Crowdfunding has revitalized the Arts at a time when public platforms that support it are steadily dying off. There are a plethora of crowdfunding platforms currently available to choose from but each platform has a community based around different causes. Business owners are using different crowdfunding sites than musicians. Musicians are using different sites than charities. Similarly, not all crowdfunding websites are suitable for film projects. We have broken down various crowdfunding platforms based on the needs and focus of filmmakers.
Crowdfunding for commercial films
Commercial films usually have a higher budget than rest of the categories, so it is better to use a platform with massive outreach and large community for your fundraiser. Kickstarter, Indiegogo and Seed&Spark are the three prominent crowdfunding platforms that can address your needs and do justice to your project. Kickstarter is the one of the first crowdfunding websites and has a very strong community of backers and funders. If you feel that your project has the potential of becoming a crowd-favourite then this should be your first choice to go for. Indiegogo is a bit like Kickstarter but it has a bit more flexibility in the sense that even if you fail to achieve your funding goal, you will receive the raised amount(if you opt for their flexible funding option). Seed&Spark is a platform completely dedicated to filmmakers and they have the highest success rate among all the other crowdfunding websites but they have a very rigorous screening process for selecting which projects to accept on their website. But if you have put a lot of thought into your project and get accepted to feature on their website, you will have a very high chance of hitting your funding goal. The best and the most unique thing about Seed&Spark is their partnership with American Express which offers a good distribution option for the films being featured on their platform. Every month American Express selects a few films from the Seed&Spark streaming library, both shorts and features, to distribute across Amex NOW and their various TV channels. Filmmakers are paid a licensing fee for that period.
Crowdfunding for documentaries and short films
Documentaries and short films have a small budget and they usually don’t make a profit or even manage to get the production cost back. Seed&Spark is not the ideal choice if this is one of your initial projects and you are still going through a steep learning curve, as you are more often than not rejected during the screening process. However, Kickstarter is still a viable option if you feel that people will be able to connect with the project and help you achieve your funding goal. In cases where you are not entirely certain of the feedback your project will get, it is more feasible to go with the flexible funding option on Indiegogo as they don’t have any application process and you will still able to receive the raised funds even if you don’t reach your funding goal. If your project is based around a social cause, you can also explore your options at Fundrazr or StartSomeGood. Fundrazr has a deep social network integration which can help you spread the word about your project and create awareness. This is a good option if the film is based on local scenarios or causes that are related to a particular community and even help you build up credibility if you are a fairly new filmmaker. StartSomeGood is a platform completely dedicated to projects related to social good and it attracts a very niche audience. If you are looking to fund a project that is for a good cause and revolves around how to make our society better, this platform is worth taking a look at.
Crowdfunding for Individuals
Whether you are a new photographer looking to buy a new DSLR or a budding filmmaker trying to figure out a way to sponsor your fee to attend a film school, you can turn to a number of crowdfunding websites to raise funds for your personal needs. Indiegogo, FundRazr, GoGetFunding and StartSomeGood are one of the prominent websites that give you the option to raise money for your individual needs.
When searching for a platform to raise funds for your new film project, you should consider looking for a website that has a very strong community based around films and arts. Your choice of crowdfunding website has a huge impact on whether or not you will be able to raise enough money to fund your project.
Image courtesy: crowdfundingforfilms.com
