This is a guest post by Joshua Chestang, Founder of MusicMind
The advent of an emerging crowdfunding market has already begun to revolution the way that artists fund their music projects. No longer do artists need to sell their soul to monopoly record companies and sacrifice most – if not all- of their potential income. Instead, rising musicians can pursue their passion by drawing on a base of supporters and fans.
Check out Pledgemusic.com, for example. This site focuses on the “Direct-to-Fan” experience and coins this type of business model as “the new business of making music”, showing us just how powerful crowdfunding can be for the music community. Not only does this allow an artist to build his or her credibility, but it also allows them to remain financially independent in the process.
When a funder “donates” to an artist on Pledgemusic.com, the funders can receive rewards such as posters, classic vinyls, tickets to their fundees next concert, and in some cases even get exclusive performances. These rewards coincide with their pledging tier.
For instance, Khleo Thomas, best known for his role as Zero in the Disney movie ‘Holes’,has decided to push on in the pursuit of making music. For a $20 donation to fund his music project you’ll receive his CD, signed by him along with his promotional bundle. For $80 (his highest funding tier), you will receive a disposable camera, AEF Heart, a T-shirt, signed CD, and bundle.
Another artist on Pledgemusic.com, Kate Nash, has cake and a few acoustic songs live as her top funding tier. This is a prime example of the growing trend in the music community where up and coming artists can find a way to follow their passions with the help of their fans and supporters. Crowdfunding is breaking down the barriers to entry in the music industry. Artists should take advantage of this gold rush and use crowdfunding platforms to discover supporters, develop a tight-knit fan-base, and finance new albums.
