Creatd Launches Its Biggest Ever Challenge, Expected to Drive Vocal+ Membership Growth
- The Vocal+ Fiction Awards is a members-only Challenge featuring a $125K cash prize pool, with $5K awarded to each of the 25 grand prize winners.
- Winners will also be featured in Vocal's first-ever book, a short story fiction anthology expected to be published via Creatd Studios in the spring of 2022.
- Challenge represents a collaboration between Creatd' 'Labs' and 'Studios' 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."
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: [email protected]
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.
SOURCE Creatd, Inc.
![](https://rt.prnewswire.com/rt.gif?NewsItemId=NY39771&Transmission_Id=202110140830PR_NEWS_USPR_____NY39771&DateId=20211014)
Share this article