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Thanks to many websites, artists can now directly raise funds from people in order to help them to develop their projects (albums production, music videos, tours). The U.S. website Kickstarter is the most emblematic. However, many crowdfunding campaigns fail, either during the fundraising campaign, or at the end of this one, during the project's implementation. In this workshop, we will focus on existing fundraising platforms, the legal and tax aspects, the Do's and the Don't and review some success stories.
How to manage Crowdfunding for artists and musicians
DBTH was proudly founded to provide strategy, business development, media relations and networking to amazingly cool people and companies in the creative space.MaMA is one of the most dynamic music convention and conferences in Europe. Based in France, MaMA has showed its usefulness and pertinence for France as well as other territories, providing a market place to make deals, and to share experience with others professionals, to consider and discuss updates and change and to discover new artists.MaMA makes available 80 concerts, 30 conferences, debates and workshops, speed meetings, lunches… 2
About Virginie Berger• I ve been online 15 years!• I run DBTH, a strategy and development firm for artists, creatives industries, emerging tech.• Author: “Music and digital strategies”(Amazon, iTunes…)• I’m specialized in music, creative industries and digital marketing• I’m a member of IAB / IDM Joint Digital Council• I also host «On refait la musique», a talk show about the music industry. 3
Crowdfunding = Participative financing action, relying on social networks and community platformson the web to reach a great number of small donators.
How crowdfunding can support you? Crowdfunding = Almost any kind of musical projects • Production • Tours • Marketing • Video • Web • Merchandising
452 participative financing platforms in the world by April 2012 = $1.1 billion in funds raised in 2011
Kickstarter raised nearly$120 millions in one year, thus financing around 50 projects per day ! <+/+,(-%*)%&
!"#$%"&()*(+&%,)-*.)"./! The Crowdfunding boom in 20127(+&%,)-*.)"./( ! April, the 5th 2012 : ( 01&123(45161( OBAMA ratifies the Crowdfunding ( Act and ALLOWS Crowdfunding "#!$%&#!(()*!&+!,-.&,/!,/!012/3! for companies ( 21!.14516#/!2%3!+1!.7++/.8/!,/! 97#,2!53&:-2*!-.;1551#8!1&!<!+1! +&4&8/!,/!.7++/.8/!&4572-/!/#!.12! ,/!9#./4/#8!513!+/2!97#,2! 5%0+&.2=!!Lausanne le 12 janvier 2012 / Adrien Aumont / Kisskissbankbank
In France 25 crowdfunding platforms 5.000 projects =Six million euros raised since 2008
!"#$%&%$&()&%)#*)$&#+,*-.&)*&-//"0,/*! 8"/%&#"/*)&4"/%& Creative & innovative sector platforms 1)&2,#3+&4$&5"64.$/4-/7! 1)&2,#3+&4$&5"64.$/4-/7! 1)&2,#3+&4$&5"64.$/4-/7! !"#$%&%$&()&%)#*)$&#+,*-.&)*&-//"0,/*! !"#$%&%$&()&%)#*)$&#+,*-.&)*&-//"0,/*! !"#$%&%$&()&%)#*)$&#+,*-.&)*&-//"0,/*! 8"/%&#"/*)&4"/%& 1)&2,#3+&4$&5"64.$/4-/7! !"#$%&%$&()&%)#*)$&#+,*-.&)*&-//"0,/*! 8"/%&#"/*)&4"/%& 8"/%&#"/*)&4"/%& 8"/%&#"/*)&4"/%&The world leaders <+/+,(-%*)%&Kickstarter, Indiegogo, Rockethub 1)&2,#3+&4$&5"64.$/4-/7! 8"/%&#"/*)&4"/%& !"#$%&%$&()&%)#*)$&#+,*-.&)*&-//"0,/*!In France, general <+/+,(-%*)%& (arts, cinema, music, artistic projects) platforms :;+#-,(-%*)Ulule, Kisskissbankbank 8"/%&#"/*)&4"/%& <+/+,(-%*)%& <+/+,(-%*)%& :;+#-,(-%*)%& <+/+,(-%*)%& :;+#-,(-%*)%&Specialized platformsBabeldoor, Friendsclear, Arizuka, Myshowmustgoon.com, <+/+,(-%*)%& 9/0)%*-%%)2)/*& Yourmajorstudio, mymajorcomany, <+/+,(-%*)%& Lausanne le 12 janvier 2012 / Adrien Aumont / Kisskissbankbank 9/0)%*-%%)2)/*& 9/0)%*-%%)2)/*& 9/0)%*-%%)2)/*& Lausanne le 12 janvier 2012 / Adrien Aumont / Kisskissbankbank 9/0)%*-%%)2)/*& Lausanne le 12 janvier 2012 / Adrien Aumont 12 janvier 2012 / Adrien Aumont / Kisskissbankbank Lausanne le / Kisskissbankbank
Donations vs donations General Specialized InvestsmentLausanne le 12 janvier 2012 / Adrien Aumont / Kisskissbankbank
Large transactions examples• Launching by the Louvre museum of the tousmecenes.com platform with more than €400 000 raised,• An independent video games studio raises $1 million in 2 days, $3.3 million in 1 month,• Julie Uhrman, designer of game console Ouya (open source on Android) : funds needed $950.000, funds raised $8.6 million.• Lockpicks by Open Locksport raised $87 400 dollars (for 6 000 asked) for a padlock opening tool project...
