Some more details.
http://www.publishersweekly.com/pw/b...d-revenue.html
Quote:
the new program will feature “interstitial” advertising between chapters of works posted on Wattpad. Gardner said the program, which will initially run video ads, will eventually include display ads as well. The ads will be placed every few chapters and will also appear every 30 minutes during a reading session.
According to Gardner, about 100 writers invited to be part of a beta test earned nearly a $1,000 a month through the program. Some, she noted, earned nearly $2,000 a
month
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Quote:
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While Wattpad Futures will be invite-only for writers at its launch, Gardner emphasized that the program will use criteria beyond an author's popularity on the site. She said that the genre and subject matter an author writes in will be important but, ultimately, more writers will be recruited for Wattpad Futures than previous programs.
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If I'm running Wattpad, the first thing I would do after this move is allow for Patreon integration for the top authors.
As the second thing, I would buy the English rights to popular Chinese and Korean web novels. They shouldn't be that expensive.
Hire translators to translate them to English.
With this move, Wattpad will now have a large and popular fantasy catalog.
Wuxiaworld fan translation of about 15 Chinese web novels now have a monthly unique of 2 millions readers. Wuxiaworld hits the billion page views about 18 months since its founding.
Wattpad has the potential to be so big that in 10 years time, a talented author first choice isn't with the Big Publisher or self-publishing through Kindle but Wattpad.
This is happening in China right now where for many talented authors, web novel is their first choice since that is where the money and readers are at.