CROWDFUNDING: Brother, can you spare - funding for my new movie project?
By Catholic Online (NEWS CONSORTIUM)
1/26/2014 (3 years ago)
Catholic Online (www.catholic.org)
You have an artistic project that you've always wanted to make, but it's going to take money? Your play, movie, CD or book project will need the funds that you don't have. What to do? Get a loan? Look for a benefactor? How about . asking hundreds, thousands of people on the Internet to chip in, starting at $20 a pop? It's becoming more popular these days - dubbed "crowdfunding," many new and interesting things are being financed through sites such as Kickstarter.
Crowdfunding sites usually reward donors with a sense of self-satisfaction, while the Web sites take around a five percent cut.
LOS ANGELES, CA (Catholic Online) - Zach Braff, the director of the hit indie comedy "Garden State," has turned to the Kickstarter site to fund his new project. Braff is asking for $3.1 million for his new film "Wish I Was Here."
In a related story, the Jamaican bobsled team raised more than $180,000 in donations, including $54,000 from Indiegogo, another crowdfunding site.
What are supposed major talents doing asking for money from those outside of their fields?
Crowdfunding sites usually reward donors with a sense of self-satisfaction, while the Web sites take around a five percent cut. In spite of being little more than asking for handouts - albeit virtually, and online - people are responding positively to such fundraisers.
"Crowdfunding is growing very rapidly," Ethan Mollick, an assistant professor of management at the Wharton School at the University of Pennsylvania, says. The amount spent on crowdfunding projects exploded by 81 percent from the year before to $2.7 billion in 2012. The total for 2013 is expected to be around $5.1 billion, with no end to the growth in sight.
While Kickstarter is by far the industry leader in crowdfunding sites, followed by Indiegogo, there are plenty of niche sites out there as well, such as appbackr for apps, crowdrise for charities and even offbeater for "adult" projects.
It must be noted that most projects don't reach their fundraising goals. Kickstarter currently lists 55,370 successfully funded projects, compared to 71,664 that didn't make it. The catch: If the sites fail to reach their funding goals -- donors don't have to pay up.
However -- when projects DO succeed and backers don't get their rewards, the winter of our discontent begins. Overall, 75 percent of fundraisers are late delivering rewards, although the ones that fail to deliver altogether is less than one percent, mostly because the crowd ends up policing projects that look fishy.
Many see this as their way of supporting the arts. "It's not an investment. I'm supporting a creative endeavor," Michelle Jones from Louisville, Kentucky says. "If you are a Kickstarter supporter, and you view it as an investment, then you are probably going to be disappointed."
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