Kickstarter Versus Indiegogo
With all the crowdfunding platforms that are available in the market today, it may be confusing on which one would be suited for your needs. No two things are equal and to spare you from the headache of trimming down your options, we have summed up the differences of the top music funding websites for 2020.Kickstarter
Backed up by 18 million people and $4.9 billion pledged, Kickstarter has successfully funded at least 181,142 projects. A 5% fee is applied to the total amount of funds raised plus an additional 3-5% payment processor fee. Kickstarter does not claim any ownership over the projects they produce. The web pages of projects launched on the sites are permanently archived and accessible to the public. Once the project is completed, the projects and the uploaded media can no longer be edited and removed from the site.Indiegogo
It was curiosity that powered the Indiegogo community to bring at least 800,000 to life since 2008. Currently, they have over 9 million backers representing 235 countries and territories.
A 5% is applied to the contribution plus the 3% processing fee per transaction. The site runs on a rewards-based system meaning investors and donors receive gifts rather than an equity stake in the company in exchange for their donations or funds.
The Difference:
Indiegogo provides campaigners two options: receive funds as it comes or waits until the target is hit while for Kickstarter, funds will only be released once the campaign has reached its target.
Indiegogo uses Youtube and Vimeo while Kickstarter uses its video hosting service. This gives Indiegogo more advantage when it comes to the number of views or reach as Youtube ranks as the second top website in the world.
When it comes to reward levels, Kickstarter has not implemented a limit (at least for the first 50). Indiegogo, on the other hand, has imposed at least 20 reward levels.
Both Platforms has carried out at least 60 days for the campaigns
When it comes to rules, Kickstarter has set project rules that campaigners must follow. Projects can’t fundraise for charity, can’t involve prohibited items, can’t offer equity, must be honest and presented, and must create something to share with others. Indiegogo, on the other hand, puts more focus on flexibility.
For pledges- Indiegogo charges the backer automatically while for Kickstarter, it is done once the campaign hits the goal. This gives the backer time to cancel his pledge, translating to at least a 5-10% drop in backers for most campaigns.
Patreon
Patreon helps artists build direct relationships with their direct fans by offering them exclusive content, community, or insight on the creative process in exchange for a monthly subscription. Some artists also request for collaboration from patrons by asking them suggestions or opinions on a particular artwork. Something that artists trust knowing that these people can be called ‘fans’ and not just random people they see on the net.ArtistShare
Founded in 2001, ArtistShare is widely recognized as the first “fan-funding platform” of the internet. Artistshare gives fans the overview of the artist by documenting the beauty of his creative arts while allowing them to directly participate by funding the project and in return and in most cases, gain access to extra material from the artist.
Overall, Artistshare has received 30 Grammy Nominations and 10 wins including their first funded project, Maria Schneider ‘s Concert in the Garden which won the first album in Grammy history to win an award without it being available in retail stores. That fun funded album had four nominations until it finally won Grammys as the Best Large Jazz Ensemble Album. Their roster also includes some of today’s most prestigious artists including Pulitzer Prize and Oscar Nominated Writers Guggenheim fellowship recipients and NEA Jazz Masters.
Patreon offers creators 3 plans ( Lite, Pro, and Premium) with fees ranging from 5-12%. While ArtistShare does not charge anything for creators to create a project.
ArtistShare charges a 5% service fee upon payout plus the 3-5% processing fee. Patreon charges 5% plus 10 cents for each payment for pledges $3 or less. All pledges over 3% will use what Patreon refers to as the “industry standard” 2.9% plus 30 cents.
With ArtistShare, you will only receive funds from backers who clicked the “Unconditional Support” option when making a contribution. This means that if your project does not hit the goal, you’ll still get some funding but not everything that was pledged. As for Patreon, creators will still get the money earned even if the goal is not reached.