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Patreon
Membership tool for creators to offer exclusive content and perks to paying fans

Revenue

$126.00M

2025

Valuation

$4.00B

2025

Funding

$407.78M

2021

Details
Headquarters
San Francisco, CA
CEO
Jack Conte
Website
Overview
Filings

Revenue

Sacra estimates that Patreon generated $126M in trailing twelve months revenue as of May 2025, essentially flat from $122M in 2023. This stagnation follows a period of modest growth that peaked in 2022 at $116M, representing only 9% growth over the past three years.

The revenue trajectory shows Patreon's growth has decelerated significantly since its early expansion. Starting from $77M in 2020, the company grew to $105M in 2021 and $116M in 2022 before plateauing. The flat performance reflects underlying challenges in gross merchandise volume (GMV), which has remained largely stagnant despite the platform's efforts to increase its take rate from creators.

Patreon's revenue model relies on taking a percentage of creator earnings, with the company having eliminated its 5% plan in 2020 and pushing creators toward 8-12% fee structures. The blended take rate has increased from approximately 7% in 2020 to an estimated 8.5% currently, with most creators likely on the 8% plan. This take rate expansion has helped maintain revenue levels even as GMV growth has slowed, though it also creates potential friction with the creator base that forms the foundation of Patreon's business model.

Valuation

Patreon is valued at $4 billion following its $155 million Series F round in April 2021, led by Tiger Global Management. The company has raised approximately $410 million in total funding since its founding in 2013.

The Series F round included participation from Woodline Partners, Wellington Management, Lone Pine Capital, New Enterprise Associates, Glade Brook Capital, and DFJ Growth. Key investors across previous rounds include Index Ventures, CRV, and Thrive Capital, with Tiger Global leading the most recent significant investment.

Product

Patreon is a creator monetization platform that combines subscription management, content hosting, and community features in a single workspace. Creators can upload videos, audio, written content, and digital files directly to the platform, then gate access behind paid membership tiers or sell items individually through integrated commerce tools.

The user experience centers around flexible monetization options. Fans can follow creators for free to access public content and notifications, upgrade to paid monthly or annual memberships for exclusive content, or make one-time purchases of specific digital products through the creator's shop. The platform handles payment processing, global currency conversion, tax compliance, and content delivery through native video and audio players that support 4K streaming and private RSS feeds.

Creators set up tiered membership structures with different access levels and perks, schedule content releases, and engage with their audience through community features like group chats, polls, and livestreamed events called Moments. The platform's discovery tools use algorithmic recommendations to connect new audiences with creators, while automated conversion flows help move free followers to paid memberships. Analytics dashboards provide creators with insights into subscriber behavior, churn rates, and revenue performance across different content types and membership tiers.

Business Model

Patreon operates a B2C marketplace model where it takes a percentage of creator earnings in exchange for providing payment processing, content hosting, and audience development tools. The company generates revenue through platform fees ranging from 8-12% of creator income, with most creators on the 8% Pro plan that includes basic features and the 12% Premium plan that adds advanced analytics and promotional tools.

The business model creates a flywheel where successful creators attract more fans to the platform, while new creators benefit from Patreon's existing user base and discovery features. The company has expanded beyond pure subscription revenue by adding Commerce functionality for one-time digital product sales and Moments for ticketed live events, diversifying revenue streams while keeping creators within the Patreon ecosystem.

Patreon's cost structure centers on payment processing, content delivery infrastructure, and customer acquisition. The company handles complex international payment flows, currency conversion, and tax compliance that would be difficult for individual creators to manage. By maintaining an asset-light model focused on software and services rather than content production, Patreon can scale efficiently while creators bear the cost of content creation and audience building.

Competition

Platform incumbents

YouTube, Twitch, and other major platforms are integrating subscription features directly into their existing creator tools. YouTube Channel Memberships offers exclusive content and community features with a 30% platform cut, while Twitch Partner Plus provides 70/30 revenue splits for streamers with sustained subscriber bases. These platforms leverage their massive existing audiences and integrated discovery algorithms, forcing Patreon to compete on cross-platform flexibility and specialized creator tools rather than pure reach.

Meta has rolled out Instagram Subscriptions globally with a 90/10 revenue split and in-app discovery, directly challenging Patreon's value proposition of off-platform monetization. The integration with Instagram's existing social features and lower fees creates pressure on Patreon's pricing model while offering creators access to Instagram's billion-plus user base.

