Rather than funding projects, Patreon's model focuses on the creators. Pledges represent an ongoing sponsorship and are paid either based on pre-defined units of work, or as a fixed monthly donation.
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Pro Great for influencers with unique contributions
Rewards artists developing unique content very well. No other platforms compare as of now.
Pro Low risk to patrons
Campaigns are ongoing and funded based on observable work, so the potential patron doesn't have to worry about the project dying after payments are collected.
Pro Projects can change and adapt over time
Without the advance payment of a large lump sum of donations, creators are free from the associated commitment to the specific goals those donations were based on. This also reduces the need for exhaustive time and budget estimates, which can be daunting for new and inexperienced developers.
Pro No need for reward schemes
The deliverable is the reward; so you can focus all your attention on developing an awesome game, rather than posting and packaging.
Con Unproven model for game funding
Patreon is one of the newest crowdfunding sites, and its unique model makes comparison to other sites difficult. As of August 2014, no high-profile developers have chosen Patreon for funding.
Con Difficult to make long-term projections
Because patrons can pull out at any time, you can't necessarily rely on a certain rate of pledges even if you maintain consistent work.
Con Potentially inappropriate for commercial products
Patreon's structure and culture assume free distribution of the creators' output. Collecting secondary revenue (e.g. unit sales, in-game ads) is not strictly prohibited, but may be seen as a violation of trust if not handled carefully.