3 New Platforms for Music Crowdfunding: Payola.fm, Crowdtivate, Crowdtilt Open
2014 has seen the launch of a variety of crowdfunding platforms around the world suitable for music projects. The following three, Payola.fm, Crowdtivate and Crowdtilt Open, represent very different approaches including pledge-based music-specific crowdfunding, crowdfunding as a form of startup acceleration and a hosted DIY platform with open source self-hosting options.
Payola.fm Takes a Slow-Growth Approach
Payola.fm launched at SXSW with a focus on music crowdfunding and seem to be taking their time with a very hands-on approach.
Payola.fm – Where Fans Fund Music
According to their FAQ:
"Our platform offers a collaborative approach to support bands through the entire fund raising process. This includes shooting campaign videos, writing campaigns and matching perks with partners to incentivize contributions."
They also give most of the money to the crowdfundees:
"When a campaign is successfully funded, the band receives 96% of the total funds raised and Payola.fm receives 4%."
"We absorb the processing fees and do not pass those fees to the band. We feel this is a strong advantage to our platform and may choose to adjust the percentage in the future as needed. However, our primary goal is to continue to go above and beyond what current models exist and scale accordingly."
Payola.fm recently tweeted news about what seems to be a new round of campaigns ahead:
"Bands, need funding? We've got a few spots open for Los Angeles. Get in touch!'
I'm curious to see how this narrative plays out!
Crowdtivate: Crowdfunding and Business Development
Crowdtivate is a recently launched crowdfunding platform backed by Singapore's StarHub telco. It's designed to keep StarHub's I3 innovation division closer to where innovation is happening.
Introducing StarHub's Crowd-Funding Platform – Crowdtivate
Crowdtivate is still in beta and is focused on "Asia's entrepreneurs, and future movers & shakers." But even if you're not planning to launch in Asia, Crowdtivate is taking a very interesting approach to supporting creative project and business startups that goes beyond crowdfunding.
Support includes business incubation, mentorship, outreach to regional markets and special perks for featured projects.
Though they're certainly interested in tech startups, they also are interested in projects designated as: "Creative/Arts/Books/Films."
An additional call for assistive technologies is a surprising element.
Crowdtivate is another one to keep an eye on as the story unfolds.
Crowdtilt Open: Open Source or Hosted DIY Crowdfunding
Back in February, after a beta trial, Crowdhoster went public as Crowdtilt Open.
Crowdtilt Open offers an open source version as well as hosting on their platform. According to their FAQ, hosting is free for now but in the future they will only take credit card processing fees.
Campaigns range widely and include music projects in the interesting mix of examples.
I've wondered about the benefits of 3rd party platforms vs DIY campaigns but it seems like DIY campaigns are finally coming into their own.
More:
- Enter The Haggis Compares Crowdfunding Experiences On Multiple Platforms
- Music Crowdfunding: Why You Should Include Stretch Goals In Your Plans
- Lindsey Stirling's PledgeMusic Campaign Takes "Shatter Me" To Billboard 200 Debut At #2
Hypebot Senior Contributor Clyde Smith (@fluxresearch) posts music crowdfunding news @CrowdfundingM. To suggest topics about music tech, DIY music biz or music marketing for Hypebot, contact: clyde(at)fluxresearch(dot)com.
This is a misleading title as only one of the platforms you mention in your headline markets itself as a crowdfunding platform for music.