and the CrashCourse and SciShow channels that are owned and operated by the Green brothers. As a result of an anticipated transfer of payment systems with Amazon Payments, which Subbable used, the merger took place.
The website was the victim of a significant cyberattack in October of 2015, which resulted in the theft and publication of about 15 terabytes of password data, contribution information, and source code.
Because of the security compromise, more than 2.3 million distinct email addresses and millions of private communications were left exposed.Some customers got extortion emails after the assault, demanding Bitcoin payments in return for the safety of their personal information. These emails were sent to victims of the hack.
It was stated in January 2017 that Patreon has distributed more than one hundred million dollars to authors since the company's founding.
The crowdfunding platform Patreon made the announcement in May 2017 that it had more than 50,000 active artists and one million monthly patrons, and that it was on pace to deliver more than $150 million to producers in 2017.
Patreon made an announcement in June 2017 about a set of tools that is designed to assist authors in operating membership businesses on the Patreon platform. Among the notable enhancements were the introduction of a customer relationship management system, a mobile application known as Lens, and a service that allows users to create unique livestreams.
Patreon said in August 2018 that it has completed the acquisition of Memberful, a firm that provides membership services.
The COVID-19 pandemic was cited as a source of financial hardship for the economy by the corporation in April 2020, which resulted in the termination of thirty workers, which represented thirteen percent of the workforce at the time.
A total of 36 people, or 13% of the workforce, were let go by the firm in April 2021, despite the fact that it had reported recent growth.After artists showed interest in having the option to provide special memberships and advantages to its patrons via a currency or token, Patreon stated in October 2021 that it was investigating into adding cryptocurrencies and non-fungible tokens (NFTs).
More than 250,000 authors were utilizing the Patreon network, and there were more than 8 million active patrons from more than 200 countries, according to an announcement made by Patreon in March of 2022.
Patreon made the announcement that it will be cutting off 80 employees in September of 2022, which represented around 17% of its total workforce. Additionally, the firm stated that it will be shutting its operations in Dublin and Berlin as part of the layoffs that were being implemented.
It was reported in October 2023 that Patreon will be completely redesigning its user interface and brand identity, which would include the addition of additional services such as community chats.Additionally, Patreon made the announcement that it has acquired Moment, a platform that offers ticketed live streaming.
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