There has been so much press around crowdfunding (also called fanfunding) lately that they’re practically buzzwords. Whether it was Amanda Palmer becoming the first musician to raise over a million dollars via the crowdsourcing platform Kickstarter, or the news that Ben Folds Five was using PledgeMusic to fund the band’s first album in 13 years, crowdfunding is happening in a big way right now.
Although raising a cool mil may be a bit of a rarity, it’s not just big names who are getting funded. More than 7,000 music projects have been successfully funded on Kickstarter, with over 600,000 people pledging over $42 million to Kickstarter music projects specifically. And over half of music projects reach their goals (versus 44% of all projects). So there’s hope!
Given the competition, one thing that can help you stand out amongst the other hopeful fundees out there is to offer cool and creative incentives to your funders. In a crowded space, being unique can help ensure you’re part of the fifty percent.