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Fan Funding your Music Project

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The 101 on escaping the labels and soliciting fan 'investment' for your music project. Includes the basics on how-to, what-not-to-do, a couple of case studies, and some best-in-class available ...

The 101 on escaping the labels and soliciting fan 'investment' for your music project. Includes the basics on how-to, what-not-to-do, a couple of case studies, and some best-in-class available platforms to make the whole process easier to manage.

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Fan Funding your Music Project Fan Funding your Music Project Presentation Transcript

  • Fan Funding your Music Project by Rachel Barnhard Founder, BigData Marketing September 13 2010 Monday, October 4,
  • About Me • Rachel Barnhard • Founder, BigData Marketing • rachel@bigdatamarketing.com • @bigd8a Not in Kansas Anymore... Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • History of “Fan-Funding” One-to-One One-to-Many Many-to-One Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • What does it mean? Fan-Funding: “Leveraging your network and audience for funds, awareness, and feedback. Based on the belief that contributions in aggregate can become significant.” - Brian Meece, RocketHub Co-Founder Benefits • Keep your rights (mechanical and publishing) • No debt • Engaged fans with a strong sense of ownership Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • Strategy • Project • Network • Rewards 3 Pillars borrowed from the CrowdFunding Manifesto, Brian Meece, Co-Founder RocketHub Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • The Project • Set the BHAG (Big Hairy A-- Goal) - EP - Album - Tour • How much is this thing going to cost? • What is your timeline? Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • The Network Where are you in your career? • Just starting out? • People are showing up • Just got out of a major (or indie) label deal Who? • Friends & Family • Fans • Strangers (don’t count on it) Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • How to Ask • Create an engaging story for your project • Tell fans how contributing benefits them with updates and rewards • Be transparent about what you’ll do with the funding • Follow up with news and a finished product on-time Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • Encourage Donations • Create an engaging rewards system • Keep fans, funders, and potential funders updated • Set a Deadline for fundraising and the project • Have fun with it! - Leak a song or two - Use social media (especially YouTube) - Let funders pick some songs or a set list - Fan-Funders are entered into a contest for a private performance or house party Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • Options for Fan-Funding PledgeMusic • 107 current projects running, only music • 1,400 Artist Members, 2,000 People Members • Fee: 15% of funds pledged to successful projects Kickstarter • Any project, not just music (i.e. Rachel Sussman’s documentation of the world’s oldest living organisms) • $10M+ pledged so far • Fee: 5% of funds pledged to successful projects Rockethub • 90 current projects running • All kinds of projects • Fee: 8% of funds pledged to successful projects Sellaband • 4000+ Artists • Opportunity to share revenue with fans • 70,000 “Believers” • Fee: 15% of funds pledged to successful projects Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • Case Study: Public Enemy • Goal started at 250,000 euros • Dropped to 75,000 • 908 “Believers” • Extensive list of rewards • No clear deadline Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • Case Study: Stephen Simmons Funded his new album, “The Big Show” entirely through donations from Kickstarter.com Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • More Resources • The Musician’s Guide to Fan Funding: http:// www.musicthinktank.com/blog/the-musicians- guide-to-fan-funding.html • Rockethub’s Crowdfunding Manifesto (and toolkit): http://rockethub.org/page/manifesto- strategy Intro Background Strategy Tools Case Studies Resources Monday, October 4,
  • Questions? rachel@bigdatamarketing.com www.bigdatamarketing.com @bigd8a Monday, October 4,