Entertainment Law: Is Crowdfunding right for your band?
Your band has developed somewhat of a following, word of mouth has been great, attendance at your live shows continues to grow, tons of views on Youtube. This gets you to thinking, is it time to record an album? If the answer is yes, the next question should be how do we pay for it? Unfortunately rich uncles are not that common.
Crowdfunding can be a fun way to raise money and let your fans partner and participate with the band they love. There are several things to consider, if done correctly it can be a great experience for both your band and your fans.
Your band is a business. Businesses need budgets. Your crowdfunding project also needs a budget. Things to consider: pre-production costs like hiring a producer; production costs like studio time and CD costs; and post-production like marketing and promotional items.
There are numerous platforms to launch your project. Indiegogo and Kickstarter are two popular ones. Check out several, pay attention to fees charged and figure out which one works best for you.
Ideally you want the project to generate not only money but new fans as well. Consider putting together a slick video of your band. Include snippets from live performances, practice sessions, etc. Put your best foot forward here.
What are you going to offer? Get creative, the promise of a CD is hardly worth getting excited about. Think about a range to cover low end and high end supporters. Early access to a digital album (low end) to a house concert (high end).
Keep your fans up to date with what's going on and how the production is coming along. Don't constantly beat them over the head with asking for money. Post rehearsal sessions, studio work, artwork for the CD or posters for shows. You want your donors (partners) to know that progress is being made with their hard earned funds.
The main thing is to enjoy the process, keep your fans engaged and before you know it your band and your fans have produced a great product.
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