Success in the management of crowdfunding projects in the creative industries

Abstract

Purpose -Crowdfunding has become a significant way of funding independent film.However undertaking a campaign can be time consuming and risky. This paper aims to understand the problems that small and medium sized productions companies may face when using this approach.Design/Methodology/Approach -This study analyses 100 creative crowdfunding campaigns within the film and video category on crowdfunding website Kickstarter. Campaigns were analysed in relation to a number of variables, followed by an exploratory factor analysis to highlight the main factors contributing to crowdfunding success.Findings -This study finds two key factors that contribute to crowdfunding success; 'Network Management' and 'Campaign Management'. The attributes of these factors lead us to question the long-term ability of crowdfunding to aid companies poorer in terms of time, financial and personnel resources, and therefore arguably in the greatest need of crowdfunding platforms.Practical Implications -The findings provide insight to practitioners considering the crowdfunding approach and offers knowledge and recommendations so as to avoid what can be naïve and costly mistakes. The findings highlight that crowdfunding should not be considered lightly and can be a considerable investment of resources to be successful Originality/Value -The individual analysis of crowdfunding campaigns undertaken allows for details and recommendations into the contributory factors of crowdfunding success particularly relevant to creative campaigns. The findings also allow the ability of crowdfunding to significantly aid upcoming or unknown creative talent to be put into question.

Does the Role of Media and Founder’s Past Success Mitigate the Problem of Information Asymmetry? Evidence from a UK Crowdfunding Platform

“…Thus, the role of media boosts backers' trust concerning the creator's ability to deliver the product on time and live up to the expectations. Furthermore, the use of media can demonstrate the founder's credibility, preparedness, and signals the project's quality [11,51].…”

“…Even so, such monetary expenses for making the video and images are marginal due to the advancement of information technology (e.g., use of smartphones), demonstrating the preparedness of the project by the creators, by reflecting the efforts and ability of the founder in making the project more developed and displaying their working model in the shape of video and images. Therefore, it becomes vital to adopt video and images for making the project more significant and appealing [51]. We, therefore, hypothesize:…”

A Research on the Factors to Introduce Crowdfunding in the Swine Industry

“…, [22], [23], [25], [27], [33], [34] 펀딩 모금기간 (Funding Period Duration) 차입신청자가 대출 신청한 금액을 모금하는 기간 [12], [13], [21], [25], [26], [27], [29], [31] …”

Filmmaking and Crowdfunding: A Right Match?

“…For the film industry, crowdfunding has become a popular form of financing involving the patronage of fans located anywhere in the world. Fans are willing to support such projects ever since the creation of the first specialised platforms [7,[26][27][28][29][30][31]. Some authors even argue that new forms of funding the film industry have an even higher impact-they have consequences of the industry, on the kinds of films produced, on the topics explored and on the way they are produced [32].…”