Crowdfunding’s Top 3 Music Projects

Date: Wed, Jan 1th, 2012 5:44pm

There are many independent artists out there trying to fund the recording of their new single or album; the making of their new music video; or even the purchasing of their new tour van. Some of them are getting fully funded, and others aren’t. Why?

We’ve taken 3 successful music projects from different platforms and look at why they’ve been successful. They may not be the most successful in terms of how much they’ve exceeded their goal, or how much money they’ve raised, but it’s how they’ve gone about creating a successful project which matters.

New Five Iron Frenzy Album -Kickstarter

A weird video I must admit, and by no means the greatest; annoyingly so, because it contradicts my advice to project owners that a good video pitch can make or break your campaign. However, this band from Denver managed to secure 3,755 backers who pledged $207,980 towards their $30,000 goal (and not too long ago either).

Albeit slightly odd, the quality of the video is more than adequate and filmed with an iPhone no less. It just goes to show that you don’t have to be a fancy filmmaker to make a good (or rather weird) video pitch. That being said, they do have a second video embedded at the bottom of their project summary that conveys their plea much more clearly.

Despite the weird video, this project appears to have it all. The key to their success, and what Five Iron Frenzy did exceptionally well, was to pay particular attention to their pledge rewards: So much so in fact that they enticed almost a third of the 12,974 people who ‘liked’ their project page to pledge towards their goal. The backers were spoilt for choice with 30 rewards on offer, starting at $1 and going up at $1500 (of which they secured 2 backers). In fact, there was a backer for every reward on offer. Their trump card however was having a range of ‘core’ offers.  These were set at the $50 mark, of which there were 7, and secured 1,055 backers (almost a third of all the backers). They even included images of some of their rewards (such as their limited edition t-shirt above). This added credibility to their project and showed their supporters what they’d be getting for their money, as well as automatically creating an element of trust.

In addition to this, they received 715 backers for their $15 pledge: The perfect option for people who couldn’t afford the ‘core’ $50 pledges but were wanting to get something for their money, rather than simply donating a dollar or two. It just goes to show, the more a project has to offer the better!
Congratulations Five Iron Frenzy! Being 693% funded must mean you can now do so much more than record your album.
 

FARRIERS Debut Album – Sponsume

Spicing up your video pitch for your campaign is a really good idea to make your project stand out from the rest. Be creative as you dare, but remember to convey a clear message. This project may not have the most creative video you’ve ever seen, but it ticks nearly every other box.

This  “rootsy/stompy/alternative folk band” from Northern Ireland, and its members, all feature in their video (along with their producers) who clearly define their goal; to cover costs of mastering, mixing and to produce 2,000 copies of the CD with album covers. They give each band member some face time as well as showcasing clips of them in the studio and their surrounding environment, which adds a personal touch to their campaign.

"People like knowing where something is coming from and what the process has been to get there” Yancey Strickler, co-founder of Kickstarter

The video is not too long either (just over 3 minutes), unlike many video pitches that can easily lose the interest of the viewer if too long.  Furthermore, their project summary is mapped out exceptionally well with clear and concise headings: Who we are? What is our project? How can you be involved? When will you receive your reward? How can you get in touch with us directly?

Stating when backers will receive their rewards is a great way of gaining trust, as is giving out their personal email addresses should someone want to contact them directly. Farriers raised £4,455 with the help of 147 backers, and exceeded their goal by 111%. (I think this has a lot to do with the fact that their project was shared 3163 times on Facebook!)

Nicely done Farriers!
 

New Album- Sam Buckingham -Pozible

There are some projects that resonate with the crowd and are enticing to potential backers due to their ‘likability’. This very much applies to Sam Buckingham’s project, or rather Sam herself. Sam successfully raised $11,515 and exceeded her goal by 115%. Sam’s project offers a good range of rewards (22 to be precise) with her ‘core’ reward of $25 dollars enticing a third of her overall backers. Her project summary is detailed, with links included, and her page has been shared almost 600 times on Facebook (a vital attribute for any project). However, what stands out from her project is her video; or rather Sam stands out from the video. The majority of the pitch is filmed in (what looks like) her bedroom and the only prop she uses is her cat, but throughout the minute and a half video Sam is SMILING! So much so that it’s infectious.  She’s animated and enthusiastic; an attribute that should not be underestimated when asking people for money!

Sam’s infectious and endearing video garnered the support of 168 supporters. I’m surprised she didn’t get more.
 

Reflection

With each campaign, it is important to take into account all of the vital ingredients when creating a project: Your video, your rewards, and the campaigning itself (i.e the promotion of your project). Do not forget however to shape your project and define your ultimate goal, making this clear to your supporters more importantly. Joel Connolly, co-founder of Artist Management Company Umbrella, recently wrote about his crowdfunding success story with one of his bands and gives tips to anyone wanting to embark on a campaign of their own.

As we’ve seen with the projects above, crowdfunding can help musicians to get a career boost or pursue a nontraditional project, but it also allows fans to interact with musicians in a unique way. Musicians get funding; the fans get access. A crowdfunding campaign ultimately gives the consumer an opportunity to be involved in a way that they never would otherwise. However, despite the success that some artists have seen using crowdfunding, music researchers say it's not a replacement for the traditional record companies.

"I think the crowdfunding aspect is interesting, but shouldn't be overestimated…it may resonate with certain types of artists, but for the mainstream, it's a means to an end: a stepping stone to a record label — or a life after one." says Mark Mulligan, vice president and research director of Forrester Research.

Regardless to whether your campaign is successful or not, it’s really important to remember that crowdfunding can be an excellent opportunity to build a community around yourself and to strengthen your existing relationship with your fans. By involving your fans in the process you’re giving them a sense of ownership, which in turn will help deepen their engagement and be rewarding for both parties. Crowdfunding may not be a direct replacement for the music industry, but for the right bands or groups it can ultimately cut out the middlemen by avoid giving away royalties, rights, and profits.

Author: Ben Hamilton, PleaseFund.Us Community Manager