Steve Jobs once famously said, “No-one reads anymore”.
However, Wattpad’s astonishing success story gives us a completely different picture than what Steve Jobs had envisaged:
- Five million times a month, someone comments on a Wattpad story
- 15 million times, someone has uploaded a story or a book to Wattpad
- And those 15 million monthly unique visitors spend a massive average of 30 minutes per session reading
Wattpad has emerged as the largest community for sharing and reading stories online. Allen Lau, Founder and CEO of Wattpad, calls it a “library in your pocket”.
So far so good. But, has the company got a monetization model?
Not yet, “We are still in userbase building phase,” Lau said. “Once we have that critical mass we can start monetization. 15 million is a number I should be proud of, but we are only still only one percent of where we want to be.”
How Wattpad will grow to the size of a Facebook or a Twitter?
It has already attracted hundreds of millions of users. And “Wattpad will get there by doing more of what it has done to date: via indie authors and, increasingly, branded books and name-brand authors”.