The concept of fans funding their favorite artists generally means artists raising money from friends and family. ArtistShare has taken the fan-based fundraising to a global level. Artists now can connect with fans all over the world. The platform connects artists with fans in order to fund the creation of new artistic work. In exchange for funding a project, the fan will get an insider’s look at the creative process.
ArtistShare is the first Internet fan funding platform for artists, founded in 2001. Its business model allows artists to fund their projects directly through their fan base. ArtistShare is not only about music, any sort of creative work fits in the model. The platform already received many awards, including 6 Grammy awards and 21 Grammy nominations for various ArtistShare projects.
How does it work? You can show your appreciation for your favorite artists by funding their projects, ranging from $12.95 to $10.000. In return you get access to the creative process and in some cases to very unique experiences such as attending a recording session, VIP access to events or recording sessions and credit listing on the final product. In exchange, the artist gets the opportunity to realize projects through their fans becoming involved and committing funding. It is especially a great distribution channel for upcoming talents who do not have a record deal or are looking for one.
ArtistShare shifted the focus of value to the ‘creative process’ rather than to the end product. The artist is compensated before the work is released. They can market directly to their fan base and at the same time they can develop long lasting relationships with their fans. Fans feel they are participating in the artist’s projects, because they are involved with the project from the start to the completion.
ArtistShare their mission is to ensure the creation of new art and music, despite any sort of distractive technology that might come along. The ArtistShare concept has anticipated on the dramatic increase in digital downloading. As record labels and artists lose profits due to illegal downloading, creating music for sale has become a dubious prospect. ArtistShare tries to use the digital technologies to benefit the artist. The ArtistShare model is inspired and created in response to the threat of digital piracy, making it immune to changes in the industry.
ArtistShare is a good example of a business that applies active consumer involvement and succeeds in it. With the aid of the audience, artists who don’t have record labels or who don’t want to work with a record company, still have an opportunity to make a living out of their artistic work. For the fans it’s a much more rewarding consumption experience than just buying the CD in the store. The product ArtistShare actually is selling is the creative experience, not just the CD. ArtistShare offers you the total experience!
Wouldn’t it be amazing to be able to look over your favorite artist’s shoulder as he or she is writing a song?
Eline Groenveld (400617)