Monetization Platforms for Creatives

Learn about the advantages and disadvantages of sites like Patreon that allow you to diversify your income

More and more creatives are turning to crowdfunding websites to monetize their work these days. There are different platforms where your followers can make small donations to support your creative and artistic work, but not all are alike. Learn about what should consider before choosing any of these platforms, as well as some options available to you.

The first thing you should know

Donations are not going to start flowing magically. It is good practice to integrate these options into your social media strategy and include information about your crowdfunding account in your social media and website profiles. For example, some creatives periodically make short videos on YouTube or on Instagram and Facebook Stories to ask their followers to contribute.

Some will find creatives and projects to support using the search engines on each platform, so you must include complete information about yourself and your work.

What kinds of people can use these resources?

Platforms like Patreon and its alternatives serve a wide variety of people. From illustrators, comic artists, writers, filmmakers, and film directors, to dancers, podcasters, and comedians, they use these platforms to earn extra income.

How do they work?

Depending on each platform, the terms may vary. In essence, your followers make donations of any given amount to support your projects. This usually happens in exchange for exclusive content or other benefits, although they can also do it simply because they want to help you.

Patreon: the platform model

Patreon has become one of the most popular crowdfunding websites. Your followers subscribe to your account and pay a monthly fee to support your creativity and art. In return, they receive exclusive content and benefits of your choice.

Creatives typically include at least three different subscription levels, which give various benefits to their followers.

This is a real example from an illustrator:

- Subscription A, $1 a month: you get a podcast newsletter every two weeks, and access to an exclusive fan club.

- Subscription B, $5 per month: you receive all the videos that the illustrator has created, with a catalog going back several years. You also receive previews of illustrations and a discount on products from the store.

- Subscription C, $10 per month: private access to an exclusive drawing session once a month, as well as the benefits from previous levels.

- Subscription D, $20 a month: you get access to private question-and-answer sessions, as well as all the videos and the benefits of previous levels.

In this very successful account, the illustrator makes around $7,000 a month, with approximately 2,500 subscribers. This illustrator has a solid base of followers on social networks, with more than 300,000 followers on Instagram, so take into account that emerging creators will not see these numbers right at the beginning.

- It is a well-developed platform with many tools to support creators, but there are no options to promote your account from the platform.

- For all the money you receive (once a month), the platform collects a 5% cut. There could be extra commissions depending on the payment method of your subscribers.

Alternatives

Payment buttons

International payment companies like PayPal and Stripe offer payment plugins that you can install on your site. It is a discreet way in which you can directly request donations from your followers. They will be able to make recurring payments, for example every month, or as a one-off.

- Convenient if you already have a solid fan base.
- Limited options to give rewards, which you will have to figure out on your own using your website or social media.

Kickstarter

This platform is ideal for a single project that you are looking to finance, such as the publication of a book or the production of a short film.

- The commission is 5%.
- You must give physical rewards to those who support your campaign.
- The model is "all or nothing": if you do not reach the financial goal that you established, you will not receive money.

Memberful

This is not a website, but a plugin that you can install on your website to receive your followers' support. This company was acquired by Patreon a few years ago, so there are similar restrictions and conditions.

- You can purchase different payment plans to access different commission levels. This means that the platform can charge you a fee of between 5% and 10% of your earnings.
- You have more control over your campaigns, but you need to have your website.

Ko-fi

On this site, your followers buy you a virtual "coffee" for a low price you set up (for example, $3). They can buy as many of these "coffees" as they like, or make a fixed monthly payment.

- You do not need to pay a cut of the donations you receive, but you must pay a monthly fee of $6 per month. You receive the payments instantly.
- You can change the base price of your donations with a professional plan and name (instead of "coffee"). People can make donations spontaneously or with subscription plans.

Facebook and YouTube

These two popular social networks allow you to create memberships tiers where your followers will pay a monthly fee in exchange to access to exclusive content.

- Facebook charges 30% commission, with the advantage of having access to the large number of people who use it.
- On YouTube, you must have at least 30 thousand followers and belong to the Partners program. You will be charged a commission of 30%.

Which one should you choose?

Before selecting the best option, carefully review each site's conditions and any restrictions specific to your country, especially if payments are associated with your bank or PayPal accounts.

Don't forget that having an account requires you to be organized about the content and rewards that you are going to offer to your followers. It will also be a good idea to integrate these tools into your general social media strategy and your business plan and schedule.

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