Music Crowdfunding is a great way for a band or musician that is just starting out or is looking to significantly raise their profile and get notice to find their way. There is a lot of competition in this space, but many fans have fun telling all their friends, co-workers, and families to check out their latest find. And it can be fun for music lovers to browse crowdfunding for music sites within categories they enjoy. It can be rewarding to have a stake in the success of a musician or band that you respect and feel strongly about.
Music Crowdfunding usually falls into one of three categories:
- Helping bands get their start. This type of crowdfunding for music helps the band get the word out about their music and their performances, and may help them buy better equipment or recording time.
- Helping solo performers: Similar to the above, this type of music crowdfunding helps performers get some PR and also helps them create and distribute a demo tape. It is also possible that the investment will be used for training as well.
- Helping performances: Crowdfunding for music may also be used to help musicals pay production costs, advertise, and attract talent.
We want to present an introduction to crowdfunding for music that can help you decide whether you want to invest in this way, and can also help musicians decide how to make their pitch.
Crowdfunding for Music Sites
There are many crowdfunding for music sites where an individual artist or band can try to motivate fans to donate and have a stake in their success. Some are sites that only do music crowdfunding, while others are well-known crowdsourcing sites that have a music section. For example:
- Sell A Band may be the best known of the music crowdfunding sites. Based in Europe, Sell a Band has been able to raise millions for bands and musicians. The platform is used by a variety of groups who support bands and musicians, from their labels, sponsors and fans, and the artists themselves. This crowdfunding for musicians site gives a range of money you can raise, and has a revenue share option. As with most crowdfunding websites for music the site takes a cut, in this case 15%.
- As far as a US-based crowdfunding for music website, TuneFund may be the leader. Catering to artists themselves, this crowdfunding for music platform is only for artists that are US citizens. The cut is only 10%. The band of musician can upload up to three songs per crowdsourcing campaign, and links to outside sites are allowed.
- Another crowdfunding for music site is called ArtistShare. This site has received many awards and mentions, and can be a great choice for a variety of musical crowdsourcing needs.
- Larger websites such as Kickstarter and Indiegogo also have music categories, and even though they are large general crowdfunding sites they still do a nice job with their music crowdfunding campaigns
Crowdfunding for Music Investors
Crowdfunding for music may be an easy choice for some investors. You may want to know more about a certain type of music, a certain performer, or a production, and providing crowdfunding will get you the insider information you will enjoy. You may be a musician yourself, or otherwise just want to be helpful to an aspiring musician or group. Whatever you reason there are four basic tenets of investing in music crowdfunding:
1. Dive in after you do your homework. Do not hesitate even if you make that first investment relatively small. There is a lot to be gained and investing in crowdfunding for music can be so rewarding that you may regret waiting. IN particular, if you were a musician yourself and somebody helped you out you know how valuable that is and you will feel good about giving back to the system that helped you when you can afford to do so. Crowdfunding for music needs people who are motivated investors as the number of people looking for this type of peer-to-peer funding increases.
2. Provide support and encouragement to the musician or group you provided funding to. One of the great things about crowdfunding for music as opposed to traditional funding by banks, is that there can be more of a genuine connection between the funder and the person receiving the funding. In this case that feedback can help keep them motivated and can provide genuine help so that they can refine their craft.
Indiegogo is probably the best known crowdfunding for music websites.
Music Crowdfunding Applicants
Resolve to do even better in giving your crowdfunding funders information or perks. Make sure they stay motivated and interested in your project not only because you may have to at some point go back to them for more funding, but also because they may have more patience with you if you experience any challenges.
If you are successful, make sure to spread the world about crowdfunding for music in a well-rounded and unbiased way. Tell people about what crowdfunding did for you. The more people get interested in music crowdfunding, the more vibrant this area will be.
Music Crowdfunding Types
There are of course many types of music crowdfunding, for example:
- Individual musicians may look for music crowdfunding to further their training, get noticed, or obtain a specific position. Other reasons that an individual musician might look for crowdfunding for music is for travel expenses to get heard in a variety of venues, and funding to record or publish their music. This, of course, is also true of individual singers.
- Bands are well-known users of crowdfunding for music sites. Bands also need expenses paid for everything from recording and publishing their music to traveling. They often also want to upgrade their equipment. Of course an important effect of their crowdfunding campaign is also having people hear their music on the site and hopefully become fans.
- Musicals often turn to music crowdfunding for production costs and also all of the costs listed above. It can be very expensive to produce a musical and find a venue, so crowdfunding for music can be quite important.
These are the major ways music crowdfunding is used, and it can be fun for a music lover to look into her or his niche and listen to some up-and-coming talent online. It can also lead to various insider perks – since so many crowdfunding for music campaigns do not lead to any payback or real forms of equity, musicians offer everything from free tickets and recordings, to first glimpses of their latest projects. Things like tee shirts and stickers may be given, and perhaps an insider diary might be published.
If you are a musician looking for some financial support and to expand (or create) your fan base, or a music lover looking to hear the newest musicians before they are well-known, crowdfunding for music may be just the thing! let us know your experience with music crowdfunding below.