Harvard Case - Patreon and Arts Funding
"Patreon and Arts Funding" Harvard business case study is written by Loic Marchat, Danilo C. Dantas, Marcelo Vinhal Nepomuceno. It deals with the challenges in the field of Marketing. The case study is 11 page(s) long and it was first published on : Mar 27, 2018
At Fern Fort University, we recommend that Patreon implement a comprehensive strategy to address the challenges and opportunities presented by the evolving landscape of arts funding. This strategy should focus on enhancing platform features, expanding its reach to new audiences, and fostering a stronger sense of community among creators and patrons. By doing so, Patreon can solidify its position as the leading platform for supporting artists and creators while ensuring its long-term sustainability and growth.
2. Background
Patreon is a membership platform that enables creators to receive recurring financial support from their fans, known as patrons. The platform has become increasingly popular among artists, musicians, writers, and other creators seeking alternative funding sources beyond traditional avenues like grants and sponsorships. However, Patreon faces challenges in attracting new creators and patrons, maintaining its competitive edge, and navigating the complexities of the evolving arts funding landscape.
The case study highlights the main protagonists:
- Jack Conte: Co-founder and CEO of Patreon, who seeks to expand the platform's reach and impact.
- Patreon Creators: Artists, musicians, writers, and other creators who rely on Patreon for financial support.
- Patrons: Fans who provide recurring financial support to creators they admire.
3. Analysis of the Case Study
We can analyze the case study through the lens of several frameworks:
1. SWOT Analysis:
- Strengths:
- Strong brand recognition: Patreon is a well-established platform with a loyal user base.
- Unique value proposition: Patreon provides a direct connection between creators and their fans, fostering a sense of community.
- Scalability: The platform has the potential to reach a global audience and support a wide range of creators.
- Weaknesses:
- Limited reach: Patreon primarily attracts a niche audience of creators and patrons.
- Competition: Other platforms offer similar services, posing a threat to Patreon's market share.
- High churn rate: Some creators and patrons leave the platform due to various reasons.
- Opportunities:
- Expanding to new markets: Patreon can target new creator and patron segments, such as those in emerging markets.
- Developing new features: The platform can introduce innovative features to attract new users and enhance the creator experience.
- Partnerships and collaborations: Patreon can collaborate with other organizations to expand its reach and influence.
- Threats:
- Economic downturn: A decline in economic activity could negatively impact Patreon's revenue.
- Changes in consumer behavior: Shifting preferences and trends could affect the platform's popularity.
- Regulatory changes: New regulations could impact Patreon's operations and business model.
2. Porter's Five Forces:
- Threat of new entrants: The barrier to entry is relatively low, with new platforms emerging.
- Bargaining power of buyers (Patrons): Patrons have a high degree of bargaining power as they can choose from multiple platforms.
- Bargaining power of suppliers (Creators): Creators also have some bargaining power, as they can choose other platforms or funding sources.
- Threat of substitute products: Other platforms and funding sources offer alternative ways for creators to monetize their work.
- Rivalry among existing competitors: Competition is intense, with platforms like Substack, Ko-fi, and others vying for market share.
3. Marketing Mix (4Ps):
- Product: Patreon's product is its platform, which enables creators to receive recurring financial support from patrons. The platform needs to be continually enhanced with new features and functionalities to remain competitive.
- Price: Patreon's pricing strategy is based on a tiered system, with creators setting different membership levels and corresponding benefits for patrons. The platform needs to ensure that its pricing is competitive and attractive to both creators and patrons.
- Place: Patreon primarily operates online, but it can explore offline channels to reach new audiences, such as through partnerships with arts organizations and events.
- Promotion: Patreon's marketing strategy should focus on reaching new creators and patrons through targeted advertising, content marketing, and social media campaigns.
4. Recommendations
Patreon should implement the following recommendations to address the challenges and opportunities identified in the analysis:
1. Enhance Platform Features:
- Improved creator tools: Develop more robust tools to help creators manage their memberships, track their earnings, and engage with their patrons.
- Enhanced patron experience: Introduce features that make it easier for patrons to discover creators, manage their memberships, and interact with other patrons.
- Integrated payment processing: Streamline payment processing to make it more convenient for both creators and patrons.
