Content is king and Wattpad has managed to create a platform that aggregates the most loved original writing content in the world, turning the traditional publishing industry on its head.
Where authors used to submit drafts to dozens of publishing houses in the hope of getting some eyeballs on their work, Wattpad opened up the process to millions of young authors by letting them easily submit their work, and fostering a community around their software that offers feedback and help.
The e-reading platform is now looking to double down on its strategy of taking its user-generated fiction and turning it into successful intellectual property upon which original series and movies can be based. However, a significant challenge for Wattpad is in producing original, marketable content from its platform, given the popularity of fanfiction, stories which are based on existing intellectual property.
Another challenge for Wattpad is the current economic conditions, which have affected much of the tech sector and are not sparing digital publishing. Having shelved bold plans for the future, it also laid off 15% of its workforce in March 2023. Having realigned for its current business needs, however, it is now well placed to weather the current market downturn.
Freddie
Company Specialist at Welcome to the Jungle