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Washington, D.C. - Music Box: A Professional Development Event Crowd Funding
Music Box: CrowdFunding: The New Music Business Model
On Nov. 4 members had a unique opportunity to learn about crowdfunding from RocketHub co-founders and a panel of artists who successfully funded projects using the RocketHub.com platform.
RocketHub co-founder Brian Meece began the evening by giving a sound definition of crowdfunding, stating that crowdfunding is actually “a new spin on an already established idea: Beethoven+Social Media=Crowd Funding” Noting that the recommended length for a crowd-funded project is between 30 and 60 days. RocketHub co-founder Vlad Vukicevic also pointed out that smaller projects tend to do better than large asks with the average project raising between $3,000 - $4,000 with a 50 percent success rate. Crowdfunding allows artists to tap their already established fan base, as well as reach out to new fans, in order to fund a project. However, crowdfunding isn’t just about getting supporters to give you money, it is “trade not aid.” Successfully funded projects offered varying incentives to donors, including homemade cookies and priority seating at upcoming performances. The rewards that you give for those who donated should be “high-touch” as opposed to being high-tech. Panelist Kate Dawson, who successfully crowd funded a one-woman show, emphasized that, “You don’t just post a project and you’re done, it’s an ongoing project.” The entire panel emphasized that you have to be committed and driven to staying the course as you “campaign” to get backers for your project. Dawson used a series of viral videos in order to spark and keep interest in her project from start to finish.
Chapter members learned first-hand about how crowdfunding works and were inspired to make their next project a reality.
Chapter member Carolyn Malachi tweeted: #BigIdea from #GRAMMYDC Crowd Funding Workshop: I'm going to work with @RocketHub to finance the "Orion" music video. (@carolyn_malachi)
RocketHub enjoyed presenting to the Chapter, tweeting: What a day! Thank you ##GRAMMYDC for making us feel at home and to the many super artists who participated & learned about #crowdfunding. (@rockethub).
GRAMMY U campus rep Gabrielle Mgeni tweeted: Fans are more likely to be a facebook friend or follow on twitter so you must reward them for giving you their email address #GRAMMYDC. (@soulmusic8)