Patreon vs. Coil – Which is Better?
Before you have me walk the plank, many of you know that I am a Coil supporter through and through. I spend many hours per week pouring into not only my own articles, but also into supporting the Content Builders Club creators who also blog on Coil. It has been a gratifying ride so far and I look forward to what is to come in the world of Web Monetization.
To address the elephant in the room, some members within the XRP community have spent time scratching their heads, wondering why certain creators don't use Coil and Cinnamon exclusively instead of using Patreon, a service that doesn't utilize the tech within XRP ecosystem. We will tackle that question head-on within the subscriber-only section below.
With that said, lets take a look at the features that each platform is focused on and pay a visit the pros and cons. Doing so will provide a better understanding of why certain content creators choose to use one platform or the other, or both at the same time. Each platform has it's own set of strengths and weaknesses, while some do indeed tend to overlap with one another.
Let's start with Patreon:
Patreon is a unique web service where individual creators can create their own portal within the site that is unique to them or to their business. The portal allows for “patrons” to subscribe to said creator's content either on a monthly basis or on a pay per view-type model. Creators can upload videos, podcasts, or blog content directly to their portal for subscribers to view.
Patreon is set up almost like a revolving Kickstarter campaign. People who pledge money to a particular creator, get exclusive benefits that aren't available anywhere else online such as behind-the-scenes footage or extended conversations that aren't published in the original video shoot or podcast.
Pros:
✪ Exclusivity
✪ Creator support
✪ Content mediums
✪ Help desk
✪ Profitability
Cons:
- Notifications
- Costs
- No Web Monetization
Patreon Summary:
Overall, Patreon is a useful service that was launched back in 2013. It provides creators a great avenue to place exclusive content while getting paid for their efforts. In addition, patrons feel good since they are supporting their favorite creators. The site is easy to use and navigate pages, and the content is open and works with a variety of mediums such as blogs, videos, and podcasts.
Patreon also has a number of support resources within their help center where they answer common questions and help creators learn how to start earning on their platform. One such resource is Patreon U, a central location where creators can gain pertinent knowledge regarding the platform and how the system works. The profit potential of using Patreon is quite high, especially if one is able to build up a substantial, loyal following.
In fact, many well-known artists and even companies today implement Patreon groups to not only connect on a deeper level with their audience, but also to generate more revenue to expand and further develop their businesses.
A few areas, in my opinion, where Patreon lacks are:
1.) The notification system. It could be a bit more robust and notify patrons on the desktop version when others like or comment on a thread they've previously engaged with. The phone app does a bit better with notifications but still could be improved upon.
2.) Costs can add up for patrons as the number of creator subscriptions increase. Costs can also add up for creators depending on which Patreon plan chosen as the platform holds onto a tiered percentage of earnings.
3.) The service does not utilize the proposed Web Monetization API which allows for creators to get paid as subscribers spend time viewing their content.
Moving on to Coil:
Coil is a revolutionary, Web Monetization provider set out to change the way creators get paid for their work. The platform was officially launched in May of 2019 and is led by CEO, Stefan Thomas. Coil specializes in providing an alternative way for creators to display their content with no intrusive advertisements and no pesky data collection tactics.
Coil uses a unique mix of Web Monetization and Interledger technology to pay creators as subscribers view their content. Subscribers get to enjoy a plethora of perks including game-feature unlocks and access to locked content that creators add to the end of their articles. Grant for the Web, a $100m initiative funded by Coil to spread Web Monetization, is going into effect over the next 5 years.
Pros:
✪ Beta testing
✪ Locked content feature
✪ No fee for creators
✪ Single-subscription model
✪ Instant payout
Cons:
- Short-term earnings
- Low traffic
- Beta testing
Coil summary:
Coil is an excellent platform to use, especially if you don't have your own blog and want a clean, dependable location to publish content. Beta testing was placed as both a pro AND a con because 1.) Coil is a new platform with a lot of room for creators to grow alongside it. 2.) With the product in beta, it is not robust and fully-featured just yet. It's more of a bare-bones, “get the job done” site right now.
Creators benefit with the ability to lock all or a portion of their content to garner audience curiosity, as well as not paying any fees back to Coil for their published work. Also, creators earn revenue instantly and don't have to wait for a payout. In other words, creators get paid in REAL TIME which is completely unprecedented in history.
Subscribers to Coil pay $5 per month and have access to all Web Monetization features including locked content. What makes Coil different from Patreon is that a single subscription gives access to all, whereas Patreon is compartmentalized into multiple subscriptions.
A couple downsides of using Coil, in my opinion, are:
1.) Short-term earnings. Unless a creator has many Coil-subscribed viewers pointing eyeballs at their content, they will get paid little in the short-term (unless you are chosen for the boost program which is always a possibility)
2.) Low traffic. A lot of the short-term earning issue is due to the low traffic issue. Since Coil is still in beta and not many creators know of it's existence, it doesn't pick up much traffic from search engines, leaving creators to promote their work more often via social media channels.
At the end of the day, there isn't one platform that is necessarily better than the other. It all depends on what your needs are for what you are trying to accomplish with your content and with your audience. Also, it does not have to be a mutually exclusive situation. Creators can and should be free to use both at the same time if they so choose. The “better” platform will be the one you prefer to use.
Patreon currently boasts more features as it has been around for a lot longer and has had more time to mature. Coil uses Web Monetization and pays creators instantly when subscribers view their content. Take a look at the pros and cons of each platform and make a decision based on your goals and aspirations as a creative on your amazing, exciting, and rewarding publishing journey.
Thank you for reading.
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