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Crowdfunding: Fans financing art

May 28, 2012

Record labels are increasingly reluctant to invest in unknowns. That means up-and-coming bands are being forced to finance their own albums. Some of them are now turning to crowdfunding as a way to launch their careers.

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Crowdfunding is gaining in popularity and there are now around 450 crowdfunding platforms worldwide. One of them is the Dutch platform Sellaband, which has specialized in promoting young musicians. Berge, a Berlin group, is one of Sellaband’s users. They now have a year to collect 10,000 euros from their fans - but they'll only see the funds if they collect the full amount. Filmmakers are also turning to websites such as Kickstarter to obtain funding - the Finnish sci-fi spoof "Iron Sky” is one of the best-known examples.