As inevitably occurs at the end of any seminal period – such as a year – pundits will reflect on events which have occurred and the impact they will have on the future. Yes Crowdfunding is hot. Only recently entered into the common lexicon, every daily news site and niche blog has a scattering of crowdfunding prose on their site. The rise of Crowdfunding has been incredible and justifies this sites existence. But I would like to review one category of Crowfunding which has apparently jumped into “First Place” – at least as far as Kickstarter goes.
The Film and Video Industry is the number one crowdfunded category for Kickstarter as of 2012. In 2011 Kickstarter Film & Video generated $32,473,790.40 pledged; 3,284 successful projects; from 308,541 backers. As of the end of December, Film and Video had a total dollars amount of over $102 Million. Games was closing fast though and is another industry which is experiencing a revolutionary change in how projects are financed.
Crowdfunding leader Indiegogo went so far as to announce a “New Online Social Marketplace Connecting Filmmakers and Fans to Make Independent Film Happen” early in 2012. This was clearly in recognition of the opportunity for creative destruction and innovation for an industry in need of better forms of financing. Too often, the film industry is driven by either emotion or big studio accounting or perhaps both. Why not allow crowdfunding and social participation to play a greater role?
So where does this all go? Clearly this is a boon for indie film producers. Crowdfunding sites such as EarlyShares have fired up to service this growing demand. I would not expect the next Tom Cruise film to be financed by crowd funding but then who knows.. Stranger events have occurred in the movie industry in the not too distant past.