Dollar for dollar raised, Kickstarter dominates Indiegogo SIX times over
Insights we discovered when we scraped and analyzed all of Indiegogo’s campaigns
While freelancing in the crowdfunding space, Edward (@ejunprung) and I noticed a huge size discrepancy between Kickstarter and Indiegogo. We decided to fully size Indiegogo up and compare their numbers with Kickstarter’s publicly available statistics to see just how much bigger Kickstarter is.
6 Eye Opening Insights
- Cumulatively, Kickstarter (KS) has over 110,000 campaigns while our scrape found 44,000 campaigns on Indiegogo (IGG). However, through multiple scrapes over a month, we discovered that IGG de-list failed campaigns that raised less than $500.
- KS ($612M) has successfully raised over 6 times more dollars than IGG ($99M).
- KS has had 40 projects raise $1M+ while IGG only has had 4.
- The average success rate on KS is 44%. Based on the total number of campaigns we found in our scrape, we calculate IGG’s success rate to be 34%. However, if we factor in the de-listed failed campaigns, IGG’s success rate drops significantly.
- At the time of the scrape, KS and IGG had near the same unsuccessful dollars (KS $83M vs IGG $71M) despite KS raising over 6 times more money
- 40% of dollars that IGG raised were generated from campaigns that raised more than $100,000
See the full side by side comparison table.
Our Thoughts
Widely considered the number two crowdfunding site based on volume, it is shocking to see that Indiegogo is so massively behind Kickstarter. It looks to us that Kickstarter has cornered the most lucrative part of the crowdfunding market, leaving competitors like Indiegogo to fight for the scraps in far poorer niches. With its openness, Indiegogo was supposed to take advantage of the lucrative long tail of crowdfunding, but that is turning out to be a worth a lot less than expected as evidenced by the huge long tail of failed projects. For the crowdfunding market, it seems that quality is worth a lot more than quantity.
Caveat
We tried our best to confirm our numbers, but the only data about Indiegogo we could find regarding the amount of projects or money raised was in a Verge article, which stated that there were 142,301 campaigns with a 9.3% success rate. The Verge’s 9.3% success rate out of 142,301 projects corresponds with the total number of successful campaigns we counted.
Methodology
We built a bot that scraped IGG’s projects section, which supposedly contains all campaigns ever launched. On August 17th when we ran our bot, Indiegogo had about 4900 pages of campaigns. The bot navigated through each page and grabbed the campaign page URL, amount raised, percentage of goal raised, category and time remaining on the campaign. We then threw the numbers into Excel and replicated Kickstarter’s stats table using IGG’s numbers.
See the raw data here.
Notes:
- Indiegogo categories video/web and transmedia were all merged into the Film category to make more accurate comparison with Kickstarter’s Film category
- The Indiegogo category Writing was filed with the Kickstarter Publishing category
- Indiegogo has 9 categories not covered by Kickstarter. They generate about ⅓ of their total revenue
- The Ubuntu Edge campaign really skews the live dollar numbers for Indiegogo, discounting this outlier campaign will give you a much better estimate of the typical live dollar amount.
If you are interested in more of my work, check out my personal blog at www.jonlau.me
