#Social media#Investment#Wattpad#Tencent

Wattpad introduces premium subscription service after hitting 60mn users

zaymalz malz
|Oct 19|magazine5 min read

Toronto-based Wattpad, a startup company that provides a social platform to share and read stories, has announced that it will be introducing an ad-free premium subscription service, responding to the requests of its 60mn users.

“One of the most frequent requests we hear from Wattpadders is for an option to enjoy an ad-free experience on Wattpad,” the company said in a statement. “Wattpad Premium is our first-ever subscription tier, giving Wattpadders more control over their experience on the platform and the ability to enjoy an uninterrupted, ad-free experience.  

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In addition to an ad-free experience, the premium service will bring a new theme within the app, across both its web and mobile platforms, with additional features said to be released in the coming months.

“The Wattpad community is the most important thing to us, and we want them to have the best possible experience across all our platforms,” said Allen Lau, Wattpad CEO and co-founder. “Wattpad Premium gives people more control over their Wattpad experience, and allows us to continue to offer Wattpad as a free platform that anyone can enjoy.”

The subscription will be priced at $5.99 on a monthly basis, or $60 annually, with the same price being charged in both Canada and the US, something that will see Canadians paying less based on current exchange rates.

The news comes at a time when the company has reportedly secured $40mn in investment from China’s Tencent, according to The Globe on Mail.