Whether you’re a reader or a writer, if you’re not on Wattpad, you’re missing out. While the company is certainly not new, their continued efforts at innovation while maintaining and growing a dedicated following mean it is a source of discovery for readers and interaction for authors.
Wattpad may have just started as a message board of sorts for authors posting snippets of their work, but since that time so many years ago, the site has evolved into a dominating force in moving forward great content. With traditional publishing deals, monetization opportunities, even television and film licensing, Wattpad is so much more for both authors and readers.
“Entertainment is in a period of disruption, and how people find and experience stories is evolving,” said Allen Lau, CEO and co-founder, Wattpad in a press release. “With our global community of users, hundreds of millions of stories and data-driven approach to helping people and partners find great content, Wattpad is leading both sides of this equation. We empower diverse storytellers all over the world, helping them build a community of passionate readers; at the same time, we also connect Hollywood with stories that have massive built-in audiences. This new funding from Tencent and our other investors shows that confidence in our vision is growing alongside our revenue, our success and our community.”
That global community of users that Wattpad can humbly boast of is 65 million strong, and the site contains more than 400 million author-uploaded stories for readers to enjoy. Now, with the latest round of funding, Wattpad can continue its efforts into machine learning and interactive storytelling, as well as its discovery tools. This investment comes from global names like Tencent Holdings, BDC, Kickstart Ventures, and Peterson Group.
“Wattpad has built a creative community for storytellers and story lovers,” said Martin Lau, President of Tencent Holdings Limited. “The company is providing opportunities to new and established writers, transforming how entertainment is discovered and produced. We are glad to support Wattpad, a leader in digitizing and data enhancing the entertainment industry.”