Would musicians find value in crowdfunding concerts?

Crowdfunding Pop's doorbell bag

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Instead of investing in stocks, you can also support your favorite band. Because since the music industry went down the drain, musicians have been looking for new ways to release their records. One of them is crowdfunding, with which established artists such as Patrick Wolf and Princess Superstar attract their fans. A win-win situation for both sides?

Status: October 13, 2010 | archive

"Patrick Wolf finances new album through advance payments from fans". Or: "Gang of Four sell blood vials to raise money for new records." Such reports can be seen more and more frequently in the past few years. Since the music industry has been on the gums, bands have been looking intensively for new financing methods - and discovering crowdfunding as an innovative alternative to raising money.

The technical development does the rest: Platforms that allow bands to delegate most of the marketing and management to their fans shot up and enjoyed lively media interest. One of the platforms that specialize in crowdfunding is Pledge Music. The company, which has existed for over a year, is the most successful. 77 percent of their artist customers achieve their financial goals, namely to produce a record or go on tour. In return, the fans get treats for their money, such as a pizza meal with the band or a private songwriting workshop.

$ 10,000 for a striptease

But some musicians overshoot the mark: The New York rapper Princess Superstar promises a burlesque striptease to anyone who makes $ 10,000. At the moment nobody has taken a bite, but that's actually quite right for her: "I did it as a kind of marketing trick. I actually wanted to set the price at $ 100,000 because I don't necessarily want to do that now!"

Amazing, but true: fans cannot be mobilized with such sensational methods. Only the media like to pick up on such reports. Fans want to be addressed directly and regularly involved in the band's cosmos - through Twitter messages and other continuous communication. Pledge Music founder Benji Rogers knows that too. "You should keep an eye on what exactly your fans will get from the start - and that should be a great experience."

"You want to see the band sweat"

In principle, every band can use crowdfunding - provided they apply it correctly and remain authentic. At least that's what Tobias Lorenz, who is responsible for marketing and cooperation at the crowdfunding site Sellaband, says. He is also aware that hardly anyone wants to pay more for music alone: ​​"You want to be part of the band, you want to be at the front, you want to see how they play, how they sweat, how they work off."

Public enemy rapper Chuck D.

Crowdfunding does not compete with the already damaged record companies - even if early advocates like Chuck D from Public Enemy wanted to revolutionize the music industry with it. Rather, so label and crowdfunding representatives, there will be more collaborations between record companies and crowdfunding platforms in the near future. But one thing is clear: if you want to make big money, crowdfunding is definitely not the right business model. The Sellaband platform had to be restarted in early 2010 with the help of private investors, and neither it nor Pledge Music are currently making a profit. But crowdfunding isn't about profit anyway - it's about being able to publish your music at all.