The Rise and Fall of Patreon: A Financial Support Platform for Creators

Patreon, initially created as a substitute for monetized YouTube streaming, experienced a boom during the early days of the pandemic. The platform allowed creators to directly receive financial support from their audience through monthly subscriptions. However, as people began to return to live events and other forms of entertainment, the subscription model faced challenges. Patreon's growth plateaued in early 2021, indicating that the model may have limitations in sustaining a diverse music community. Furthermore, Patreon's lack of network effects and the zero-sum nature of subscriptions made it difficult for new artists or projects to gain traction on the platform. The future of subscription-based platforms like Patreon in the music industry remains uncertain.