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What is Crowdfunding in Film and Video Production?

We have already mentioned crowdsourcing but what about crowdfunding?  What is it and what does it do?  Well, in a nutshell, crowdfunding is a collective effort of people who collaborate over the Internet to gather financial resources to achieve a certain goal, such as producing a film or providing a disaster-relief fund.

Crowdfunding has been around for centuries if not millennia.  Communal fundraising, such as the one for Statue of Liberty’s pedestal, were just that—multiple people pitching in to gather money for a common objective.  Once again, the only real difference now is the use of Internet—before the gathering of funds could be done in person or through a prenumeration, a type of subscription—and a new term that came into use in early to mid-2000s but only now has reached the general public and became a “buzzword.”

As with crowdsourcing, a term that could be used as an umbrella that also covers crowdfunding, there are multiple websites that act as a platform for crowdfunding enthusiasts to meet and organize.  As of the last count in the previous year, there were over 450 of those platforms; there are bound to be many more in existence by now, the end of 2013.

The main benefit of crowdfunding is that it allows for projects to see the light of day, whereas without the funds from the group, the project would never get the required capital.

Aside for financial benefits, crowdfunding helps with the creative process, gets much more pre-release feedback, and may greatly increase the producer’s profile and reputation.

There are of course potential disadvantages, such as intellectual property and copyright issues and the lack of fully matured legal framework to protect the investors.

If you haven’t yet, please check out our crowdsourcing article that we posted the other day on our video production blog.

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Category: Crowdfunding Video Production, Crowdsourcing Video Production, Video Production
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