Inspired by the technology and
community-focus of Youtube, Wattpad is the most popular self-publishing
community with a membership of 15 million. Its mobile application allows its
content to be accessed anywhere including emerging markets, such as in Africa
and Vietnam where there is little access to books.
Venture capital is
essential to the business as it does not monetize its literary content. Currently,
Wattpad capitalizes on banner advertisements but its co-founder, Allen Lau,
does not view this as a long-term business model and hopes that as its writers
are discovered by traditional publishers, Wattpad can take a cut. Wattpad has
recently partnered with Lulu to enable its writers to have their books
professionally published.
Aspiring authors can treat Wattpad as an unpaid
internship where they have the opportunity to hone their skills before
approaching a traditional publisher. Literary agents and publishers utilise
Wattpad to discover new talent. Essentially Wattpad
precipitates the publishing process by assuming a role undertaken within the
marketing department of a publishing house.
Wattpad
is disruptive to the publishing industry because it presents self-publishing as
a viable alternative to traditional publishing. Publishers such as Penguin and
Simon and Schuster have adapted to this by offering self-publishing services.
Please see below my presentational slides:
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