Studio
Fun with Crowd-Funding
6/5/2009 at 1:28 PM by Suraj Das
Have a terrific idea for a feature film, but strapped for cash? Being part of a tight-knit community of filmmakers and movie-buffs may be more helpful than you think. More and more filmmakers are turning to crowd-funding to finance their films - and this helpful article from 'The Age of Stupid' provides a great crash course for anyone interested in trying the method themselves.
Crowd-funding is a relatively new approach to raising money, but there have already been a number of notable success stories. Early last year, singer-songwriter Jill Sobule launched a campaign to raise $85,000 for a new album via fan donations on her website, jillsnextrecord.com. Fans received gifts and swag, such as free song downloads and the opportunity to attend studio recording sessions, in return for their donations. The complete amount was raised in roughly 50 days, and Sobule was able to use the money to produce, manufacture, distribute, and advertise a brand new album, "California Dreams."
Crowd-funding means greater freedom and creative-control for the filmmaker; there are no all-powerful "money-people" making demands on production or imposing content restrictions. Having a large fan-base invested in the outcome of your film also means a built-in, passionate audience for your work. There are unexpected perks as well - you never know when someone in your community of supporters can address one of your burning production needs. In the same article on "The Age of Stupid" site, the filmmakers write:
"Our Funders weren’t just financial backers. They provided all kinds of support, advice & practical help throughout the five year production. When we needed business clothes to wear for an interview with Shell one of our investors lent us hers, when Franny needed a quiet place to write the script we were inundated with offers of seaside houses and when we needed a quiet room to record the orchestra an investor offered their youth club in South London."
The article goes on to explain that crowd-funding successfully will require a significant and dedicated commitment from your producing team. For starters, you will have to revise your existing budget to reflect new investment realities, consult with lawyers on the legal aspects of your new business plan, and do a lot of leg-work attracting fan-attention and worthwhile investors. So while it may be effective, crowd-funding certainly isn't easy. But, then again, nothing worthwhile ever is, especially in this business, right?
Comments (3)
Richard Myers That is an excellent film.
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Stephanie Joyce Speaking of Crowd FUNDING!!!
July 30, 2010Tori Roy Seems to me it's easier said than done!!
April 15, 2010My screenplay CHOOSING SIDES won an award, now has an award winning serious actor from India (not our friendly Bollywood hero type) set to play a role in the movie. Now, a Brit TV actor wants to play leading man!
So theoretically now funding falls into place but in reality still looking for funding to attach more serious talent - looking to attach talent to get funding.
Check out the project page on:
http://www.indiegogo.com/CHOOSING-SIDES