It was interesting to see this article mentions Amanda Palmer; I recognized her name from her TED Talk. She apparently set a record in 2012 for crowdfunding after raising $1,192,793. This isn't surprising, after hearing her speak of her passion for giving back to her fans. It's only natural they'd want to help her. That's why it is so important to connect with your fans on a personal level, instead of keeping them at a distance.
Crowdfunding campaigns can take quite different forms depending on the project, the people and even the platform involved. Yet there are also similarities across the board that can be taken into account when planning your music crowdfunding campaign.
This article is from the same websites that one of my others "scoops" is from. It seems like a fairly reliable source, and is more of a general guideline for how to set up a crowdfunding camgaign.
It's important for anyone thinking of using crowdfunding to know how much work actually goes into it. You don't just ask for this money and expect it to come rolling in. You have to have an effective business plan and, most often, rewards for "investors". You need to spread the word, or "market", your idea and reach out to new people through networking.
Crowdfunding is still relatively new but already many myths are in place. Indiegogo recently created "Ten Myths of Crowdfunding," a free download addressing major misconceptions related to crowdfunding as a whole. However at least two aren't really myths as you'll see from my music crowdfunding-focused discussion of their ten items.
As I've mentioned before, Indiegogo regularly produces great crowdfunding resources relevant to music crowdfunding.
Their free download, "Ten Myths of Crowdfunding," is the most recent I've encountered and it's well worth downloading for their extended discussion.
And, remember, don't let criticisms of music crowdfunding stand in your way.
This article goes over the most commonly heard and believed myths of music crowdfunding, but he also corrects them and gives tips on how to properly crowdfund, or where to find this information, and the benefits. One great point the author makes is that even if you don't reach your goal, crowdfunding is a great way to connect more deeply with your fans and even network and expand that fanbase; it's not all about the money.
This source seems fairly reliable to me. The author's name is given, and the website seems like an informational one. The only thing I'm not sure of is when the article was written, but it doesn't seem to old based on the context.
I added this to my list of scoops because crowdfunding is becoming a major part of the music industry. Many musicians and bands ask for support from their fans, and some offer rewards for a monthly fee, or something to that effect. And many music lovers are more than happy to help out their favorite performers.
I added this scoop because it presents an interesting idea concerning crowdfunding.
A DIY music business model is one that goes through a cycle of Crowdfund-Record-Release-Promote-Repeat. The indie artist interviewed in this article tried using this model, and had no debt after independently releasing her album. She is trying to repeat her last success with her next album.
Independent musicians could become much more successful if this business model works out.
Amanda Zelina is a self-described “Antique hunter/Artist/Writer/Avid vinyl collector” but she’s best known by musical alias, The Coppertone, and has launched a new campaign via crowdfunding platform Indiegogo to ‘Help Free The Coppertone’ from her current recording contract by raising the necessary funds to buy back her catalogue from her former record label so that she can forge ahead and release new music.
I think this is an incredible article that shows what musicians can do with crowdfunding. In order to buy back the rights to her songs and herself as a musician, a Canadian artist decided to use crowdfunding by offering things to her fans like skype sessions, hand-made guitars, hand-written lyrics, behind-the-scenes photos from the studio, etc. This is a great way for musicians to reach their goals, as most music lovers are more than happy to help their favorite bands and see a part of their world. Music lovers are notoriously obsessive.
I added this to my collection of scoops to give an example of successful crowdfunding in music (she hasn't reached her goal yet, but she's well on her way, and doing a great job of offering unique gifts to her fans).
New York Times Trepidation and Restrictions Leave Crowdfunding Rules Weak New York Times Crowdfunding is becoming a reality, but the question is whether it will thrive or become largely a vehicle for fraud.
Aubrey Van Assche's insight:
Crowdfunding is the idea of simply asking for investments from anyone willing to support your cause in order to fund a company or event's startup. Restrictions on crowdfunding have recently become more lenient, and the S.E.C. is less involved with these methods of startup.
It's very important for anyone thinking of using crowdfunding (musicians do this a lot) to know these things.
-This is a major step in terms of freedom (that can always go wrong in America, since the people of this country seem to need restriction or they go into anarchy, but in general more freedom is a good thing). The American people voted on these acts and took a step towards less supervision and more opportunities.
-This makes it much easier for new ideas and businesses to gain attention and funding; it could be the start of a new way of doing business.
-Small businesses should thrive under these laws.
-Fraud is always a factor to consider whenever financial laws give more freedom. The S.E.C.'s limit before they start looking into these businesses for possibly being fraudulent is $100,000-- anything under that (and most company's would probably remain under that limit) isn't on their radar.
-Not all these crowdfunded ideas/businesses will be successful; since there will be more than ever before under these new restrictions, there will be more bad investments floating around in cyberspace (but that all comes down to the investor calculating their own risk).
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