Author Topic: Crowdfunding - what do you think?  (Read 5394 times)

Chrissey_TGE

  • Head of ficticious content
  • Administrator
  • *****
  • Posts: 81
  • The Eternal Optimist Rises
    • View Profile
Crowdfunding - what do you think?
« on: November 30, 2012, 03:08:11 pm »
Crowdfunding is the big thing at the moment.

We successfully used Kickstarter to raise funds for our first fiction anthology and it seemed to work out pretty well. http://www.kickstarter.com/projects/thegreatesc/great-escapes-volume-1-0

What are your opinions on crowdfunding? Would you use it for one of your own projects? Would you back a project on a crowdfunding site?

We'd also love to hear if you have any questions about the Kickstarter we ran, how we managed it and what we learned.

Maidenscombe

  • Full Member
  • ***
  • Posts: 197
    • View Profile
    • Email
Re: Crowdfunding - what do you think?
« Reply #1 on: November 30, 2012, 11:33:20 pm »
I was wondering what the cost of printing the book is, with regard to getting backers so that the book can be made without the need for a Crowdfunding project. Another way of doing that would be to have a separate 'donations' place, then anyone could donate some money for the book to be made.

With the Crowdfunding project, several rewards are offered. The problem with that is, when you do the next book the rewards will need to be as good or better. That, I think, could be a financial burden eventually. 

Scarecrow

  • Global Moderator
  • *****
  • Posts: 77
    • View Profile
Re: Crowdfunding - what do you think?
« Reply #2 on: December 01, 2012, 03:09:53 pm »
I was wondering what the cost of printing the book is, with regard to getting backers so that the book can be made without the need for a Crowdfunding project. Another way of doing that would be to have a separate 'donations' place, then anyone could donate some money for the book to be made.

With the Crowdfunding project, several rewards are offered. The problem with that is, when you do the next book the rewards will need to be as good or better. That, I think, could be a financial burden eventually.


It should not be a financial burden as all the costs can be covered by the pledges. The final goal amount is set straight away to reflect what is needed to cover all financial burdens. Therefore, if you hit the goal amount, everything will be covered. It's much more organised and reliable than general donations, I'd suggest.


 - Scarecrow

mysticjim

  • Jr. Member
  • **
  • Posts: 75
    • View Profile
    • Email
Re: Crowdfunding - what do you think?
« Reply #3 on: December 01, 2012, 09:16:30 pm »
As a financing model its not as new a concept as most people think - the process of getting money pledged in advance has been in operation for a while, I first came across the concept when i watched an interview with band, Marillion, about five years back.  They said that some years previously, being past their commercial zenith and finding themselves without a record label, they decided to poll their fanclub members to pledge small amounts of money to help fund a new album - it worked out and as far as I know, they've funded all their albums since this way.  The advantage they had though was an existing fanbase built up over decades and a lot of commercial success in their past.

Modern crowdfunding, Kickstarter campaigns in particular, seem a bit hit and miss.  I'm seeing lots of projects involving remakes of classic computer games getting their funding, again because they have a following, but for a previously unknown project, like an indie movie or something, I guess it depends how good you are at networking out to your potential audience.

With that in might, I'm very impressed how well the The Great Escape project went, okay - it wasn't a huge sum of money in real terms, but it still takes work to get the numbers. 


Scarecrow

  • Global Moderator
  • *****
  • Posts: 77
    • View Profile
Re: Crowdfunding - what do you think?
« Reply #4 on: December 04, 2012, 04:28:47 pm »
As a financing model its not as new a concept as most people think - the process of getting money pledged in advance has been in operation for a while, I first came across the concept when i watched an interview with band, Marillion, about five years back.  They said that some years previously, being past their commercial zenith and finding themselves without a record label, they decided to poll their fanclub members to pledge small amounts of money to help fund a new album - it worked out and as far as I know, they've funded all their albums since this way.  The advantage they had though was an existing fanbase built up over decades and a lot of commercial success in their past.

This is very true, but was certainly less common than what we're seeing emerging now and as you say, the existing fanbase was a key factor.

Quote
Modern crowdfunding, Kickstarter campaigns in particular, seem a bit hit and miss.  I'm seeing lots of projects involving remakes of classic computer games getting their funding, again because they have a following, but for a previously unknown project, like an indie movie or something, I guess it depends how good you are at networking out to your potential audience.

With that in might, I'm very impressed how well the The Great Escape project went, okay - it wasn't a huge sum of money in real terms, but it still takes work to get the numbers.

I believe the success rate is 48%. Which, really, is *huge* when you consider the number of projects on there. Your very much on the money though, it's all about finding an audience. It's hard to gather which is why we're going to have to a put a lot in for our first 'major' kickstarter project to come.



 - Scarecrow

Maidenscombe

  • Full Member
  • ***
  • Posts: 197
    • View Profile
    • Email
Re: Crowdfunding - what do you think?
« Reply #5 on: December 04, 2012, 11:43:23 pm »
Crowdfunding is, and always has been a good way to raise money for a project. The folks at Kickstarter are just jumping on the proverbial bandwagon.
What was, "get your mates to tell their mates", or putting an ad in the newspaper became centralised, that's all. And probably in some ruddy great big office block in New York.
The success rate is only dependant on what projects are done, for arguements sake should the next 50,000 projects need 300 quid or euros or dollars, the chances are that 48% will become 90%, but if the next 50,000 projects are raising funds for a film costing $15m chances are the % rate will be 15% success rate.

Let's just suppose that the web series was to become a film, how would you promote it?
Try having a look at the site for Repo The Genetic Opera and The Devil's Carnival. There should be some good ideas there.
Or you could consider the advertising campaign for the film The Blair Witch Project.