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Crowdfunding is the process of raising funds from a large number of people through the internet, local events, or other creative means. The process is quite simple. You initiate the project, post it on a crowdfunding platform, and raise money via people who are interested in your idea.
Many films have been produced by resources raised through crowdfunding. Take a look at a few of the benefits of crowdfunding for filmmakers.
- Simple: You do not have to run from pillar to post requesting studios and financiers to invest in your film. All you have to do is sign up with a crowdfunding platform such as Kickstarter, RocketHub, or ArtistShare, state your purpose, and wait for the cash to flow.
- Marketing: You are able to easily market your idea while raising money. Therefore, by simple word of mouth, you are not only able to get funding but an audience for your film.
- Scalability: There is a possibility of raising more money than intended. With the extra money, you can raise the quality of the film or provide perks to your backers.
- Network: The buzz around your campaign can get you in touch with important contacts in the industry. You can meet or interact with other filmmakers and experts who can provide valuable insights.
- Freedom: You don’t have to deal with big companies or studios who may request changes to your original idea. With a crowdfunding campaign, you will be able to flesh out your ideas as you want.
As amazing as it sounds, crowdfunding is not all fun and games. There are certain pitfalls associated with it.
- Failure: Not every crowdfunding campaign is successful. You may not reach the projected goal, which can be quite embarrassing. When a project fails, it can lead to speculations about your film and stave off potential investors.
- Competition: Due to its simplicity, crowdfunding has now become quite common among filmmakers. Thus, it becomes difficult to keep yourself afloat among others raising money for their films.
- Costly: If you think people will donate money just by looking at your page on the crowdfunding website, then sit up and think again. The platform allows you to only raise money. You still have to promote it and get the word out. Creating a pull for the audience can have you spending money even before you get some.
Before you dive into a crowdfunding campaign, make sure it’s the right fit for your film because it has the potential to make or break your film.
The pros and cons of raising funds for your film through crowdfunding.