Wattpad is an extremely successful digital publishing site that somehow doesn’t seem to get as much press as other well-known names like Smashwords, yet the company has 11 million monthly readers. Wattpad authors post their stories in a format that can be read on a computer, smartphone, or tablet. Perhaps most importantly, Wattpad stories can be read on java-based “feature phones” and as such have a huge readership base in third world countries. Wattpad is a very social site, in that readers can collect stories into reading lists, vote for their favorites, and share and comment with friends and writers. Unlike some other self-publishing sites, Wattpad works well with short stories stories and novellas, as opposed to full length-books.
According to the Wattpad site, readers spend 2 billion minutes on Wattpad every month and more than 500 writers have published pieces that have been read more than a million times. There are over 5 million stories, in 25 languages, on the site. The Toronto-based company has received over $20 million in funding from Khosla Ventures, Union Square Ventures, OMERS Ventures, W Media Ventures, and Golden Venture Partners, and has attracted such famous authors as Margaret Atwood.