Ask the ‘in-crowd’ for help...
CROWDFUNDING – which uses the internet to help entrepreneurs reach potential funders – offers an ideal place for fledgling start-ups to raise money.
Music lovers can provide financial support to a favourite artist and in return enjoy unique rewards – from signed music and albums to VIP concerts, album credits and ‘free’ shows in the front room.
The money donated is used to support the band – paying for them to survive as musicians and helping fund tours and hopefully release albums.
Crowdfunding websites include Pledge Music, which helps 1,200 musicians a year raise funds. It charges 15 per cent commission to use the service.
singer Jerry Williams recently used Pledge Music to raise funds to perform at the south by south West concert in Texas earlier this month.
The musician sold items – everything from £15 signed posters to £2,000 concerts at your home – to help pay for the £6,000 band trip.
The 22-year-old says: ‘Music is my life and being invited to play at such a festival is a great honour and opportunity I did not wish to turn down.’ she adds: ‘The website provides a chance to raise muchneeded funds to help musicians. If fans like what they hear their pledges can make a huge difference.
‘I write my own tunes and want to make a living out of music – and hope to release my first album soon. The support can help me achieve this.’
Jerry has already enjoyed success on the music streaming website spotify – attracting seven million listeners and getting to the number one spot through its global playlist Moodbooster.
Pledge Music is not just for new musicians but also established artists no longer signed up to a label and selfreleasing. recent examples using the service include Gary numan, Marillion and The libertines.
The amount of money artists raise varies enormously. recording and releasing an album costs anything from just £500 to £50,000 or more.
Crowdfunding is unregulated. Once you invest you cannot ask for the money back if you do not like how it is spent. You are also unable to later sell your stake to another music fan.