Courtesy of Patreon

An art industry startup is doing what many media companies believe is impossible: Attracting consumers who want to pay for content. Patreon, which lets artists charge fees for their work, today announced that it has raised $60 million in a new funding round led by Thrive Capital.

How it works: Borrowing from the idea of patronage, Patreon's creators can collect membership fees from their fans (or patrons) in exchange for access to exclusive art or content. This year, the company will pay out $150 million in earnings to its 50,000 creators.

Why it matters: "I think we're seeing a shift in the entire ecosystem where people are realizing that they're sick of clickbait," Carlos Cabrera, Patreon's VP of data science and operations, told Axios. "The current systems are really bad at promoting great stuff."

  • Patreon co-founder and CEO Jack Conte is intimately acquainted with the challenges artists face—he's a musician himself, performing as one half of music duo Pomplamoose.
  • And yet, changing consumers' mindset is still a big challenge for Patreon, said Cabrera.

Deal details: Index Ventures, CRV, Freestyle, and DFJ are also participating in the round, which brings Patreon's total funding to $100 million. Last week, TechCrunch reported that Patreon is raising funding at a $450 million valuation, although Axios is told that this isn't accurate.

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Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 12 a.m. ET: 33,282,969 — Total deaths: 1,000,867 — Total recoveries: 23,066,203Map.
  2. U.S.: Total confirmed cases as of 12 a.m. ET: 7,148,009 — Total deaths: 205,069 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Business: Companies are still holding back earnings guidance.
  4. Health: Trump announces plan to distribute 150 million rapid tests —The childless vaccine.
  5. Media: Fauci: Some of what Fox News reports about COVID-19 is "outlandish"
  6. States: Cuomo extends New York moratorium on evictions until 2021.
  7. World: More than 1 million people have now died from coronavirus — India the second country after U.S. to hit 6 million cases.

Bob Woodward: "I was not going to hide" my opinion on Trump

Bob Woodward didn't want to join Senate Republicans in privately condemning President Trump but declining to do so publicly, he told Jonathan Swan in an interview for "Axios on HBO."

Why it matters: Woodward has covered 9 presidents, but Trump is the first that Woodward explicitly described as "the wrong man for the job."

Watch the full Jonathan Swan interview with Bob Woodward

In the latest episode of "Axios on HBO," Jonathan Swan interviews Bob Woodward about his new book, "Rage," which was based on 19 interviews with President Trump.