LitPic, a social network designed specifically for creator monetization, has raised $1.5 million in venture capital. Investors include Fritz Lanman, CEO of ClassPass; Kal Vepuri of Brainchild; Adrian Aoun, founder of Forward; Michael Arrington, founder of TechCrunch, via Arrington Capital; Tod Sacerdoti; Andreas Penna; and Tribe Capital. Canadian fashion model Coca Rocha is also supporting LitPic and serving as an advisor to the startup.
How LitPic is different
According to an August 18, 2021 news release announcing the seed funding, LitPic is the first social platform focused solely on developing a fan-driven creator economy with monetization options, regardless of the size of the creator’s fan base. LitPic, which is free to join, lets creators keep 100% of their earnings, whether they come from subscriptions, tips or brand sponsorships. LitPic invites all types of creators to join the platform including video creators, artists, athletes, gaming creators, teachers, musicians and more.
“LitPic helps creators of all types to monetize their content, not just the top 1% of creators, while rewarding the users that contribute and support them with more social status, exclusive access, and popularity within the community,” said LitPic.
Another unique aspect of LitPic is they have created their own in-app currency called “Lits” that work across the site. Fans and supporters can purchase Lits and use them to support their favorite creators. In exchange, the supporters – or gifters, as LitPics calls them – get special ranking for showing their support.
For example, top supporters will get their comments ranked higher, they’ll be shown as a top gifter so they’ll have more of their own followers, and they might get “shout outs” from the creators. As creators are growing their fan bases, their followers are also being rewarding by becoming more popular.
Pay it forward
“Make money, not likes,” says the LitPic website. “Share your creative talent, make money, and earn social status by paying it forward to the community.
Another differentiating factor is that LitPic envisions a pay-it-forward culture where their creators will embrace diversity as well as support data privacy and consumer protections while providing unique content.
“We are excited to create a platform that brings together social networking, standardized monetization tools, and a creative camera to make cool content in an all-in-one solution,” said Maurice Yi, founder of LitPic. “We believe everyone should be able to monetize their work and be paid for their creativity while also rewarding the fans and supporters with attention and popularity.”
Roch also commented on the LitPic concept and vision.
“As a model and advocate for nearly two decades, over the years I’ve fought hard for better industry standards and more transparency. Ultimately though, putting power fully back into the hands of creators is the strongest solution. I’m so honored to be an advisor to LitPic and to help a new generation find a fun and safe way to monetize their content,” said Coco Rocha, LitPic advisor.
At launch, LitPic is only available for iOS, but Android users can visit the LitPic website to get on the waitlist. LitPic will give the top 10,000 creators on the list free Lits. LitPic said it does not allow pornographic content on the site.
Insider Take
There are so many new platforms for creators that it is almost dizzying to figure out who’s who and which platform is the best for different types of creators. Ultimately, it is up to creators to choose the model (e.g., TikTok, ClubHouse, LitPic, Substack, OnlyFans, Patreon, etc.), but one thing is for sure. There will be plenty of choices, and some of those platforms will be winners and others will be losers. There will likely be some key acquisitions by larger tech companies once top creator platforms emerge. The creator economy is booming, and LitPic wants to be a part of it.
