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Patreon raises $90 million as the pandemic drives artists to it

Illustration: Aïda Amer/Axios

Patreon, which lets artists get paid directly by fans for content subscriptions, has raised $90 million in new funding at a valuation of $1.2 billion. The investment round is led by New Enterprise Associates and Wellington, with Lone Pine, Glade Brook Capital, Thrive Capital, DFJ Growth, and Index Venture also participating.

Why it matters: With the pandemic shuttering traditional performance venues, eliminating live events and slowing the broader economy, creative workers of all stripes — musicians, writers, actors and more — are seeking alternative sources of revenue.

Go deeper

Fadel Allassan
53 mins ago - World

Blinken says he hasn't seen evidence Hamas was in AP building Israel struck

Smoke rises after sraeli forces destroyed building in Gaza City where Al-Jazeera and Associated Press had their offices. Photo: Mustafa Hassona/Anadolu Agency via Getty Images

U.S. Secretary of State Antony Blinken said Monday he had not seen evidence that Hamas was operating in a building that housed offices for Al Jazeera, the AP and other media in the Gaza Strip, as the Israeli government has claimed, AP reports.

Why it matters: Israel has said the presence of a Hamas military intelligence office justified an airstrike that destroyed the 12-story building on Saturday. Israeli Prime Minister Benjamin Netanyahu told CBS News' "Face the Nation" Sunday that Israeli intelligence had shared proof with the U.S.

Go deeper (1 min. read)Arrow
Sara Fischer, author of Media Trends
2 hours ago - Economy & Business

AT&T spins off WarnerMedia, forming new media behemoth with Discovery

Illustration: Annelise Capossela/Axios

AT&T and Discovery have agreed to create a joint venture that would house WarnerMedia’s premium entertainment, sports and news assets with Discovery's nonfiction and international entertainment and sports businesses, the companies announced Monday.

Why it matters: It's a major course correction by AT&T. The deal essentially confirms shareholder fears that the company's $85 billion merger with Time Warner three years ago was not fully baked.

Go deeper (2 min. read)Arrow
Orion Rummler
2 hours ago - Health

Child tax credits from COVID relief plan to begin arriving July 15

Biden arrives in the Rose Garden on May 13. Photo: Alex Wong/Getty Images

The expanded monthly child tax credit introduced in President Biden's $1.9 trillion COVID relief package will begin arriving in parents' bank accounts on July 15, the White House said Monday.

Why it matters: The credit, part of the administration's plan to transform the country's social safety net in the wake of the pandemic, would provide families with $300 monthly cash payments per child up to age 5 and $250 for children ages 6–17.

Go deeper (<1 min. read)Arrow