When the lecture for week 10 of CIU111 revolved around fan collaboration, there was much discussion on the topic of crowdfunding. Film, video, and movie projects are some of the most popular types of crowdfunding campaigns on sites like Kickstarter and Indiegogo; hence, as a film student, the lecture was invariable of great interest to me.
Crowdfunding is the practice of raising funds from a large number of people, and over the years has grown to become a viable form of financing especially for independent filmmakers. However, to create a successful crowdfunding campaign is no easy feat as it depends heavily on the campaigner’s ability to create sufficient awareness and interest amongst prospective funders. Having a large following on Twitter or Facebook can be advantageous, but it is important to consider how many of them are regular and active followers, and who amongst them would be willing to pledge their support and actually contribute a share. It’s about quality, not quantity (Cooper, 2012).
It is true that displaying one’s passion towards a project is crucial in conveying a sense of confidence to potential backers, but this alone will not yield the desirable funding outcomes, as was the the case with two filmmakers from Germany (FilmCourage, 2013). One campaigner goes so far as to say that crowdfunding itself is on the wane, where successfully funded filmmakers are disappointing their backers by falling behind schedule, or even failing to make their films entirely. Creating the adverse effect of discouraging people from supporting newer projects. Nevertheless, he was quick to offer a possible solution: build a definitive campaign strategy. Create a production schedule and budget and convey timely updates about the same to your backers to communicate your commitment towards the project and its goals (Kines, 2014).
Richard Ley and Moritz Petratschek, of Germany.
For as attractive as crowdfunding can be to the film professional, it is not without its limitations, but if approached strategically with the necessary measures in place, I most certainly see myself launching my own film campaign in the near future.
Cooper, J. (2012, August 12). Is Crowdfunding Right for You? One Filmmaker Crunched the Numbers So You Don’t Have To | IndieWire. Retrieved from http://www.indiewire.com/2012/08/is-crowdfunding-right-for-you-one-filmmaker-crunched-the-numbers-so-you-dont-have-to-45428/
FilmCourage. (2013, July 21). Our Problems With Crowdfunding – Film Courage. Retrieved from http://filmcourage.com/2013/07/21/our-problems-with-crowdfunding/
Kines, M. (2014, July 3). 10 More Things I Learned During My Failed Kickstarter Campaign | IndieWire. Retrieved from http://www.indiewire.com/2014/07/10-more-things-i-learned-during-my-failed-kickstarter-campaign-24641/