Crowdfunding For Musicians

Crowdfunding is essentially a method of financing a creative project through investment from fans. Sites like Indiegogo, Pledge Music and Kickstarter provide this platform of direct-to-fan involvement for many musicians who for whatever reason need funding for their project, whether it be a live show or to complete an album.  

A typical Kickstarter page for a musician will have a description of the project they are doing, why they need the investment and the different packages available to fans who invest, which vary depending on how much they invest. Typically if you invest a small amount you'll get a thank you note from the musician(s) and possibly a limited edition CD of the finished work. If you invest between $50-$100 you get the album in many different formats, artwork, biographies, diaries of the project, and various other types of merchandise. If you invest even more you'll probably get a personalized video thanking you, music tuition, VIP access to a live gig, lunch and dinner with the musician(s) and/or the complete back catalogue of all their music. These projects have a deadline to reach a specific target, say $20,000 in four weeks. 

I can't help thinking that this is really only beneficial for musicians who have a pre-existing fanbase, so it may be of little help to a musician who's starting out. If people believe that the music they hear in these projects is of little value, then they won't invest the small packages offered, never mind the VIP tickets or lunch and dinner with the musicians. People will only pay for what the music is worth, not the added-value packages that are offered to them. I also can't escape from the fact that these musicians are displaying themselves as charities, which they aren't, and they could more than likely finish their project without investment. Many musicians do not reach their required target in the within the project's time period. 

The intention of a crowdfunding website is great, and creates a good relationship between musicians and fans. I think that it's best for musicians who have had mid-level success online and want to take their promotion and fanbase growth to the next level, but the rookie musician should grow their fanbase first before even thinking about creating a crowdfunding project.

Here are some links to crowdfunding websites to judge for yourself.
www.kickstarter.com
www.indiegogo.com
www.pledgemusic.com