The Challenge is a joint effort between Creatd Labs and Creatd Studios, two of the Company's four key Pillars.
NEW YORK, Oct. 14, 2021 /PRNewswire/ -- Creatd, Inc. (Nasdaq CM: CRTD) ("Creatd" or the "Company"), the parent company of Vocal, has announced the launch of The Vocal+ Fiction Awards, the Company's highest-value Challenge to date. The Challenge is a joint effort between Creatd Labs and Creatd Studios, two of the Company's four key Pillars. Creatd Labs houses the Vocal platform and its other technology, while Creatd Studios focuses on production and publishing ventures that draw from Vocal-powered stories and communities.
Deviating from Vocal's traditional Challenge format, there is no prompt, genre, or theme that creators must adhere to in order to submit their stories for consideration. Instead, all eligible creators are invited to submit their original fiction stories, utilizing any themes or genres of their choosing. In this way, the Vocal+ Fiction Awards are designed to unleash the full creative power of Vocal's creators, by leveling the playing field and encouraging participation from across Vocal's highly diverse community of storytellers.
The Challenge will award $5,000 each to 25 selected winners. Additionally, the winners will receive the opportunity of inclusion in Creatd Studio's first ever book—a short story compilation featuring the winning Vocal+ Fiction Awards entries. The Company will share further details on Creatd Studios' publishing efforts in a later update, and currently anticipates the book release to occur in the spring of 2022.
Commented Justin Maury, Creatd's COO and co-founder, "This Challenge represents the largest value proposition to date offered to our creator community. With the exciting new features in our product roadmap and upcoming offers for freemium creators, we expect to see a significant ramp-up in Vocal+ adoption during the remainder of the year."
Commented Creatd co-CEO and founder, Jeremy Frommer, "In the first quarter of this year, we generated $319,000 of gross revenues from Vocal+ creator subscriptions. This was followed by $479,000 in gross subscription revenues generated for second quarter, and $620,000 for the recently ended third quarter."
Vocal, Creatd's flagship platform and creator community, operates on a freemium-to-premium model to drive Vocal+ conversions, and Creatd's subscription-based revenues. Vocal's freemium creators are able to create a Vocal account for free and utilize Vocal's core functionalities—including storytelling tools, moderation support, and community features—at no cost, or choose to upgrade to Vocal+ for access to premium features and increased economic opportunities. The Company expects its freemium-to-premium conversion rate to grow this quarter through a variety of planned efforts, including free trials of Vocal+ offered to key segments of Vocal's freemium creator base.
Continued Frommer, "For the fourth quarter, we are on track to generate between $800,000 and $1,000,000 in gross revenues from Vocal+ creator subscriptions alone. None of this would have been possible without reaching nearly 1.2 million freemium users, which has provided us the critical mass we needed to begin implementing increasingly innovative and repeatable strategies for continued Vocal+ expansion."
Creatd, Inc. (Nasdaq CM: CRTD) is a creator-first technology company and the parent company of the Vocal platform. Our mission is to empower creators, entrepreneurs, and brands through technology and partnership.
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