Crowd Funding is stirring much controversy these days. Everyday on Facebook, I get a dozen requests for money. With the help of companies like Kickstarter, and Indiegogo, upcoming filmmakers are pan handling on the information super highway… and it’s pissing off a lot of people.
The technique has proved enormously successful for some… for others – not so much. Many campaigns do reach their funding goals, and as some have pointed out, how do you know your contribution is going to be spent the way it should? Your donation could just be funding the next outing at a strip club for the director.
Most of the complaints I hear stem from the fact the filmmakers are largely asking other filmmakers to contribute. I know when I get funding requests, my first thought is “sorry, but I’m trying to fund my own project.”
To be successful at crowd funding (or any kind of financing for your project), you must have certain elements in place.
1. Your story’s concept has to be AMAZING. Unique, but yet familiar, and compelling. You should be able to pitch your project in one or two sentences, and other screenwriters should turn green with envy when they hear it because they didn’t think of it first.
2. The concept MUST be MARKETABLE. “But, I’m an artist… I make art…” Bullshit – you are making a product. Treat it like one. Know your audience, what they want to see, and how you are going to reach them cost effectively.
3. Your script has to be great. Seriously. Just because your friends and family like it doesn’t mean its great. If you can find someone who hates you, but likes your script – you might be on to something. Send your script to a consultant, reader, agent, experienced director or some unrelated person who can give you an objective opinion. When they give you notes, seriously evaluate their validity, and make changes. As they say, scripts aren’t written, they are re-written.
4. Your budget must be commensurate with your market, your skill level, and level of cast. Most people have an unrealistic idea of the value and market share of their content. The key to monetization is simple: make a film for less than what your total sales will be after expenses. Do your research.
5. Make a detailed business plan that takes you all the way from production through to retail store shelves. Have you factored in distribution costs, DVDs, advertising, legal? It’s likely to meet or exceed your production budget.
6. If you want to try crowd funding, go for it… but you will have more success begging for donations from people who are not filmmakers, but want their name attached to a movie for the experience. People like experiences, so make it a good one. Cater to their desires. Give them value besides ROI… because the cold hard truth is that most projects don’t recoup their investments.
Whether filmmaking is a hobby for you, or a profession… treat it like business. Take care of your cast, crew and investors, and your odds of continuing to make films will increase.
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