Specialized subscription platforms

Substack has accelerated competition for newsletter and podcast creators through guaranteed income programs and a flat 10% fee structure. With 4 million paid subscriptions, Substack offers writers and podcasters integrated publishing tools, email delivery, and payment processing that directly competes with Patreon's content creator segment.

OnlyFans dominates the adult content subscription market with $6.6 billion in gross volume and an 80/20 revenue split, demonstrating the scale possible in creator subscriptions while maintaining lower platform fees than Patreon. Though brand-safe creators avoid the platform, its pricing pressure influences creator expectations across the broader subscription economy.

Mobile-first upstarts

Fanfix targets Gen-Z creators with short-form video focus and direct messaging features, backed by acquisition and venture funding that enables aggressive creator recruitment. These platforms emphasize mobile-native experiences and social features that appeal to younger creators who may find Patreon's interface less intuitive for their content formats and audience engagement preferences.

TAM Expansion

Product diversification

Commerce and Shops functionality allows creators to sell individual digital products to non-subscribers, expanding beyond the subscription model to capture one-time purchase revenue. This addresses creators who want to monetize casual fans without requiring ongoing membership commitments, while tapping into Patreon's 60 million free member base for potential conversion.

Integrated video hosting and Moments ticketed livestreams keep more of the creator value chain within Patreon's ecosystem. Rather than relying on YouTube or Zoom for content delivery and live events, creators can host everything natively while Patreon captures hosting and ticketing revenue that previously flowed to other platforms.

Audience expansion

Free membership tiers have grown to 60 million users, creating a substantial top-of-funnel for paid conversions. Approximately 400,000 free members convert to paid subscriptions monthly, providing a more predictable growth mechanism than relying purely on external traffic and creator marketing efforts.

Discovery features and algorithmic recommendations help creators reach new audiences within the platform rather than depending entirely on social media promotion. This internal growth engine reduces creator acquisition costs while increasing the value of Patreon's existing user base through better matching between creators and potential supporters.

Geographic and payment expansion

Multi-currency support and local payment methods like Apple Pay and Venmo reduce friction for international creators and supporters. This expansion addresses markets where credit card penetration is lower while allowing creators to price in local currencies, potentially unlocking audience segments that were previously difficult to monetize through traditional payment rails.

Risks

Revenue stagnation: Patreon's essentially flat revenue growth over the past three years, despite increasing take rates, suggests underlying challenges with creator and subscriber acquisition that may be difficult to reverse without significant product or market changes. The company's dependence on GMV growth that has plateaued creates pressure to extract more revenue from existing creators, potentially leading to creator churn.

Platform competition: Major social media platforms are integrating subscription features with lower fees and massive existing audiences, making it harder for Patreon to justify its value proposition. As Instagram, YouTube, and TikTok add monetization tools, creators may prefer to stay within platforms where their audiences already exist rather than directing traffic to external subscription services.

Take rate pressure: Patreon's 8-12% fees face increasing competition from platforms offering lower rates, including Substack's 10% flat fee and OnlyFans' 20% rate with higher earning potential. As the creator economy matures and alternatives proliferate, Patreon may face pressure to reduce fees, which would directly impact revenue given the company's commission-based model.

Funding Rounds

Share Name Issue Price Issued At
Series F $49.84328 Apr 2021
Share Name Issue Price Issued At
Series E $17.10618 Sep 2020
Share Name Issue Price Issued At
Series D $8.8707 Jul 2019
Share Name Issue Price Issued At
Series C $6.9511 Sep 2017
Share Name Issue Price Issued At
Series B $3.2821 Jan 2016
Share Name Issue Price Issued At
Series A $1.9474 Jun 2014
Share Name Issue Price Issued At
Series Seed $0.3074 Aug 2013
View the source Certificate of Incorporation copy.

News

June 6, 2025

Bipartisan Congressional Creators Caucus Launched to Support Creator Economy

The launch of the Bipartisan Congressional Creators Caucus signals a growing recognition of the creator economy's economic potential, potentially shaping policy that fosters innovation and supports diverse revenue streams for content creators.
May 20, 2025

Patreon Empowers Creators with Diverse Monetization Strategies

By diversifying monetization strategies, Patreon enhances creator autonomy and financial resilience, potentially reshaping the landscape of content creation and challenging traditional revenue models in the digital economy.
May 2, 2025

Patreon Updates iOS App to Bypass Apple's In-App Payment Fees Following Court Ruling

Patreon's move to bypass Apple's payment fees not only enhances its profitability but also sets a precedent for other platforms, potentially reshaping the app economy and challenging the dominance of major app store operators.

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