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."
About Creatd
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.
For news and updates, subscribe to Creatd's newsletter:
https://creatd.com/newsletter
Investor Relations Contact: ir@creatd.com
Forward-Looking Statements
Any statements that are not historical facts and that express,
or involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance (often, but
not always, indicated through the use of words or phrases such as
"will likely result," "are expected to," "will continue," "is
anticipated," "estimated," "intends," "plans," "believes" and
"projects") may be forward-looking and may involve estimates and
uncertainties which could cause actual results to differ materially
from those expressed in the forward-looking statements. We caution
that the factors described herein could cause actual results to
differ materially from those expressed in any forward-looking
statements we make and that investors should not place undue
reliance on any such forward-looking statements. Further, any
forward-looking statement speaks only as of the date on which such
statement is made, and we undertake no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of anticipated or unanticipated events or circumstances.
New factors emerge from time to time, and it is not possible for us
to predict all of such factors. Further, we cannot assess the
impact of each such factor on our results of operations or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements. This press release is qualified in its
entirety by the cautionary statements and risk factor disclosure
contained in our Securities and Exchange Commission filings.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/creatd-launches-its-biggest-ever-challenge-expected-to-drive-vocal-membership-growth-301400181.html
SOURCE Creatd, Inc.