In this article, we will cover some of the pros and cons of using Crowdfunding to help musicians.
Crowdfunding has been proven to be a great way for artists to get funding for their pieces of work, and music is no exception. Crowdfunding can be a great way to get the necessary funding and gain a cult following for your music.
This method is not new, many artists like to take the independent route, which can be harder in some aspects, and easier in others. Now, crowdfunding technologies make it easier than ever for independent artists to raise funding for their albums, songs, music videos, tours, and more. All you have to do is run a crowdfunding campaign. To run a campaign, however, is not easy. There are many factors to consider.
What platform should you use?
There are several crowdfunding platforms that you can use to host your campaign. The most popular are Kickstarter, Indiegogo, and GoFundMe. Kickstarter has been created for artists and creatives alike. It is one of the first platforms designed for creative types.
It’s best to know what you can accomplish with crowdfunding, and the risks that are involved with it. Many campaign creators believe that there’s not much to risk. This can really depend on the type of campaign you’re running and how much you end up getting in the process. Let’s take a further look into some of the risks when it comes to crowdfunding.
The Cons
Crowdfunding isn’t easy. It takes a lot of work and preparation. You will need to do research in order to figure out how to gain the backers for your campaign, and the preparation could be months in advance.
There’s also no guarantee for success. When you are hosting a campaign on the platforms mentioned above, they typically use a funding model called All or Nothing. This means that you will receive the funds as a campaign creator if the funding goal has been reached before the campaign’s end date. In theory, if you are running such a campaign on a platform like Kickstarter or Indiegogo, which provides this funding mode, you could invest all of your time and money into this crowdfunding venture without receiving anything back which could be a real disappointment.
There is also another funding mode if you don’t want to risk losing funds. It’s the Keep it All funding mode. This might be more appropriate for your situation if you need to keep your general funds.
Keeping that in mind, you will notice that the All or Nothing funding mode will usually perform better. This is because the backers have less liability on their end. So if you need a certain amount of tickets sold or something of this nature, they will only be charged if the campaign reaches the funding goal.
Crowdfunding is not free either. It may actually cost money in order to run a successful campaign. There is typically marketing that is associated with the campaign to run ads, make a promotional video, images, etc. These are all costs associated with creating a campaign. If you’re not willing to spend the money, then crowdfunding might not be the solution for you. Not to mention that most crowdfunding platforms charge a transaction fee for all donations made.
As you can see, there are some risks involved, but the payout can be worth it! What are some other options if you want to run a crowdfunding campaign?
Alternative options for running a campaign
If you plan on running a crowdfunding campaign, you should know that there are several options. First, you can choose between the different popular crowdfunding platforms. There is a large selection of different crowdfunding platforms that you can likely use for the type of camping that you would want to run. But what if you do not want to use a platform? What if you want to create a fully independent, self-hosted crowdfunding campaign? This is possible using the sedra widget. If you try a self-hosted crowdfunding campaign, you would be able to copy/paste a small snippet of HTML code onto any new or existing website in order to host the campaign there. This can help with being fully independent without any platform overseeing the campaign.