Don’t Let Criticisms Of Music Crowdfunding Stand In Your Way

You tell ‘em, Palmer. Preach.  photo: crowdfundingnews.co.uk

You tell ‘em, Palmer. Preach.
photo: crowdfundingnews.co.uk

Though a variety of people, some of them undoubtedly well-intentioned, have criticized music crowdfunding over the last few years, their criticisms generally fall flat. Ranging from namecalling to misrepresenting financial reality, such criticisms indicate objections that are fairly limited and fail to recognize crowdfunding’s emergence as a legitimate approach to funding.

One could simply reject all criticisms of music crowdfunding as beside the point as does Bemuso below. And the bottomline is that no one’s required to pledge to a campaign.

But criticisms do represent claims that may pop up randomly in the course of crowdfunding and it’s nice to know why they don’t represent a credible threat to the legitimacy of all that hard work you’re doing.

It’s In Bad Taste, Like Panhandling!

When people attack crowdfunding with name calling, it usually reveals their misunderstanding of crowdfunding. Calling it panhandling or handouts is an attempt to give crowdfunding an air of randomness and illegitimacy.

But pledge/reward-style crowdfunding as practiced on Kickstarter, Indiegogo and PledgeMusic by musicians, is an odd hybrid of presale and patronage that is based on the voluntary participation of individual supporters who typically receive a reward for their pledge. That seems neither random nor illegitimate.

How Can You Ask Your Fans to Pay For the Process?

A corollary to this concern might be an objection to the self-publishing aspects of crowdfunding but that’s more an issue in literary circles than in music. However both tend to focus on the idea that only certain sources of money are appropriate as funding sources.

But crowdfunding’s disruption is that of unleashing the crowd, the audience, one’s army of fans, and allowing them to fund what they wish to receive rather than waiting to buy what they’re eventually offered. It’s a powerful concept that strongly differs from the idea that only those with plenty of money should be able to decide what’s available to fans.

But There Are No Guarantees With Crowdfunding!

It’s true that crowdfunding platforms don’t offer refunds, they simply facilitate transactions, and it’s true that some people will take advantage of those platforms to defraud funders. To some degree that’s simply natural. Put humans and money together and such things happen.

Though it’s true that bands have been funded and couldn’t complete projects, most of the big failures have come from gadgets that were incredibly overfunded and yet not really ready for producton or that miscalculated the costs of production.

Music campaigns tend to be based on the musician as brand, recieving support based on their actual networks from friends to fans. So music campaigns tend to be backed by the desire of the musician to follow through with a successful outcome. Not a sure thing but certainly far from a landscape randomly littered with grifters.

These Mean People, They Make Me Feel…Bad

I think if you look closely at most objections to crowdfunding music, one finds that they tend to be based on misunderstanding crowdfunding or even on misunderstanding how money itself functions in society.

But the power of logic may not always be enough when someone close to you pops up with an unexpected objection. So feel the fear and do it anyway with advice from experts below:

Hypebot Senior Contributor Clyde Smith (@fluxresearch/@crowdfundingm) also blogs at Flux Research and Crowdfunding For Musicians. To suggest topics for Hypebot, contact: clyde(at)fluxresearch(dot)com.

 

Source: Hypebot – Clyde Smith

Link: http://www.hypebot.com/hypebot/2013/08/dont-let-criticisms-of-music-crowdfunding-stand-in-your-way.html

HEADLINE NEWS

More Indiana teachers turn to crowdfunding to purchase classroom supplies  FOX 59 IndianapolisINDIANAPOLIS, Ind. - The average teacher spends more than $400 of their own money each year on school supplies. That's why more and more teachers are ... [...]

Crowdfunding your Product on Kickstarter or Indigogo: The Pros and Cons  China Law BlogThe Quality Inspection Blog did a really good post, entitled Pros and Cons of Crowdfunding (Kickstarter/Indiegogo) for Startups, explaining (yeah, you. [...]

PieShell, a Crowdfunding Platform for Food Innovation, is Shutting Down  The SpoonFood crowdfunding site PieShell is shutting down. The news was shared publicly today by company CEO and founder Cheryl Clements via an open letter on ... [...]

Iran bans non-official crowdfunding appeals after deadly flash floods  Euronews EnglishAuthorities said on Monday that they have closed 60 crowdfunding campaigns, mostly set up by celebrities, and that donations can only be made through official ... [...]

misterb&b hits the equity crowdfunding trail to expand into hotels  TechCrunchHomosexuality is illegal in a third of the counties on this planet; in eight countries it is punishable by death. In the febrile atmosphere of today's politics, ... [...]

Only 2 days remaining for CHUWI AeroBook crowdfunding campaign  Gizchina.comCHUWI's laptops are always bringing to the table extreme price/performance ratio and the new CHUWI AeroBook is no different. [...]

Game studio behind ‘Myst’ launches crowdfunding campaign for VR-enabled adventure ‘Firmament’  GeekWireCyan, the Spokane, Wash-based studio behind the Myst franchise and its spiritual successor, Obduction, began a new crowdfunding campaign today for their ... [...]

PrepayWay – A Swiss FinTech Holding Announces Start of Equity Crowdfunding Campaign  NullTXMarch 21st, 2019, Switzerland – People from different parts of the globe have an opportunity to contribute to the equity of the Swiss-Estonian startup using ... [...]

LEGO’s first crowdfunding experiment: FORMA 81000 Koi Model Super Box [Review]  The Brothers BrickLEGO FORMA is the company's first foray into crowdfunding. It is described as an “experience designed for adults looking for a fun and engaging way to ... [...]

OddFellows Kicks off Equity Crowdfunding Campaign - Restaurant News  QSR magazineIn keeping with their humorous and nostalgic positioning, in tandem with the campaign OddFellows has launched a cheeky hotline of 1-866-4ICE-CREAM. [...]

CFB Finance

Marketwired

  • Crowdfunding
  • Crowdfund
  • Peer to Peer Lending
  • FinTech
  • Reg A+
  • Reg CF
  • Crowdfunding USA

Press Release

Live Crowdfunding .tv

What's Next Step in Regulation A+ JOBS ACTS Title IIII :L Interview : Steve Cinelli with Brian Korn Securities and Crowdfunding/Peer-to-Peer Lending Lawyer, Watch more video library | Conference | Interview | Campaign Showcase | Research | Education |