In this series of blogs I am exploring one of the biggest topics for musicians or anyone following their dream these days is “How do I fund my dream”. Recording studio time cost money, at the very least $1000 per song if you want great quality. Obviously you could do it at home but the quality with never stack up against recording studios like Crash Symphony Productions with their state of the art equipment and world class sound engineers.
Here are some more creative ways to fund your dream:
3. Recording Studio: Crowd Funding
What is Crowdfunding
Crowdfunding, as its name suggests, is a funding method where common people like you and me, henceforth the crowd, fund your personal or business project with their own money. There’s a term that we commonly use to describe this money-giving action; it’s called a donation. Whether you are funding time in the recording studio or anything else, crowdfunding is a great way to get the money together.
Probably the hottest crowdfunding site on the Internet is Kickstarter, which raised a total of $220 million from 61,000 launched projects so far. Thousands explore its listed projects like recording studios every second waiting to give away their money to the project they think is most deserving! According to the guidelines, Kickstarter accepts all major kinds of creative projects like recording studio time but not for causes or awareness campaigns, charity or scholarships, and definitely not for vacations or a new digital camera.
The submission process is really intuitive and straightforward, you just need to sign up an account, then fill out your project details. You are encouraged to describe everything in great detail, as there will be crews reviewing your form and determining whether to accept your project or not.
Backer Reward: create a small reward with a certain price point, and if thebacker pledges the price and claims the reward, he will get the reward but only if the funding is successful (which means you reach your funding goal). Very easy and straightforward! For more info, go to their Backers section.
Kickstarter charges 5% fee for every successful project. As Amazon Payment is used to receive the fund, Amazon will apply credit card processing fees, which are 3-5% of your raised project fund. And the biggest downside here is that you have to be a permanent U.S. resident with a Social Security number. So, no luck if the project creator is not a U.S. resident.
Continued in Part III