Patreon, a nearly 10-year-old startup, became a pandemic success story when lockdowns left artists dependent on online sources for income. But its newfound stature and freshly minted, $4 billion valuation, masked years of mismanagement by founder and CEO Jack Conte and his inner circle, my colleague Paris reported Tuesday.
The report covers a lot of ground: settlements with three female employees who alleged gender discrimination; a plan to allow some senior executives to sell their shares at a higher price than other employees; overblown budgets hastily rejiggered during a company offsite to Angel Island. It also provides a glimpse into how Patreon, which largely generates revenue from taking a cut of all payments its creators receive, primarily through subscriptions, has been doing since the return to in-person activities has reduced demand for online entertainment.
