Kickstarter is kickstarting a new service in order to compete with Patreon

The project-funding platform is releasing their first new product since they launched in 2009: Drip. Similar to the newly successful artist-friendly platform, Patreon, Drip allows creators to connect with backers by allowing them to make recurring payments to their favorite creators as opposed to a specific project. Or as the company explains it, “Kickstarter is […]


November 16, 2017

The project-funding platform is releasing their first new product since they launched in 2009: Drip.

Similar to the newly successful artist-friendly platform, Patreon, Drip allows creators to connect with backers by allowing them to make recurring payments to their favorite creators as opposed to a specific project.

Or as the company explains it, “Kickstarter is for projects… Drip is for people.”

In the nick of time

Drip was originally intended to be a community app for independent music artists when it launched in 2011.

But the company had a hard time sustaining user-attention, and in 2016, one day before the company was going to shut down, Kickstarter swooped in and acquired them.

So how is Drip different than Patreon?

Founded in 2013, Patreon is reportedly on pace to pay out $150m in subscription revenues this year — to set Drip apart, Kickstarter is relying on their “founding members” initiative which offers backer incentives based on when they pledge or how much they give.

Kickstarter is also really leaning into their “creator-first” approach with Drip, allowing Drip-creators to cut ties with the platform while still keeping their subscribers if they wish to move to a different crowdfunding source.

So aside from a few minor differences, what really sets Drip apart from its veteran competitor? The answer is simple: Drip has Kickstarter. And Kickstarter has street-cred.

Daily briefings, straight to your inbox

Business and tech news in 5 minutes or less

Join over 1 million people who read The Hustle

Psst

How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

Data shows where markets are headed.

And that’s why we built Trends — to show you up-and-coming market opportunities about to explode. Interested?

Join us, it's free.

Look, you came to this site because you saw something cool. But here’s the deal. This site is actually a daily email that covers the important news in business, tech, and culture.

So, if you like what you’re reading, give the email a try.