Bringing the consumer in
DOI link for Bringing the consumer in
Bringing the consumer in book
Traditional media businesses are innovating with new business models and new entrants are developing innovative ways to connect producers and consumers. Crowdfunding is the process of raising finance through the Internet to self-finance production, marketing or other expenses involved in filmmaking. Although crowdfunding was developed in the creative industries to back creative projects, such as the production of an album by an unsigned musician, its popularity in this sector has seen a rise in the use of crowdfunding as a means of funding socially motivated projects as well as for entrepreneurs developing new products. The general approach to crowdfunding is for the filmmaker to offer a series of awards to backers in exchange for specified donations. The crowdfunding campaign succeeded in securing necessary funding for the film and the endorsements by professionals as part of the campaign signalled quality in advance of the film’s release.