Question

Crowdfunding can change the artist-fan relationship. List at least five non-musical skills you need to tap the medium.

Answer 1

Traditionally, artists produce their work and then sell it to their fans. However, with crowdfunding, artists can now first generate a revenue (through pledges) and then create their art (music, painting, drama, etc.) While it sounds simple, there are certain skills that is required to use a crowd funding medium/platform. Some of them are

• Marketing: This is a crucial part. Before raising funds from the crowd, it is important to know the target audiences and what will intrigue them. At the same time, the statement and the purpose of the project must be able to generate interest and connect with the audiences.
• Networking: Once the marketing strategies are in place, it is important to begin networking. It could be online or offline. However networking with people and other institutes helps the artist to generate buzz in the market and gain audiences.
• Communication: A clear communication that empathizes with the audiences is necessary. The connection between the artist and the fans are often key to a successful crowdfunding initiative. Communication needs to be strategic to strike cords with target groups.
• Presentation: The artist (or his/her manager) needs to be able to present the concept in a succinct and clear manner to the audience. For this, they require a good presentation skill.
• Pricing strategy: This is more on the business side, the pricing of the pledges must be determined before the campaign. However before pricing, the other steps mentioned above must be defined to achieve a proper pricing model.