Game developer Brad McQuaid and his team raised over $160,000 to develop Pantheon: Rise of the Fallen, an MMORPG. The game raised significant money on Kickstarter, but not enough to eclipse a rather lofty $800,000 goal. They raised just over half that.
So the team pivoted and launched a crowdfunding campaign hosted on their own domain, similar to what other video game projects have done in the past with or without success on Kickstarter. The plan was outlined in a backer update posted in February. Through that campaign the team netted just over $160,000, not even half of what they raised during their now-defunct Kickstarter campaign.
Now development has stalled as funding has run out. It doesn’t seem the ideal path from crowdfunding to an end product for your fans.
Having said that, all is not lost according to McQuaid and company. The team now has everything they need to secure further funding, including a prototype version of the game and a term sheet. Now they just need someone to finance it…
Over the first month of development through crowdfunding, we’ve been able to achieve what was needed to be done in order to gain investor interest. That is, we’ve shown there is interest in a game like Pantheon, we’ve built the term sheets and business plan, and now have a prototype we can show to potential investors.
The downside now is that our initial resources have depleted, which regrettably means that development is going to slow down until finances can be secured. It’s not something we want to do by any means, but as we cannot guarantee paychecks to the team, they each need to be able to spend time on other things to pay the bills.
[h/t VG 24/7]
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