Commentary: CrowdFunding for Fiction

Picture 0 for Crowdfunding for Fiction

 

Commentary: Some Of My Thoughts

A new source of funding, but will it last?

I have been following this new phenomenon as it relates to fiction writers, and have often wondered where it would lead. On the surface, it looks like a pretty cool thing – a funding source that never existed before, a replacement to the publisher’s advance, this time, paid forward by readers. But then I tried to look at the pros and cons (I’m cautious by nature) and this is what I came up with:

Pros

a)Money paid up front to recognize the writer’s effort.

b)A vote of confidence by readers on the success of the book.

c)Advance publicity for the writer and her work

d)The opportunity to create new followers from the crowdfunding space.

e)A yardstick to measure the book’s potential before going through the expense of publishing it.

Cons

a)Publicly perceived failure if the sum of funds targeted is not raised.

b)An expectation of performance by readers that can put undue pressure on the writer.

c)Intrusion by readers through discussion forums (some call it collaboration) on the writer’s idea and delivery, thus cramping his style or forcing him to make tough choices.

d)Withdrawal by traditional funding sources (i.e. publishers, grants organizations etc.) when they know that this public funding source is now a mainstream event and should be a writer’s first port of call for financial assistance.

e)Withdrawal by crowdfunders when the space gets “crowded” and choices have to be made, or when diminishing returns accrue.

Crowdfunding, or any other patronage model for that matter, had to happen, as traditional sources began to dry up. But as it relates to fiction, where we have created a culture of “content is free” I am finding it hard to understand why consumers will pay it forward to fund a book, and pay far more than the price of a copy (which they were reluctant to buy in the first instance due to the “free” thing we cultivated) when they do not know its outcome. When the faddishness dies out, will crowdfunding for fiction dry up? Or has crowdfunding opened readers’ eyes to the plight of writers who spend lives of quiet desperation on their creations that have then to go through myriad channels of gate keeping and rejection before a lucky few spill out through the front doors of traditional channels? Are crowdfunders fighting the battle on behalf of writers?

Whatever the outcome, this new development in the world of writers is a welcome one and I shall follow it closely, perhaps even dip my foot in the waters when it comes the time for the release of my next book.

Author: Shane Joseph

Source:

http://www.northumberlandview.ca/index.php?module=news&type=user&func=display&sid=26390#.Uta_RvRDuSp

HEADLINE NEWS

ForbesHow One Startup Raised 10 Times Its Original Crowdfunding GoalForbesRunning a successful crowdfunding campaign isn't easy. The odds are heavily stacked against you, as very few end up succeeding. "Statistically, up to 89% of campaigns fail. Kickstarter has the highest [...]

ForbesThe Ultimate Pre-Launch Crowdfunding ChecklistForbesCrowdfunding is not limited to the platform where you launch your campaign. Instead, it has become a valuable way to transform your idea into a mainstream business. In order to head in that direction, you must execute a number [...]

Eater LondonFat Macy's Launch Crowdfunding Campaign to Open Restaurant in PeckhamEater LondonFat Macy's — a food social enterprise which aims to train young Londoners living in temporary housing — have launched a crowdfunding campaign. Their aim is to raise £55,141 to fund a [...]

Realnoe vremyaEveryone pools: Elvira Nabiullina to look closer at crowdfundingRealnoe vremyaIts Deputy Chairman of the Board of Directors Yulian Lazovsky told Realnoe Vremya that crowdfunding platforms will need to create a capital of at least 10 million rubles within the cooperation [...]

Crowdfund InsiderStartwise, a New Crowdfunding Platform using Reg CF Goes Live with Revenue Sharing OfferingsCrowdfund InsiderToday, Startwise, the newest FINRA approved Reg CF platform, has officially launched a marketplace where you can invest in companies you care about for as litt [...]

U.S. News & World ReportNo Cash for Hate, Say Mainstream Crowdfunding FirmsU.S. News & World ReportThe block on mainstream crowdfunding is just the latest blow to far-right activists operating online. In the last 24 hours, neo-Nazi website the Daily Stormer had its domain regi [...]

TechCrunchUK's Prodigy Finance raises $240M to crowdfund students from emerging marketsTechCrunchUK fintech startup Prodigy Finance has raised a whopping $240 million funding round, certainly one of the largest by a UK company this year. The company provides loans to internationa [...]

Devon LiveCrowdfunding campaign launched to save adopted Romanian puppy who needs £8000 for vital surgery to save its lifeDevon LiveSam has started a crowd-funding campaign to try to help meet the £8000 cost of the surgery. It's a tall order, but every little helps. Sam had been [...]

DreamHost Launches Crowdfunding Campaign to Cover Legal Costs in DOJ FightWeb Host Industry ReviewDreamHost has set up a crowdfunding campaign to raise $10,000 for its legal fight against the U.S. Department of Justice. The DOJ is attempting to force DreamHost to provide it with websi [...]

Crain's Cleveland Business'Smaller' gifts can go long way for Clinic's crowdfunding platformCrain's Cleveland BusinessFor an institution accustomed to securing multimillion-dollar donations, Cleveland Clinic's latest fundraising effort has some relatively [...]

CFB Finance

Syml
Lst Val
+/- Val
+/- %

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 |