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

LitPic has raised $1.5 million for its subscription-based social community for creators to monetize their social followings. The Seattle-based firm’s iOS app helps creators earn a living from their content material by means of subscriptions in addition to gifting, tipping, and model sponsorships.

The buyers embrace 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; enterprise capitalist Andreas Penna; and Tribe Capital. Coco Rocha, a Canadian vogue mannequin and one of many first digital supermodels, has additionally signed on as an early backer and adviser.

LitPic mentioned it’s fixing a giant drawback for creators. The highest 1% of them could make loads of cash, however the remainder have a tough time with the present fashions for social networks. LitPic helps creators of all sorts to monetize their content material, not simply the highest ones, whereas rewarding the customers that contribute and assist them with extra social standing, unique entry, and recognition inside the neighborhood. Moreover, creators at all times preserve 100% of their earnings, the corporate says.

Social networks are well-liked lately. One other one, Austin, Texas-based Zion, mentioned in the present day that it has launched a decentralized social community that’s “censorship-resistant” and constructed on the Bitcoin cryptocurrency. The corporate raised $1 million to create a “trusted, moral various to the present social media channels that exploit our content material and violate our belief.”

The creator financial system

The creator financial system has seen a document $1.3 billion in funding in 2021 alone. Large tech platforms are preventing to maintain creators on their platform in an effort to drive engagement. Based on SignalFire, the creator financial system includes greater than 50 million unbiased content material creators, curators, and neighborhood builders together with social media influencers, bloggers, and videographers, plus the software program and finance instruments designed to assist them with development and monetization.

LitPic makes use of a type of in-app foreign money referred to as “Lits” that works ubiquitously throughout the location by means of gifting and subscriptions, making it simple for gifters to buy Lits in bulk and use them to assist creators with out friction. LitPic shines a light-weight on the gifters who’re supporting creators, in order that they obtain worth within the type of feedback rating greater, extra video views, displaying up as the highest gifter for extra follows, shout-outs from creators, and making it clear to the creator who their high supporters are that deserve their consideration.

As a result of the app is free and the monetization course of is rewarding for customers, creators don’t need to really feel awkward about asking followers to hitch them on the platform, the corporate mentioned.

LitPic’s imaginative and prescient is a “pay-it-forward tradition” for creators worldwide that embraces range, knowledge privateness, client safety, and nice self-made or sponsored content material as a substitute of undesirable advertisements. Based on a current report, 86% of Gen Zs and millennials surveyed would publish sponsored content material in change for cash.

By the LitPic app, creators are enabled to be the star of their very own present by making participating content material that may earn them cash by means of peer-to-peer funds, premium content material subscriptions, and model offers.

LitPic comes with an in-app digital camera and good modifying expertise. The digital camera will embrace over 1,000 filters that make creating movies simpler than ever earlier than, the corporate mentioned, even for newbies. It has 4 essential pages which are just one swipe away at any time, together with messaging, digital camera (photographs/video), uncover web page, and a profile web page.

A greater social community

Maurice Yi, founding father of LitPic, mentioned in a press release the platform brings collectively social networking, standardized monetization instruments, and a inventive digital camera to make cool content material in an all-in-one answer. He mentioned it was based on the idea everybody ought to be capable of monetize their work and be paid for his or her creativity, whereas additionally rewarding followers and supporters with consideration and recognition.

LitPic mentioned it is not going to share consumer knowledge. It doesn’t have an ad-based mannequin, however slightly acts as a gifting and cost answer platform. LitPic mentioned it’ll shield girls and minors, and goals to offer an inclusive setting for all creators the place they’ll have enjoyable whereas being protected. LitPic doesn’t enable porn.

Android customers can be a part of a wait checklist. The highest 10,000 creators on the checklist will obtain free Lits. The corporate was based earlier this yr.