Martin Frascogna: 3 Legal Tips for Amanda Palmer-style crowdfunding. June 25, 2012 Raising over a million on Kickstarter is amazing (CONGRATS AMANDA!).
But what are the legal implications? Entertainment lawyer Frascogna explains By Martin Frascogna Make no mistake about it, Amanda Palmer achieved the impossible. Raising millions via crowdfunding doesn’t come without questions, and more so, legal implications. 1. Successful crowdfunding is a positive result from a healthy artist/fan relationship, but the monetary exchange is much more complex than a simple donation. 2.
Tax implications emerge when raising money. 3. A compelling aspect of Amanda’s campaign was the fact she remained extremely transparent throughout the fundraising process – constantly identifying where funds would be allocated. Oddly enough, Amanda Palmer’s successful campaign shed light upon another important issue, an issue often overlooked in the indie community – a proper release is incredibly expensive. But what Amanda did show was alternatives. Crowdfunding For Musicians. Successfully Crowdfunding Classical Music. Just like other genres of music, classical musicians have been successfully crowdfunding projects large and small via Kickstarter and other crowdfunding platforms.
The Conducting Business podcast recently hosted a panel discussion related to crowdfunding classical music. Central to that discussion was the successful campaign by violinist Tracy Silverman to raise funds to record a CD of an original work he composed to be performed with the Calder Quartet. In addition to Tracy Silverman, panelists included Artspire's Michael Royce, who I interviewed earlier this year, and NPR Music's Anastasia Tsioulcas, who produced Kickstarting Classical Musicians, One Pledge At A Time. How Crowdfunding is Connecting Classical Musicians with Cash Tracy Silverman is a Nashville-based electronic violinist and a faculty member at Belmont University.
Naomi Lewin hosted the episode of Conducting Business titled How Crowdfunding is Connecting Classical Musicians with Cash. Kickstarting Classical Musicians, One Pledge At A Time : Deceptive Cadence. Hide captionBrooklyn Rider funded their newest album nearly twice over by using Kickstarter. Sarah Small Brooklyn Rider funded their newest album nearly twice over by using Kickstarter. One of the founders of the website Kickstarter, Yancey Strickler, made a startling statement recently: His company, which allows individuals and groups to post ideas for new creative projects and then solicit donations, will distribute $150 million in 2012.
That's big money — as a point of comparison, Strickler noted the National Endowment for the Arts (NEA) will distribute $146 million in 2012. There's been a lot of back-and-forth over the numbers since Strickler made his original comparison between Kickstarter and the NEA, but since then he has provided some hard data about what he calls "core arts projects. " And Kickstarter can't replace the NEA's mission, structure or reach. Meanwhile, Strickler has responded to Johnson, saying that his company isn't out to displace grantmakers or other arts funders. New Kickstarter Alternatives Target Music Crowdfunding. With the expected signing by President Obama of the JOBS bill containing provisions for crowd investing, a new crop of funding sites are set to emerge.
However, for indie musicians the use of crowdfunding sites such as Kickstarter and PledgeMusic will continue to be a more viable approach to project funding and presales. Here are some crowdfunding sites that feature or include musicians that have yet to be covered at Hypebot. To be perfectly frank, in most cases it's probably advisable to go with an established, well-known platform with a history of successful funding. Nevertheless, it's good to have a sense of the landscape and you may find that less established crowdfunding platforms take an approach that fits your style.
Feed The Muse - "Helping Artists Fund Their Dreams" Feed The Muse is a project of the MilkBoy Group based in Philadelphia. The artist gallery could use some work. Oocto - "Collective Action for Musical Projects" NewJelly - "Fund Your Project" More: Sellaband. Crowd Funding - Motivate Your Fans To Pay You - Pledge Music. My Major Company UK. Institute for Communication in social media "crowd funding in the music - an invitation and a survey. Sign Up. YouBloom.
Crowdbands - you run the label.