Wattpad is a free app that lets people discover and share stories about the things they love. Wattpad stories are serialized -- and the entire community participates in the storytelling process through comments, messages, and multimedia. The app offers stories in over 50 languages and works on mobile and web. I recently spent time with Head of Business Candice Faktor of this Canadian-based company who tells me that more than 40 million people have used it. Compelling. And, makes it a digital media company you should know -- including you, major marketers. Here are my 5 questions for Candice -- and her unedited answers.(1) What is the reason your company exists (and what problem(s) are you looking to solve)?
Wattpad was originally created so people could read stories on their phones. One of the key features of the platform seven years ago was that anybody could create stories. Fast forward to today, thanks to that decision, 150 million original story uploads have been shared on the platform.
Wattpad solves a few key problems:
1) Mobile first entertainment - It is a reading and entertainment experience designed for mobile devices and social engagement. Many stories are serialized, with short chapters perfect for mobile interaction and long addictive serialized narratives that notify people when the next chapter is ready to discover. Most story platforms that exist were not designed for mobile first experiences.2) Democratizes publishing - Wattpad gives voice to many people in many markets whose stories would otherwise never been told and Wattpad gives free access to stories in over 50 languages. Our library of 150 million stories have been written by young people for young people making them highly relevant and engaging for the millennial and gen z generations.
3) Finding a fan base - One of the hardest aspects of being a creator is the challenge of finding an audience. On Wattpad, we have 40 million readers every month that crave new stories. Our writers love being able to build an audience, nurture fans and interact with them in real time.
(2) How are you different from your competitors?
Wattpad is a very unique product, and as such we view our competition as the other 27 spots on the homescreen of your mobile device. We are different, in that in a world of 7 second attention spans on mobile/social, our users spend an average of 30 minutes per session highly engaged in this form of entertainment.
(3) Why will you succeed (and what is your single most important ingredient for success)?
We will succeed because we let our community create stories that matter to them and we let the community access and vote for the stories they want to rise to fame. We don’t try prescribing what the best content should be, rather we act as an enabler and democratizer. The single most important ingredient is our community so creating an amazing platform and keeping them happy is our most important ingredient for success.
(4) What makes your company unique (and what do you enjoy most outside of building your business)?
It truly is a unique form of entertainment – mobile, social, serial and multimedia. Our 150 million original stories can’t be found anywhere else and our community is highly invested in interaction, feedback and co-creation.
Outside of building Wattpad, I enjoy being curious and experiencing and learning new things. I have 2 boys (3 and 6), and unbridled curiosity lives in these little human beings. Discovering, inventing and experiencing new things with them is one of my greatest joys.
(5) What digital media trend is most interesting to you (and what is the least)?
I am excited to see how next generation media experiences such as virtual reality (Oculus), digital live experiences (Periscope) and rich messaging (Messenger, Snapchat) will shape new narratives and entertainment formats. We see these trends as exciting new ways to tell stories.
Least interesting to me is adtech for display ads.