The idea of crowdfunding your next release seems like an attractive prospect until you find out that 50% of music projects on Kickstarter are unsuccessful.
Sonicbids has come up with several signs that indicate that you’re not ready to launch a crowdfunding project:
- Your fan base isn’t big enough. You need a large, engaged crowd who are going to be willing to buy not just a CD or download but other goodies as well. Crowdfunding succeeds through the ‘big ticket items’ which you can only sell if you have built a strong relationship with your fans.
- You don’t have a story. How can you stand out from the crowd. What makes your project so unique? Why do you need to make this album? The more of a compelling reason there is to make this album, the better the chance it has of being funded.
- You don’t have any other activities (i.e. live shows, press interviews etc ) to help get the word out.
- You can’t fulfill all the rewards you promised. Are you going to struggle to write fifty handwritten lyric books? Do you have the time to go to Scotland to do a house concert? You need to be able to fulfil all your promises in a timely fashion, and if you don’t your fans may never trust you again. Here’s one article where the memorabilia doesn’t seem to be as advertised.
So, before you launch think about whether you’re really ready. Failed campaigns leave a sour taste in the mouth.
Read the full Sonicbids article here
Got any questions about this post or how you can better market yourself?