"Wattpad’s 65 million active users (most of them women under 30) spend 383 million hours a month on its site and its mobile apps, reading pieces like “Brave,”a yarn about the Harry Potter character Neville Longbottom, and “Taking Selfies and Overthrowing the Patriarchy With Kim Kardashian.” Wattpad has more than 4 million writers, who post an average of 300,000 pieces a day.
Since Wattpad doesn’t own the rights to the stories on its site, it’s morphing into a talent agency for its authors, cutting out the famously fragmented and high-touch world of literary agents. By bypassing the middle man, Wattpad can funnel the most popular pieces directly to book publishers and TV and movie studios while taking a cut of the authors’ deals.
Wattpad has put together more than 100 book deals for its authors over the past four years (not including foreign rights deals), likely collecting the typical 15% commission of a literary agent."
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