This is a guest post by Joshua Chestang, founder of MusicMind
Mindless Self Indulgence is an Indie rock group using Kickstarter to finance their upcoming album. They currently have 4,768 ‘backers’ who have donated a total of $163,153. Not only is this independent group maintaining music rights and creative control, but they are gaining new fans as each day passes. Their project duration will end the day before Christmas with a funding goal already reached at 108%. This is a prime example of a growing trend in the music industry. Recently, crowdfunding has been changing the way that bands finance and market albums. It turns out that sites like Kickstarter, Launch Pad and Indiegogo aren’t just funding sites. They are communities where bands can draw on the support of their fans to produce creative projects.
As we write, sixteen year old Dymond Harding is using Kickstarter to raise money for the release of her first music video. In the project description, she proudly states, “We’re raising the funds I need to release my first music video independently. No record label, just me and you.” She set a $700 fundraising goal and has already received $800 in pledges. Ricky Harding, her father, recognized the opportunity to finance Dymond’s music career without the backing of a major record label. Kickstarter provided just the community they needed to gather the support of their fans and gain new ones. “Putting music on the web for sale is not enough to break a new artist, and few people can support you if they don’t know that your music is out there. ”
It seems that the most important feature of any crowdfunding project is not the ability to raise money, but the opportunity to connect to a global audience. This is the true advantage of music funding platforms over the old-school method of selling t-shirts and sniffing out gigs that will pay for new equipment and band expenses. Reaching a global audience used to feel nearly impossible; Crowdfunding platforms are beginning to change that idea more quickly than you might think. Check out the list of top crowdfunding sites for artists.
