
An Argument Against Fan Funding
Anyone can make a record for next to nothing these days. Almost any other hobby is more expensive: photography, mountain biking, even video gaming. When a teenager singing into a webcam gets exponentially more views on YouTube than your latest “professional” video, the answer isn’t more money.
You’re just not there yet. (hey, don’t feel bad - I’m not either) Tracking at Abbey Road Studios won’t get you there. Hiring T-Bone Burnett to mix your album won’t get you there. A full-day mastering session with Bob Ludwig won’t get you there. 10,000 pressed CDs with 18-page inserts won’t get you there. A $5,000 promotion budget won’t get you there either. No matter how much money you throw at your project, we’re all limited by a stubborn principle called free market pricing. People are only willing to pay what a product is worth to them, not what it costs to produce. The intrinsic value of music is in free fall, and people won’t pay for it if they’re just not that into you. So why are musicians flocking to fan funding (also known as “crowdfunding”) sites like Kickstarter, Sellaband, Slicethepie, PledgeMusic, and artistShare in droves? My guess is that they figure “why not give it a shot”? Well, I’ll tell you why not, and offer a better option.