YouTube launches new offering in competition to Patreon 🤯👀
In business strategy when looking at options to grow your business, look at everything you have at your disposal. Your products / services, your clients and network, assets, cash, everything. Identify the areas of value which are adjacent to your own and that solve a pain point of the customer, then investigate their potential as an extra service line or pivot. 📈
Patreon, previously valued at $450m, is a membership platform that makes it easy for artists and creators to get paid. Fans of a creator pay a small fee every month to get exclusive content.
YouTube, valued at $200Bn and owned by Google, has recognised this (and that it already had the creators). YouTube provides the platform that many Patreon creators use to connect with their audience. In the launch of its “Join” feature, YouTube is muscling in on this market.
Smart for YouTube. Worrying for Patreon.
Patreon needs to look at its brand positioning to now separate itself from the corporate giant. Use this independence as its USP, which aligns with the core values of its customer base. If not it could get swallowed up.
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