Membership platforms allow creators to crowdfund a monthly income, while campaigns on conventional reward crowdfunding portals aim to reach a specified funding target within a preset period. We study transaction-level data from Patreon, the biggest membership platform, to gain insights about behavioral patterns at this emerging type of crowdfunding. Our analysis shows that hundreds of creators crowdfund a sizable income (more than $2500 monthly). We also find that measures of communication quality are determinants of project success, in line with the related literature. Funding dynamics—pledges as well as deletions—are heterogeneous across campaigns. Our analysis suggests that the option to delete the monthly pledge to a creator at any time serves as a feedback mechanism. We conclude that crowdfunding a monthly income offers the creative class a viable alternative to advertising-based business models.

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众筹月收入：会员平台 Patreon 分析

会员平台允许创作者以月收入众筹，而传统奖励众筹门户网站上的活动旨在在预设时间内达到指定的资金目标。我们研究来自最大会员平台 Patreon 的交易级数据，以深入了解这种新兴众筹类型的行为模式。我们的分析表明，数百名创作者通过众筹获得了可观的收入（每月超过 2500 美元）。我们还发现，与相关文献一致，沟通质量的衡量标准是项目成功的决定因素。资金动态——承诺和删除——在不同的活动中是不同的。我们的分析表明，随时删除对创作者的每月承诺的选项可以作为一种反馈机制。