Home / News / LitPic raises $1.5M for subscription-based social network for creators

LitPic raises $1.5M for subscription-based social network for creators

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LitPic has raised $1.five million for its subscription-based social community for creators to monetize their social followings. The Seattle-based corporate’s iOS app is helping creators earn a living from their content material thru subscriptions in addition to gifting, tipping, and logo sponsorships.

The buyers come with Fritz Lanman, CEO of ClassPass; Kal Vepuri, founding father of Brainchild; Adrian Aoun, founding father of Ahead; Michael Arrington, founding father of TechCrunch, by way of Arrington Capital; Tod Sacerdoti, founding father of Pipedream; mission capitalist Andreas Penna; and Tribe Capital. Coco Rocha, a Canadian model type and probably the most first virtual supermodels, has additionally signed on as an early backer and adviser.

LitPic stated it’s fixing a large downside for creators. The highest 1% of them could make numerous cash, however the remaining have a difficult time with the present fashions for social networks. LitPic is helping creators of every kind to monetize their content material, now not simply the highest ones, whilst rewarding the customers that give a contribution and reinforce them with extra social standing, unique get right of entry to, and recognition throughout the group. Moreover, creators at all times stay 100% in their income, the corporate says.

Social networks are widespread nowadays. Some other one, Austin, Texas-based Zion, stated these days that it has introduced a decentralized social community this is “censorship-resistant” and constructed at the Bitcoin cryptocurrency. The corporate raised $1 million to create a “depended on, moral choice to the present social media channels that exploit our content material and violate our consider.”

The writer financial system

LitPic raises 15M for subscription based social network for creators - LitPic raises $1.5M for subscription-based social network for creators

Above: LitPic desires creators to earn more money.

Symbol Credit score: LitPic

The writer financial system has noticed a report $1.three billion in investment in 2021 on my own. Large tech platforms are combating to stay creators on their platform so that you can power engagement. In line with SignalFire, the writer financial system accommodates greater than 50 million unbiased content material creators, curators, and group developers together with social media influencers, bloggers, and videographers, plus the instrument and finance gear designed to lend a hand them with expansion and monetization.

LitPic makes use of a type of in-app foreign money known as “Lits” that works ubiquitously around the website online thru gifting and subscriptions, making it simple for gifters to buy Lits in bulk and use them to reinforce creators with out friction. LitPic shines a mild at the gifters who’re supporting creators, so that they obtain worth within the type of feedback score upper, extra video perspectives, appearing up as the highest gifter for extra follows, shout-outs from creators, and making it transparent to the writer who their best supporters are that deserve their consideration.

Since the app is loose and the monetization procedure is rewarding for customers, creators don’t need to really feel awkward about asking fanatics to sign up for them at the platform, the corporate stated.

LitPic’s imaginative and prescient is a “pay-it-forward tradition” for creators international that embraces variety, knowledge privateness, client coverage, and nice self-made or subsidized content material as a substitute of undesirable advertisements. In line with a up to date file, 86% of Gen Zs and millennials surveyed would submit subsidized content material in alternate for cash.

During the LitPic app, creators are enabled to be the famous person of their very own display through making attractive content material that may earn them cash thru peer-to-peer bills, top rate content material subscriptions, and logo offers.

LitPic comes with an in-app digital camera and just right enhancing generation. The digital camera will come with over 1,000 filters that make growing movies more uncomplicated than ever ahead of, the corporate stated, even for rookies. It has 4 primary pages which are just one swipe away at any time, together with messaging, digital camera (pictures/video), uncover web page, and a profile web page.

A greater social community

1629297507 929 LitPic raises 15M for subscription based social network for creators - LitPic raises $1.5M for subscription-based social network for creators

Above: LitPic we could fanatics present Lits to creators.

Symbol Credit score: LitPic

Maurice Yi, founding father of LitPic, stated in a observation the platform brings in combination social networking, standardized monetization gear, and an artistic digital camera to make cool content material in an all-in-one answer. He stated it used to be based at the trust everybody will have to have the ability to monetize their paintings and be paid for his or her creativity, whilst additionally rewarding fanatics and supporters with consideration and recognition.

LitPic stated it is going to now not proportion person knowledge. It does now not have an ad-based type, however reasonably acts as a gifting and cost answer platform. LitPic stated it is going to give protection to ladies and minors, and goals to supply an inclusive surroundings for all creators the place they may be able to have amusing whilst being secure. LitPic does now not permit porn.

Android customers can sign up for a wait listing. The highest 10,000 creators at the listing will obtain loose Lits. The corporate used to be based previous this 12 months.

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