LitPic, The World’s First True Creator Economy with Fan-Driven Monetization, Raises Capital from Prolific Investors Giving Influencers the Tools to Monetize Their Social Following
LitPic’s Gifting and Subscriptions Creates Whole New Experience to Send Gifts to Creators, And to Allow Gifters to Earn “Social Status” by Contributing to Creators
LitPic, the world’s first social network for creator monetization through subscription, “Lits” gifting and tipping and brand sponsorships, announced it has raised $1.5M in venture capital from a prolific group of investors, including Fritz Lanman (CEO of ClassPass), Kal Vepuri (Brainchild), Adrian Aoun (founder of Forward), Michael Arrington via Arrington Capital (Founder of TechCrunch), Tod Sacerdoti, Andreas Penna, and Tribe Capital. Coca Rocha, Canadian fashion model and one of the first digital supermodels, has also signed on as one of the early backers and advisor to LitPic.
LitPic is solving a big problem as told to us by creators worldwide by creating the first true creator economy with fan-driven monetization. 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. Additionally, creators always keep 100% of their earnings.
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LitPic is the first in the industry to feature a form of in-app currency called “Lits” that works ubiquitously across the site through gifting and subscriptions, making it easy for gifters to purchase “Lits” in bulk and use them to support creators without friction. A first within the creator economy, LitPic shines a light on the gifters who are supporting creators, so they receive value in the form of comments ranking higher, more video views, showing up as the top gifter for more follows, shout outs from creators, and making it clear to the creator who their top supporters are that deserve their attention. Because the app is free and the monetization process is rewarding for users, creators don’t have to feel awkward about asking fans to join them on the platform.
LitPic’s vision is a pay-it-forward culture for creators worldwide that embraces diversity, data privacy, consumer protection, and great self-made or sponsored content instead of unwanted ads. According to a recent report, 86% of Gen Z and millennials surveyed would post sponsored content in exchange for money.
Through the LitPic app, users are empowered with superior in-app camera technology featuring an intuitive UI. Creators are enabled to be the star of their own show by making fun, engaging content that can earn them money through peer-to-peer payments, premium content subscriptions, and brand deals.
LitPic is designed as a social network with a simple yet powerful in-app camera and next generation editing technology. The camera will include over 1000+ filters that make creating incredibly awesome videos easier than ever before, even for beginners. It has four main pages that are only one swipe away at any time, including messaging, camera (photos/video), discover page, a profile page featuring your top video highlight reels, and subscription 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.”
“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.
“I am thrilled to invest in LitPic and help its founders achieve their mission of empowering influencers. Hundreds of billions of dollars in enterprise value has been created off the back of influencers yet to date they have not shared in that upside. Thanks to LitPic, that is about to change,” said Fritz Lanman, Investor in LitPic.
LitPic respects user privacy and does not need to share this data, as it does not have an ad-based model, but rather acts as a gifting and payment solution platform. LitPic acts to protect women, minors and acts as an inclusive environment for all creators to have fun while being safe. Litpic does not allow pornographic content.
LitPic is available for download now on iOS. Android users can get on the waiting list by visiting LitPic.Live. The top 10,000 creators on the list will receive free “Lits.”
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