Late last month, American Public Media announced their acquisition of Spot.Us (a crowdfunded journalism site). The Spot.Us mission is to support and commission topics that are sometimes passed over or outright avoided in mainstream media, topics that the public would most definitely have an interest in – enough to personally contribute their own money to commission go-get-‘em journalists to pursue and publish their stories. Right now the site has more than 12,000 contributors pursuing stories as diverse as Fog-Harvesting to Gang Injunctions in California.
The model is strikingly similar to Kickstarter, where donors are rewarded for their investments and each project pitch has a goal that must be met. Kickstarter itself has already funded more than 13,000 independent artist projects. Back in August, a Seattle Magazine article reported on how many artists are grateful for how much Kickstarter has changed the landscape for arts-funding, particularly in a poor economic climate. But the more you investigate it, the more it appears that crowdfunding is changing the landscape across multiple industries and will only to continue to influence which businesses succeed and which businesses fall by the wayside, because (as of last month) the House recently created a bill which allows even private companies legal access to funding by the crowd.
A recent crowdfunding infographic predicts that crowdfunding will go from generating about $1.6 billion to $6.2 billion across industries in 2013, which means that you can expect to see a lot more strategies that incorporate crowdfunding into their plans – both marketing and financial. Stay tuned to IdeaScale for new opportunities in this area.
What do you think about the growth of revenue generated by crowdfunding opportunities? What do you think is most important when launching your own crowdfunding campaign?