Crowdfunding Music Business

An introductory seminar by Inner Ear

Crowdfunding Music Business

Crowdfunding Music Business

This session will explore

crowdfunding for music businesses,

examine required assets, highlight available services and

showcase relevant examples

Crowdfunding

A form of microfinance

where large numbers of ordinary people

make small donations towards new projects

or startup enterprises.

Inner Ear

•Creative content communications:

‣Digital media production (create content)

‣Social media engagement (communicate content)

‣Training and consultancy (advice and recommend)

Inner Ear

• Our strategic consultancy work includes:

‣ Social Media Week Glasgow (streaming partner)

‣ RCS (formerly RSAMD, student recruitment)

‣ Hebrides Ensemble (digital development)

‣ Scottish Jazz Federation (digital development)

‣ Radio Magnetic and Walking Heads (our projects)

‣ Advisory board director positions (SMIA & CDS)

Social Funding for Music• Hebrides Ensemble

‣ Commissioning Circle

‣ Contribute to creation of new work, from just £100

• FOUND

‣ Fundraising for international showcasing

‣ Used www.bandcamp.com to sell compilation album

• Hue And Cry

‣ Music Club: sell the audience what they want

‣ Soundcheck experience and Song Frames

Non Music Examples• TWiT

‣ Raised money for Brick House studio from fans and supporters

‣ Makes over $10M per year in donations and sponsorship

• BrewDog

‣ Craft beer brand adopted crowdfunded equity model

‣ Sold 10% of the business for £2M in two rounds of funding

• Buddhify

‣ Niche meditation app part funded by supporters

‣ Raised $4,500 using the Indiegogo platform

Define your objectives

What are you trying to fund, what’s the business case, what’s the return,what’s your plan and who will it appeal to?

Assemble your assets• Audience

‣ Build a strong relationship with your audience

• Content

‣ A library of great audio, video, text and image content

• Rewards

‣ Tangible or intangible, some form of compensation

• Plan

‣ A strategic campaign plan

Assets: Audience

Facebook LinkedIn

YouTube

Twitter

Mixcloud Livestream

Build a relationship with your audience in the real world and through social media

Assets: Content

Curate as well as create...... look for content in platforms

Podcasts Videos DocumentsPresentations

Exclusives

Assets: Rewards

Find out what your audience wants and give it to them...

Pre-sales Status

Assets: Plan

• The social media campaign plan:

‣Define your objectives‣Assemble your media assets‣Choose and connect your channels and services‣Schedule your updates

‣Activate and engage‣Stimulate conversation‣Measure and evaluate‣Respond and reward

Crowdfunding Services• Indiegogo (www.indiegogo.com)

‣ Open-ended, disburse funds immediately

• WeFund (www.wefund.com)

‣ Socially motivated, all or nothing model

• Pledge Music (www.pledgemusic.com)

‣Music focused, encourages incentives

• Rockethub (www.rockethub.com)

‣ Creative bias, keep what you earn

Be engaging

Social media is not about technology...

it’s about real people having real conversations

treat people like you would in the real world

and interact with them in a human manner

Build lasting relationships

Establish a trusting relationship with your audience,

then make it possible for them to give you money...

... and they will

Reference and resources•Components of a good crowdfunding campaign blog

•Social Media Campaign Planning Workshop Presentation

•Digital Audience Development Workshop Presentation

•Crowdfunding experts: www.twintangibles.co.uk

•Campaign strategy specialists: www.innerear.co.uk

Reference and resources• http://www.delicious.com/innerear

• http://www.slideshare.net/innerear

• http://www.issuu.com/innerear

• http://www.vimeo.com/innereartv

• http://www.facebook.com/innerearuk

• LinkedIn: Creative Content Communications

• Twitter: @innerearuk

Contact• Inner Ear Ltd.

• 0141 226 8808

• www.innerear.co.uk

‣ dougal@innerear.co.uk

‣ andy@innerear.co.uk

‣ anny@innerear.co.uk