Wattpad, an entertainment startup focused on writers of original stories, is announcing the Wattpad Next beta program for users in the U.S. — allowing readers to support writers with purchases of virtual currency.
The new program offers a selection of exclusive stories for purchase on the platform, allowing readers to support their favorite writers. A beta for Spanish-speaking regions will follow, and the program will be available globally on multiple platforms in 2019.
Wattpad Next will open exclusive stories to the company’s 13 million monthly U.S. users. While the beta program adds a selection of exclusive paid content to the platform, hundreds of millions of Wattpad stories remain free for readers.
In October, the company rolled out early testing for the Wattpad Next beta in Canada, the U.K., Mexico, and the Philippines.
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“Wattpad users around the world have overwhelmingly embraced the chance to support their favorite writers through the Wattpad Next beta program,” said CEO Allen Lau in a statement. “This program is part of our commitment to helping writers earn money from their stories, monetizing stories both on and off of Wattpad.”
He added, “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.”
The stories are available for purchase using the company’s new virtual currency, called Coins. U.S. users can now purchase participating Wattpad Next stories by chapter or, for finished works, as a complete story. A range of Coin packs are available, from 99 cents to $8.
There are 50 exclusive stories available in the program, though the company plans to add a new round of writers and stories in early 2019. The Wattpad Next beta is currently an invitation-only program for writers.
Above: You can spend Coins on Wattpad to support writers.
Wattpad Next is the company’s latest move in its plan to monetize content both on and off of the platform while also helping storytellers earn money. In October 2017, the company launched Wattpad Premium, its first-ever subscription tier, which allows users to unlock an ad-free experience.
The company also helps writers monetize their work with brand partnerships and Wattpad Studios, where 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.
Globally, Toronto-based Wattpad has 70 million monthly users. In January of this year, the company raised $51 million in new funding from Tencent Holdings and other international investors.
