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Entries in Fan Funding (5)

Tuesday
Mar262013

A Musicianʼs Mini-Guide to Crowdfunding - What Platform Is Right For You?

This article previously appeared on the Presskit.to Blog.

Written by Jem Bahaijoub

2012 was the year crowdfunding went mainstream. The success of Amanda Palmerʼs Kickstarter campaign threw the alternative fanfunding model into the limelight, and now most musicians are turning to their fans and friends for financial support pre-release. But what is the best crowdfunding platform for you? What are the advantages and disadvantages of each platform? Hereʼs a helpful chart outlining the key features of four of the top crowdfunding platforms out there.

Click to read more ...

Wednesday
Nov282012

5 Kickstarter Killers Your Band Should Avoid Like the Plague

Great news!  According to Kickstarter, 54% of all music Kickstarter campaigns are successful.  The bad news is that 46% FAIL. How can you avoid these terrible odds?

Over at the Launch and Release blog we’ve interviewed over 60 bands who’ve launched Kickstarter campaigns to help us collect and analyze data that we’ll be releasing in the coming months.

I’ve also launched multiple pre-order campaigns prior to Kickstarter opening it’s doors and I’ve launched multiple successful Kickstarter campaigns in the last two years for my two bands.

Click to read more ...

Wednesday
May022012

Basic Marketing Principles For Artists - Part 3 of 3: Increase the Amount of Money That You Charge

Welcome to the final segment of a 3 part series that was inspired by a mastermind program I participated in with Ali Brown who is my mentor in the world of online marketing.

Here’s the recap of what we’ve gone over thus far…

There are three ways to increase your income:

Part 1. Increase your number of clients (fans).

Part 2. Increase the frequency of purchase, how often your fans buy from you. (and you’d better have more than just music to sell).

Part 3. Increase the amount of money that you charge…

Increasing the amount of money you charge poses a problem if all you have to sell is music because music is now widely available for free, and people have proven that they are not willing to pay a premium for music.

However, fans will pay plenty of money for experiences, like a great concert or a chance to be a contribution to an artist, a special memento, or wonderful merchandise that really resonates with your fans.

Click to read more ...

Thursday
Dec162010

Microfunding Is The Future of Labels! (...But Kickstarter Is The Wrong Model For Bands)

By now we’ve all at least heard about Kickstarter. Many of us have helped to fund projects. I’ve supported 5 or 6 myself. The best I can discern is that Kickstarter projects follow one of thee models. The explanations are a bit long, but I hope to tie this back into music and into why I believe the Kickstarter models are mostly not the correct models for funding recordings, but are great models for other types of projects.

Additionally, if I ran Kickstarter, I’d disallow projects that did not meet a stricter set of guidelines because I believe that many projects that are on the site actually damage the Kickstarter brand and the entire concept of microfunding. I end this post with a proposal for a new fan-investment label model that I believe is viable, won’t burn out fan interest in investment, and inherently creates a dedicated “street-team” to help bands promote their work. Let’s start with my taxonomic breakdown of Kickstarter models:

Model 1 - Donation / Support

These projects are designed to produce art, ideas, operations, movements, or objects that supporters want the world to have. These notions (I’ve decided to use the term “notion” to describe everything in this category) are not really owned by any of the supporters and the supporters’ only reward is that they get to know in their warm, fuzzy hearts, that they helped make an otherwise impossible notion come into being.

Click to read more ...

Tuesday
Nov022010

An Argument Against Fan Funding

Anyone can make a record for next to nothing these days. Almost any other hobby is more expensive: photography, mountain biking, even video gaming. When a teenager singing into a webcam gets exponentially more views on YouTube than your latest “professional” video, the answer isn’t more money.

You’re just not there yet.

(hey, don’t feel bad - I’m not either)

Tracking at Abbey Road Studios won’t get you there. Hiring T-Bone Burnett to mix your album won’t get you there. A full-day mastering session with Bob Ludwig won’t get you there. 10,000 pressed CDs with 18-page inserts won’t get you there. A $5,000 promotion budget won’t get you there either.

No matter how much money you throw at your project, we’re all limited by a stubborn principle called free market pricing. People are only willing to pay what a product is worth to them, not what it costs to produce. The intrinsic value of music is in free fall, and people won’t pay for it if they’re just not that into you.

So why are musicians flocking to fan funding (also known as “crowdfunding”) sites like Kickstarter, Sellaband, Slicethepie, PledgeMusic, and artistShare in droves?

My guess is that they figure “why not give it a shot”? Well, I’ll tell you why not, and offer a better option.

Click to read more ...