• Define your budget • You think you can raise €100 000 ? • You have a large fanbase ? • Even Public Enemy had to switch from 250k$ to 75k$ • Be realistic ! • Take all costs into account (including rewards), • Integrate 10% more to address any problem,• Take into account the fees linked to the platform percentage and the means• of payment (paypal),• VAT, tax return (citizens, EI, association, company, private contributoror company)
4 extendedentourage, general public sharing common interste interests 3 support, 2 Closed Entouragefamiy friends 1 You
Rewards• Offer a wide range of contributions Medium Large More than Small 20/100€ 150/500€ 600/1000€ 1000€The collecting duration should fit the amount you ask for.According to Kickstarter, the optimal campaign length is 30 days.According to the Kickstarter data :• 80% of your contributions will be in the 25 ‐ 50€ range• 20% will be in the larger range of contribution.• $50 is the optimal investment point, followed by the $25 one.• The reward should be proportional to the value of the contribution. HAVE FUN WITH YOUR REWARDS IDEAS
Contribution ideas Prerelease CD/Download Signed CD (DVD, etc..) Private concerts Handwritten sheet music Email, interview, skype Mixtape Personnalised track cover « One of a kind »Private visite in the backstage In House Concert Music Lessons Dinner, drinks
Example, Josh Freese for his second solo album, Since 1972,
• For $50 , phone call,• For $250 lunch with him,• $500 lunch in a very high-end restaurant,• At $2.500 (in a limit of 5 packages), a drums lesson (and you could keep one of his snare drums). Visit of the Hollywood wax museum with Freese and one of his rockstar friends (to be chosen out of a list) + you could pick 3 articles of clothing from his wardrobe• For $10,000, you could have dinner with Freese and one of his rockstar friends, before heading for Disneyland, still with Freese. And at the end of the night, you would keep Johns Volvo break – after taking him back home.• Packages at $20.000 and $75.000 with offers including having Freese as a drummer in your band or as a personal assistant for a few weeks.• You could also go on tour with him. He could even write and record a song about you. A florida teenager bought the $20.000 offer and spent a week with Freese, including one night on the Queen Mary, a pizza evening at and with Mark Mothersbaugh (of Devo) and a mini- golf session with the singer of Tool.
”The success rate of projects that don’t include a video is waylower than projects which include one. Video is the best way to get in touch with donators”Co‐Founder Yancey Strickler, Kickstarter Video is the most important fund-raising tool Keep it brief – 3 minutes MAX! Describe your band, your music, your project, theamount you needWhy and for which contributions?
Amanda Palmer: $200 000....... $1.192.793$ in the end http://youtu.be/TveAzAs6NAY
• Relays The band website Youtube Tumblr Bandcamp • Twitter• Facebook: Post updates about your campaign on your social networks profiles• Email marketing: use your mailing lists, create targeted mailing lists, send weekly or bi-weekly updates• Blogs/blogging relationships: Ask for a helping hand... or several• Offline events
How to succeed?“A combination of actions 100% : your objective! !to reach 100% of your objective » 6. Announce « Have a large the forthcoming communication success : approach +25% ask my kissbankers to mobilize to aim at smaller and their community + explain to my community more personal actions » that we can go beyond 100% 50Days 5. Personal mailing : +30% Individual emails 25Days Adapt my message to every one 4. Segmented mailing: +30% Deliver a more personal message for each different circle 10Dayss 3. Grouped mailing : +10% • Inform my contacts via email • ( family, friends, colleagues, acquaintances, etc. ) 5Days 2. Social networks + widget : 5% Export my project thanks to a widget + create a post on my blog + relay on twitter J1 1. Social networks, friends & family : J -15 Announce my forthcoming collaboration with kisskissbankbank to create expectation
Think of special offers “My best fund-raising day was when I managed to raise 33% of my funds in 24 hours. It was via a simple email that said « I need at least 27$ to finallyreach the 2,000$. Anyone giving 27$ or more in the next 24 hourswill get to download all my previous albums for free.»By indicating a specific amount, clear period of time and a genuine reward,I gathered 33% of the total of my donations in 24 hours.” Tyler Stenson
Watch out for the “U” effect Campaigns tend to have a quick start, reach a bigdonation peak and collapse. Then, a new importantrise in donations is observed towards the end.(Kickstarter data)
How to avoid this gap ?• With regular communication• Look for external relays• Constantly work on your network• Send info and reminders continuously
IN SHORT• Before you start, define your plan: where, how much, how.• Who will you be talking to ? Where are they ?• Carefully select your platform. Each project has its own model.• Develop your rewards, best is good…• Create your pitch,• Where are you going to broadcast your pitch ?• Develop your diffusion plan: which content, which channels, when ? What will you be needing ? how much will it cost ?• Define the resources you will need. Who will be in charge ? When ? Can you do everything ? If not, who will you be working with ? And for how much ?• Define the time necessary for all this,• Monitor. Every day. What works, what doesnt and why ? What can you improve ?• Is your web presence well implemented ? Are you ready to relay the whole thing on social networks ?• Is your audience ready to receive it ?And... be yourself….
REAL CASE STUDY : THE APARTMENTS Thank You!! By Emmanuel Tellier, former journalist for Inrocks, chief editor forTelerama, musician (Chelsea, Melville and today pop-rock band 49 Swimming Pools)
DBTH is a digital entertainment consulting firm focused on leveraging our collective experience and expertise in:• Building relationships,• Identifying market opportunities,• Growing brands,• Defining best practices. for the Creative, Entertainment, Emerging Technology and Mobile Industries. 43
All the best for your digital journey! Questions & discussion welcome More information in my book “Music and digital strategies”(Amazon, iTunes…) • Bloghttp://fr.linkedin.com/in/ www.virginieberger.comvirginieberger • Website www.dbth.fr/enfacebook.com/virbergFacebook.com/dbthAgency twitter.com/virberg twitter.com/dbth_aa