Creatd Releases New Updates on Vocal to Enhance User Engagement and Support Significant Platform Subscription Growth
Creatd, Inc. (Nasdaq CM: CRTD, CRTDW) (“Creatd” or the “Company”), the parent company of Vocal, a technology platform for creators, today announced the release of the first of a series of strategic 2021 updates to its platform technology.
The first of these updates, which the Company unveiled last week, includes a more intuitive user experience for Vocal’s creators and audiences. Additionally, new community-specific metrics highlight the health, safety, and user volume of both the creators and communities throughout the platform.
The combined effect of these initial updates is expected to help accelerate Vocal’s continuing growth across both its freemium and premium membership tiers, with a focus on increasing the rate of conversions from Vocal’s free offering to its paid subscription offering, Vocal+. There are currently over 850,000 creators on the freemium tier, with an average of more than 1,200 new freemium creators joining daily.
Last month, the Company announced that Vocal+ crossed 10,000 paid subscribers, representing a 117% increase since the start of that quarter. Beginning with 1,000 paying Vocal+ subscribers in early 2020, the premium tier grew 900% throughout that fiscal year.
The number of paid Vocal+ subscribers is projected to more than double to over 20,000 in the first quarter of fiscal year 2021. Additionally, the current rate of conversion is expected to increase throughout the year, and generate an estimated $1 million in monthly recurring revenue, from a total of 100,000 paid Vocal+ subscribers, by year-end.
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