Nicole LaPorte writes in Fast Company about ‘How A Toronto-Based Storytelling App Is Becoming A Hollywood Idea Factory‘.

That app is Wattpad, a creative writing social media space.

With 45 million monthly users, Hollywood has marketed numerous films and television shows on the platform.

“But now Wattpad wants to more than just help Hollywood market its wares, it wants to help create those wares. Emboldened by the success of Wattpad author Anna Todd, whose serialized story After (over 1.3 billion reads and more than 6 million comments) was optioned in 2014 by Paramount and is being developed into a feature film (it has also been published as a book by Simon & Schuster), Wattpad has created Wattpad Studios, an in-house production company of sorts that will help identify the next Todd’s and partner them with movie studios and TV and digital networks. The hope is to churn out Wattpad-inspired entertainment.”

Wattpad can do that because they have their finger on the pulse of the community.

“Wattpad’s 2 million writers are different from print authors for a variety of reasons. They publish their stories on the fly, posting chapters as soon as they finish them, rather than going through an editing and publishing process that can take months, even years. They also have a very active relationship with their fans which gives them a unique power that studios and networks can use for their own benefit as they’re developing a Wattpad project.”

Moreover, they’ve already succeeded in doing this in the Philippines with a TV series called Wattpad Presents.

As quoted on Mashable, Aron Levitz, head of Wattpad Studios, points out:

“We have a distinct advantage over other social networks who trade in images or talent. We trade in the atomic unit of the entertainment and publishing industry: Stories.”

My take: I find it interesting that a social media platform seeks to intermediate between a creator and an industry, presumably for a cut of the deal. True, they created the platform allowing writers to create for and communicate directly with their audiences. Is this just another way of saying talent is always rewarded? Is this truly a new economic model, or is it just using the crowd to read the slush pile? I want it to be the former but until the money starts flowing in a new way, I think it’s the latter.