Two years after our initial research the market for crowdfunding in the cultural and creative industries has expanded exponentially across Europe and the rest of the world.
In the UK we know that most of the largest cultural organisations have either developed a crowdfunding campaign (but not executed it) or have actually done it with varying degrees of success. Culturecrowd worked with Shakespeare’s Globe Theatre in the final stages of their first campaign to fund a tour of Hamlet to all 201 territories of the world, and have some meaningful lessons to report.
In Europe there has been a multiplication of sites offering unique specialized services, such as crowdfunding for archaeological digs (Digventures) sourcing not just funding for digs, but also people services; or Spacehive which “crowdfunds civic projects” (such as community cultural centres).
There has also been some consolidation amongst the biggest players. Kickstarter dominates the reward crowdfunding arena, with Indiegogo and others coming far behind but given it is a growth market all are still growing. There are a myriad of European originated players which cover the entire European market such as Symbid, Seedrs, Crowdcube, and Ulele.
Culturecrowd has done some early research into the benefits of developing an equity crowdfunding platform specifically for the cultural and creative sectors, particularly in the UK. There are some benefits for the sustainable funding model (particularly equity crowdfunding) but more research is required on the subject particularly as the reward crowdfunding brands are already well recognized with young cultural audiences.