Bandtastic Joins Concert Crowdfunding Miniboom
Though Bandtastic is based in Mexico City and their site is currently in Spanish, they are planning to expand to other countries and are starting to get some attention in the States. With what is described as a "modified crowdfunding model", Bandtastic joins a growing group of music concert crowdfunding services. Previous concert crowdfunding sites covered at Hypebot include GigFunder, based in Chicago, and Queremos!, a Brazilian startup that began Bay Area operations this week.
Bandtastic (bandtastic.me) won The Next Web's Startup of the Year in their recent Mexico Startup Awards. This event is part of a larger wave of interest from Silicon Valley investors and media in Latin American tech startups.
M. Chris Johnson, writing for VentureBeat, describes Bandtastic's approach as a "modified crowdfunding model" which seems to mean that it's different from Kickstarter. But crowdfunding is a key element in their mix of tools:
"A concert is proposed and voted on in Facebook, Bandtastic calculates the expected all-in cost of the concert, and if enough fans buy a ticket, it’s on. If not, customers’ money is returned and the concert doesn’t happen. Venues thus know they will have a full house, bands get paid, and fans get their music."
Bandtastic is also taking a promoter/producer role:
"The proposed concerts are essentially curated by Bandtastic. Not only that, but in addition to enabling the concerts by essentially assuming the role of the promoter (for which the company takes a 10% cut), a function it acknowledges as a “necessary evil,” Bandtastic also produces concerts itself, which can quadruple its revenue share, particularly if alcoholic beverages are served."
"It also upsells products, including items such as commemorative posters, pre-show soundcheck passes, and even meals with the bands."
As is the case in many countries around the world, online payments are still emerging in Mexico as a valid form of payment that is hampered by concerns about fraud. However Bandtastic is finding that people will pay online if they really want to see a concert so services like theirs actually help promote online payments as well.
Currently focused on Mexico City, their next location is Guadalajara. Whether their international expansion plans include the rest of North America or a move further South is unclear at this point.
Hypebot Senior Contributor Clyde Smith (@fluxresearch) blogs about music crowdfunding at Crowdfunding For Musicians (@CrowdfundingM). To suggest topics for Hypebot, contact: clyde(at)fluxresearch(dot)com.