What is a crowdfunded event?
Crowdfunding is as simple as it sounds—a group of people coming together to fund and promote an event (in which anyone can donate money to). Say you’re interested in producing a live event in your city; with crowdfunding, that could be possible!
Here’s how it works:
Little to no risks with fundraising
Producing an event comes with many costs; and when they flop, investors and producers lose out thousands, to sometimes millions, of dollars. With crowdfunded events, the risks are much smaller, since attendees and donors cover most of the costs upfront.
With more people funding the event, raising money, and coming together to bring a show to life, things tend to move a little quicker.
Buzz is generated before the event
With all the efforts put into fundraising the event, enough buzz about the event will be spread. Once people know about the crowdfunding, knowledge for the event itself will be easier to spread. The internet is the perfect place for things to go “viral”, so having a solid campaign is a must.
With more than half of the planet using social media, sharing posts, and exchanging information, it makes it that much easier to spread awareness on specific events. Having a general idea of how these sharing platforms work can help boost the event’s popularity even more; especially if you post at a time of high engagement, have a large following, or can create captivating content.
Great way to give into consumer demand
The beauty of crowdfunding is that the success and failures of events are directly correlated to the current demand in the market. If there is no demand for a specific type of event, producers often lose out on money (since ticket sales are low due to limited interest). Crowdfunded events, that exceed or reach their fundraise goal, can expect to see a high turnout rate, simply because the demand was clearly there for it.
Whether you’re an event producer, an artist, or a dedicated fan, crowdfunding is something that helps everyone. It helps producers create popular events, helps artists get more exposure, and helps fans experience concerts, shows, and events of thier choosing.