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Crowdfunding Music Business

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Crowdfunding through social media platforms is a viable form of raising finance for new projects and startup enterprises. This presentation, delivered by Dougal Perman of Inner Ear …

Crowdfunding through social media platforms is a viable form of raising finance for new projects and startup enterprises. This presentation, delivered by Dougal Perman of Inner Ear (www.innerear.co.uk), was commissioned as part of fundraising panel seminars for Showcase Scotland and Scotland on Tour at Celtic Connections 2012.

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  • 1. Crowdfunding Music BusinessAn introductory seminar by Inner Ear
  • 2. Crowdfunding Music Business This session will explore crowdfunding for music businesses,examine required assets, highlight available services and showcase relevant examples
  • 3. Crowdfunding A form of microfinance where large numbers of ordinary peoplemake small donations towards new projects or startup enterprises.
  • 4. Inner Ear• Creative content communications: ‣ Digital media production (create content) ‣ Social media engagement (communicate content) ‣ Training and consultancy (advice and recommend)
  • 5. Inner Ear• Our strategic consultancy work includes: ‣ Social Media Week Glasgow (streaming partner) ‣ RCS (formerly RSAMD, student recruitment) ‣ Hebrides Ensemble (digital development) ‣ Scottish Jazz Federation (digital development) ‣ Radio Magnetic and Walking Heads (our projects) ‣ Advisory board director positions (SMIA & CDS)
  • 6. Social Funding for Music• Hebrides Ensemble ‣ Commissioning Circle ‣ Contribute to creation of new work, from just £100• FOUND ‣ Fundraising for international showcasing ‣ Used www.bandcamp.com to sell compilation album• Hue And Cry ‣ Music Club: sell the audience what they want ‣ Soundcheck experience and Song Frames
  • 7. Non Music Examples• TWiT ‣ Raised money for Brick House studio from fans and supporters ‣ Makes over $10M per year in donations and sponsorship• BrewDog ‣ Craft beer brand adopted crowdfunded equity model ‣ Sold 10% of the business for £2M in two rounds of funding• Buddhify ‣ Niche meditation app part funded by supporters ‣ Raised $4,500 using the Indiegogo platform
  • 8. Define your objectives What are you trying to fund,what’s the business case, what’s the return,what’s your plan and who will it appeal to?
  • 9. Assemble your assets• Audience ‣ Build a strong relationship with your audience• Content ‣ A library of great audio, video, text and image content• Rewards ‣ Tangible or intangible, some form of compensation• Plan ‣ A strategic campaign plan
  • 10. Assets: Audience Build a relationship with your audiencein the real world and through social media Twitter Facebook LinkedIn YouTube Mixcloud Livestream
  • 11. Assets: Content Curate as well as create... ... look for content in platformsPodcasts Presentations Videos Documents
  • 12. Assets: Rewards Find out what your audience wants and give it to them...Status Pre-sales Exclusives
  • 13. Assets: Plan• The social media campaign plan:‣ Define your objectives‣ Assemble your media assets‣ Choose and connect your channels and services‣ Schedule your updates‣ Activate and engage‣ Stimulate conversation‣ Measure and evaluate‣ Respond and reward
  • 14. Crowdfunding Services• Indiegogo (www.indiegogo.com) ‣ Open-ended, disburse funds immediately• WeFund (www.wefund.com) ‣ Socially motivated, all or nothing model• Pledge Music (www.pledgemusic.com) ‣ Music focused, encourages incentives• Rockethub (www.rockethub.com) ‣ Creative bias, keep what you earn
  • 15. Be engaging Social media is not about technology...it’s about real people having real conversations treat people like you would in the real world and interact with them in a human manner
  • 16. Build lasting relationshipsEstablish a trusting relationship with your audience, then make it possible for them to give you money... ... and they will
  • 17. Reference and resources• Components of a good crowdfunding campaign blog• Social Media Campaign Planning Workshop Presentation• Digital Audience Development Workshop Presentation• Crowdfunding experts: www.twintangibles.co.uk• Campaign strategy specialists: www.innerear.co.uk
  • 18. Reference and resources• http://www.delicious.com/innerear• http://www.slideshare.net/innerear• http://www.issuu.com/innerear• http://www.vimeo.com/innereartv• http://www.facebook.com/innerearuk• LinkedIn: Creative Content Communications• Twitter: @innerearuk
  • 19. Contact• Inner Ear Ltd.• 0141 226 8808• www.innerear.co.uk ‣ dougal@innerear.co.uk ‣ andy@innerear.co.uk ‣ anny@innerear.co.uk