- Data analytics and insights: Provide creators with data and insights to understand their audience, track their progress, and optimize their content.
2. Expand Reach and Audience:
- Target new creator segments: Expand beyond the traditional arts and entertainment sectors to attract creators in fields like education, technology, and social impact.
- Develop targeted marketing campaigns: Utilize data-driven marketing techniques to reach new audiences through social media, search engine optimization, and content marketing.
- Partnerships and collaborations: Partner with arts organizations, universities, and other institutions to promote Patreon and reach new creators and patrons.
- Global expansion: Explore opportunities to expand into new international markets, adapting the platform to local needs and preferences.
3. Foster Community and Engagement:
- Community features: Develop features that encourage interaction and collaboration between creators and patrons, such as forums, chat rooms, and live events.
- Content creation tools: Provide creators with tools to create engaging content, such as video editing software, podcasting tools, and live streaming capabilities.
- Patron recognition and rewards: Implement programs to recognize and reward patrons for their support, such as exclusive content, merchandise, and personalized experiences.
- Brand storytelling: Develop compelling narratives that showcase the impact of Patreon on creators and patrons, highlighting the platform's role in supporting the arts and fostering creativity.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: The recommendations align with Patreon's mission to empower creators and build a sustainable future for the arts.
- External customers and internal clients: The recommendations address the needs of both creators and patrons, enhancing their experience and satisfaction.
- Competitors: The recommendations aim to differentiate Patreon from its competitors by offering a more comprehensive and user-friendly platform.
- Attractiveness ' quantitative measures: The recommendations are expected to increase user engagement, revenue, and brand value, ultimately contributing to Patreon's long-term growth and profitability.
6. Conclusion
Patreon has the potential to become the leading platform for supporting artists and creators. By implementing the recommendations outlined in this case study solution, Patreon can solidify its position, expand its reach, and ensure its long-term sustainability and success.
7. Discussion
Other alternatives not selected include:
- Focusing solely on existing markets: This approach would limit Patreon's growth potential and expose it to increased competition.
- Acquiring competitors: This strategy could be costly and complex, with uncertain outcomes.
- Offering a free tier: This could attract new users but might dilute the platform's value proposition and revenue stream.
The recommendations are based on several key assumptions:
- Continued growth of the creator economy: The recommendations assume that the creator economy will continue to grow and that creators will seek alternative funding sources.
- Technological advancements: The recommendations assume that new technologies will continue to emerge, enabling Patreon to enhance its platform and offer new features.
- Consumer behavior: The recommendations assume that consumers will continue to value direct connections with creators and support them through platforms like Patreon.
8. Next Steps
To implement the recommendations, Patreon should:
- Develop a detailed roadmap: Outline specific timelines, milestones, and resources required for each recommendation.
- Form cross-functional teams: Assemble teams with expertise in product development, marketing, finance, and operations to execute the recommendations.
- Monitor and evaluate progress: Track key performance indicators (KPIs) such as user growth, revenue, and customer satisfaction to assess the effectiveness of the recommendations.
- Adapt and iterate: Continuously monitor the evolving landscape of arts funding and adjust the recommendations as needed.
By taking these steps, Patreon can position itself for continued success in the rapidly evolving world of arts funding.
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Case Description
In 2013, musician Jack Conte realized that he could not make a living by posting videos on YouTube. Although part of the ad revenues generated by videos are shared with the artist, the videos can be viewed free of charge, and the artist is paid very little. This situation is explained in the "Jack the musician" section of the case. This section has been slightly fictionalized (without changing the basic facts) to interest students, but the story told is consistent with the information used to build the case study. The "Jack the entrepreneur" section discusses the issue of funding musicians from Jack's perspective. In 2013, Jack created a crowdfunding platform to address this problem. Called Patreon, it allows artists to solicit donations directly from their fan base. The concept is simple: fans agree to pay a set amount, automatically charged to their credit card, for each piece of content published by the creator. In return, the fan (or patron) receives rewards according to the amount paid. In this second section of the case, the Patreon concept is explained in detail. Students must figure out the reasons for the platform's success and recommend marketing strategies to promote this concept to a larger audience.
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