Crowdfunding Your Music Project with IndiegogoBy
Estimated reading time: 2 minutes
You have the songs. You even have the gear. All your band is lacking is the financial backing to get your project off the ground. With a little help from your fans, though, you can get there. Using crowdfunding platforms like Indiegogo*, you can crowdfund your music project.
How Much Does Indiegogo Cost?
There is no cost to create a profile or start a music crowdfunding campaign with Indiegogo. There are two campaign options to choose from: fixed funding or flexible funding.
Fixed funding is an all-or-nothing approach. If you do not reach your goal, your donors will get refunds, and you will not receive (or be charged) anything. If you do reach your fixed funding goal, Indiegogo charges a four percent fee.
Flexible funding allows you to take in funds whether or not you meet your goal. If you do not reach your goal, Indiegogo will take a nine percent cut. If you do reach your goal, Indiegogo takes their four percent fee.
With both options, there is an additional three percent fee for processing credit cards.
Creating an Indiegogo Campaign
Go to the Indiegogo homepage, select “Create” at the very top of the page. Then, create a new account by entering your name, email, and password. The next page will ask you to determine what category your project falls under and your funding goal. You will also classify who will be receiving the funds (individual, non-profit, business, or religious organization).
On the following page, summarize your project and goals. Add a photo to your campaign’s page. Upload a video or narrative to tell why you are raising funds and how you will use the funds after the campaign. Set the time frame for your campaign.
Lastly, set the rewards. Remember to offer an incentive to campaign donors who contribute between 10 and 20 dollars. Set higher price points, too, including one hundred, several hundred, and a thousand dollars. The rewards—which should fit the donation level and increase in value accordingly—can range from CDs, t-shirts, and stickers to a house party or private concert.
Promoting Your Campaign
Indiegogo allows visitors on your campaign page to like your campaign through Facebook or tweet the link to their followers. Don’t count on visitors to do all the promotion for you; be prepared to do a lot yourself. In addition to Facebook and Twitter, you can link to your YouTube channel and your band’s website. Indiegogo has an excellent help center to guide you through the process, and they also encourage you to email with any questions.
Have you used Indiegogo to help fund a campaign or raise funds for your own creative project? Was the project successful?
* Indiegogo is not just for music crowdfunding; it can be used for other creative projects, including film, art, and theatrical productions.