BENEFITS OF CROWDFUNDING CONCEPT FOR SHORTFILMS
Before we begin, let us first see what exactly crowdfunding is. Crowdfunding is the practice of funding a project or a venture by raising monetary contributions from a large number of people. It is a form of crowdsourcing or of alternative finance. In 2015, it was estimated that worldwide over US$34 billion was raised this way. Lately, it is performed via internet mediated registers.
Shyam Bengal, one of the most renowned directors of Indian cinema, made ‘Manthan’ years back which is among the world’s first crowdfunded movies. This was when the concept of crowdfunding was not in fashion but goes on to show that we support a cause that is exciting and worthy enough.
A vast number of shortfilms are being made every year in India. Many of the movie makers face a challenge of finding a producer. Even if they do find, the producer tries to take the rein of the creative control, leaving the movie makers with less scope for experimentation. With crowdfunding, the independent film makers experience freedom to pursue their dreams, thereby leading to cinematic revolution. Crowdfunding also lets the filmmakers work and create their cinema without any further alterations. They have the freedom to deliver what they desire under their own terms and therefore, crowdfunding is a far better alternative than getting funds from investors.
The rationale behind the wide acceptance of crowdfunding as a medium to raise funds lies in the fact that along with providing funds, the concept also lets you market the films way before their release, without even spending a single rupee. Although there are ample of advantages associated with this concept, there are certain setbacks also at an elementary level. For instance, some are not even aware of the existence of this concept while those who are, do not know how to attain success in it. But with each passing day, crowdfunding is gaining popularity and acceptance as the higher share being captured by the entertainment industry.
Once, your campaign for funds begins, you’d also be curious about what the crowdfunding community thinks of your film. But one thing to be kept in mind is that the crowdfunding community is very vocal. They’ll tell you which part of your movie they like and where improvements have to be done. They invest in your film, financially and emotionally, considering themselves a part of your project. They’ll take pride in your success.
Your crowdfunding campaign is basically a place to sell your film before you’ve brought it to the market. You can start production with little or no financial risk. For many people, this is the big benefit of crowdfunding. Crowdfunding also builds you a team of loyal customers who won’t ditch you for the next good competitor who comes along. Cultivating thousands of organic users who share your product or service is very hard to do with traditional marketing. But crowdfunding doesn’t have a commercial image, so everyone is all the more inclined to help you out. And, if you get enough people sharing your campaign, it might even go viral- which means more backers, a bigger community to research from and a higher chance of attracting media attention.
You’re not just targeting backers and the media. Create a buzz around your crowdfunding campaign and you could draw out potential partners as well. It might not be the primary focus of your campaign, but don’t underestimate the power of a professional network. With backers pouring in, you’ll find creating a strong database of customers is remarkably easy. This is the data of highly targeted and potentially loyal customers, and this is priceless.
Investors are always looking for successful companies. A large number of people invested in your project is a vital asset; it shows investors that you’ve appeal and a solid community behind you. It’s not uncommon for crowdfunding projects to receive greater funding from investors after their campaigns. The best example is Oculus Rift. In September 2012, they raised a cool $2.4 million through Kickstarter(an online crowdfunding register), prompting a $2 billion buyout by Facebook only six months later.
Best of all it costs almost nothing, and you walk away with funding, insight and the support and a chance to make your dreams a reality. Not just reality, but reality with success.