Welcome back to “Naked: Story to Revenue Using the Direct-to-Consumer Video.” Thanks for reading, I appreciate the well wishes and suggestions you are sending my way.
In the last installment, I shared my discussion with Malik Ducard, Content Partnerships Director of YouTube, the YouTube Space, how the Broadband Creative Lab encouraged the creation of the Aging Ungracefully1 series, what’s up on with the “naked kim” paid-subscription test, and preparing for the monetization of kimTV.
As with reality TV, crowdfunding is far from new. In 1884, Joseph Pulitzer crowdfunded $100,000 in five months to supplement the construction costs of the Statue of Liberty. The average pledge was less than $1 and received the perk of a mini-Statue of Liberty. That sum would be worth $2.5 M today!
Now the Internet, social media and technology has made this funding mechanism available to anyone with an idea. That doesn’t mean it will always work. Sixty percent (60%) of crowdfunding campaigns fail. (Failing in this case means not reaching their stated goal; they still may have received money depending on the program they used.) And those that suc-ceeded averaged $7,000.
Now, there are a dozen or so platforms, but the top three are Kickstarter, Indiegogo and RocketHub.In 2013, nearly 20,000 Kickstarter campaigns raised $480 million from 3 million people worldwide. An average of $24,000 per project and $160 per person.
You may have heard of the largest crowdfunding film project to date, Veronica Mars. The campaign raised $5,702,153 from 91,585 backers against a $2 million goal.
There were three seasons of Veronica Mars on UPN and the CW, and it is currently available on Amazon Prime Instant Video, which partially explains the extraordinary results.
But then, Freddie Wong’s Video Game High School had just a YouTube channel, and he’s raised just shy of $2 million for his Web series.
As I see it, the beauty of crowdfunding is twofold. One, the self-funding lets you keep IP control. Two, if done right, you build and strengthen audience. And crowdfunding is made for storytellers. Just think of the Statue of Liberty crowdfunding, and the story of national pride and international friendship that must have been used in that effort.
The hotter the subject, narrower the niche and bigger the social media presence, the better. I think “Aging Gracefully” will be perfect. We are going to get started.
My preliminary research into the crowdfunding space shows that projects with an authentic connection, transparent purpose and a clear “why and how” succeed. And the success rate can be boosted from 60% to 85% by building a community led by a team of four. We can do that using YouTube, Facebook, Google+ and blogs.
So, I will be researching the pros and cons of the top three crowdfunding platforms and begin searching for the great crowdfunding partner(s) to reduce the learning curve and lead the way. Perhaps even Freddie will give me some tips!
If you have questions or suggestions of what you think I should do or research for all our benefit, please let me know. Email me at firstname.lastname@example.org. ( More . See attached PDF)
W. Vito Montone
By : Vito Montone
Posted from: http://www.producersguild.org/?page=produced_by
See you next time...