Kickstarter Hits Crowdfunding Milestones but Successful Music Projects Lag
Five million backers have successfully funded more than 50,000 projects on Kickstarter, the company has announced, cementing their place as the world’s top crowdfunding platform. Projects on Kickstarter have a 43.8% success rate and $720 million has been passed on to fully funded campaigns. Music projects, however, did not always raise impressive sums.
Just over 45% of the 24,500+ music projects on Kickstarter have been successfully funded. Almost 11,000 of the music projects, however, raised under $10,000 ($1000 – $10,000); and only 27 have raised $100,000 or more. 565 projects raised between $20,000 and $100,000; and another 1555 raised only $10,000 to $20,000.
For all of the hoopla, music projects on Kickstarter are successful for a select few; but not the masses of musicians that the press often implies.