The funding models for the music industry can be complicated at times. It’s obvious that the world has changed from days when artists could earn a living selling CDs.
Currently, musicians can hope to earn just Kickstarter and Patreon.
Instantly you will be rich
Although there are some inspiring stories of young artists who have achieved viral fame through crowdfunding, these stories are rare. The average amount raised by all crowdfunding campaigns in 2020 was a modest $824. This figure does not include unsuccessful campaigns. This figure is impressive at $28,656 if you only consider successful campaigns.
This disparity shows how hard it takes to create successful campaigns. Think carefully about how you will convince people to give up their hard-earned cash before you embark on your crowdfunding campaign. Are you able to share your music with enough people? Do you have enough social media followers and professional contacts? Before you launch a crowdfunding campaign, it is worth rebranding your brand.
Instant success will be achieved if you have many social media followers
Social media plays an increasingly important role in building new audiences and promoting music. It is not possible to rely on your Twitter or Facebook followers alone to bring about results.
Funders are looking for a personal or emotional investment in your project. This could be a way for musicians to rely on their loyal friends and family. You can still advertise yourself effectively if you don’t have the resources. For example, you could promote your campaign through email newsletters, paid advertisements, or razor-sharp SEO (search engine optimization). This means that you need to be proactive and commit to singing your praises throughout the campaign.
Funders are looking for tangible rewards like signed posters and cassettes
People don’t need physical rewards in a world that is obsessed with minimalism and decluttering. Send them experiential gifts instead, such as an email personalized or invitation to a dinner at your house. The more time-consuming prizes should be reserved for high-tier funders.
A successful campaign can be run entirely via digital channels
Successful crowdfunding requires that you get out of your house and pick up the telephone. Instead of focusing on social media, reach out to everyone in your contact list or go on the streets to convince people about your abilities. Interacting with a crowdfunder directly will make people more inclined to part with their money.
Kickstarter is the best place to start crowdfunding campaigns
Many musicians believe that Kickstarter is the best site because of its easy-to-use interface and global popularity. It is highly unlikely that a random user will stumble across your project and give you a substantial amount of money.
You will not be paid a penny on Kickstarter if your goal is not met. It may be better to use a site that uses a different funding model, such as IndieGoGo.
Success is guaranteed by high-profile endorsements
It is certain that getting an endorsement from someone well-known in the industry will help propel your project forward. It won’t make a difference if you don’t put in the effort elsewhere. Instead of wasting your time and money looking for endorsements, you should focus on improving your craft and promoting the best aspects of yourself.