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Crowdfunding Reshaping the Crowd’S Engagement in Culture

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Crowdfunding Reshaping the Crowd’S Engagement in Culture Crowdfunding Reshaping the crowd’s engagement in culture Crowdfunding Reshaping the crowd’s engagement in culture AUTHORS OF THE STUDY Isabelle De Voldere, IDEA Consult (Project coordinator) Kleitia Zeqo, IDEA Consult PROJECT TEAM Eveline Durinck, IDEA Consult Pierre Padilla, IDEA Consult Kathrin Kohl, ECN Oliver Gajda, ECN Markus Chandler, Ecorys Jakub Gloser, Ecorys Tim Fox, Ecorys Joost Heinsius, Values of Culture Sylvia Amann, Inforelais The research team would like to thank all the stakeholders that have contributed to the research by sharing their valuable expertise and insights during the interviews, workshops and online DISCUTO process. EUROPEAN COMMISSION Directorate-General for Education and Culture Directorate D – Culture and Creativity Unit D.1 – Cultural Policy Contact: DG EAC Unit D.1 E-mail: [email protected] European Commission B-1049 Brussels Disclaimer This document has been prepared for the European Commission; however, it reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*) : 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). More information on the European Union is available on the Internet (http://europa.eu). Luxembourg: Publications Office of the European Union, 2017 ISBN 978-92-79-67975-9 doi: 10.2766/011282 © European Union, 2017 Reproduction is authorised provided the source is acknowledged. Image(s) © image #298767080. Source: shutterstock.com ABSTRACT The impact of digitisation - lowering communication costs and outreach - as well as the cultural shift of people wanting to connect more meaningfully with things they do, has made crowdfunding an increasingly popular method of fundraising and community building. Crowdfunding has witnessed a significant increase in Europe in recent years. This study examines to what extent crowdfunding is being used in the cultural and creative sectors (CCS) in Europe. Based on a dataset with information from nearly 75,000 CCS crowdfunding campaigns, the study provides a unique insight into the uptake of crowdfunding since 2013 across different CCS subsectors and EU Member States, as well as into the use of different crowdfunding models, average amounts being raised and success rates. The study shows that running a CCS crowdfunding campaign very often serves other purposes beyond finance, such as audience development, community engagement, skills development, promotion and market research, making it an interesting tool for multiple types of CCS actors, including publicly-owned cultural institutions. The study also touches upon the development of partnerships between crowdfunding platforms and public and/or private funders, matchfunding schemes and other types of services. Based on the analysis, the study puts forward recommendations to policy makers on what is needed for crowdfunding to further develop as a multi-purpose tool for CCS practices. Key words: cultural and creative sectors, access to finance, fundraising, crowd engagement, crowdfunding models, audience development, community building, matchfunding, platform partnerships, market fragmentation, cultural and creative industries, alternative finance. INTRODUCTION SOMMAIRE L'impact de la numérisation – entrainant une baisse des coûts de communication et de diffusion - et le virage culturel poussant les gens à donner plus de sens à leurs activités, ont fait du financement participatif un mode de de renforcement des communautés et de collecte de fonds de plus en plus populaire. Depuis quelques années, le financement participatif enregistre une croissance considérable en Europe. Cette étude examine dans quelle mesure le financement participatif est utilisé dans les secteurs culturels et créatifs (SCC) en Europe. Basée sur une base de données contenant des informations relatives à près de 75.000 campagnes de financement participatif dans les SCC, l'étude offre un aperçu unique du recours, depuis 2013, au financement participatif dans différents sous-secteurs des SCC et États membres de l'UE ainsi que sur l'utilisation de différents modèles de financement participatif, les quantités moyennes collectées et les taux de réussite. L'étude montre qu’une campagne de financement participatif dans les SCC permet très souvent d’atteindre des objectifs divers, qui dépassent l’aspect purement financier, tels que le développement des publics, l'engagement participatif, le développement de compétences, la promotion ainsi que l'étude de marché. Cela fait du financement participatif un outil intéressant pour de nombreux types d'acteurs des SCC, y compris les institutions culturelles publiques. L'étude porte également sur le développement de partenariats entre les plateformes de financement participatif et les bailleurs de fonds publics et / ou privés, de mécanismes de cofinancement et d'autres types de services. Sur base des analyses, l'étude propose des recommandations aux décideurs politiques afin de développer davantage le financement participatif comme un outil polyvalent pour les pratiques des SCC. Mots-clefs : Les secteurs culturels et créatifs, l'accès au financement, la collecte de fonds, l'engagement participatif, les modèles de financement participatif, développement des publics, renforcement de la communauté, le cofinancement, les partenariats de plateformes, la fragmentation du marché, les industries culturelles et créatives, les sources de financement alternatives. Crowdfunding: reshaping the crowd’s engagement in culture 4 TABLE OF CONTENTS Executive Summary 7 Introduction to the study 24 1/ Context and objectives 26 1.1 Access to finance in CCS 26 1.2 A balanced financing mix for culture 28 1.3 Crowdfunding as a leverage for CCS? 29 1.4 Objectives of the study 30 2/ Framework of analysis 32 2.1 Delineation of CCS and crowdfunding 32 2.2 A mixed-methods approach 33 Market analysis of crowdfunding benefitting cultural and creative sectors 34 3/ Crowdfunding for CCS: insights from existing literature 35 3.1 Crowdfunding as an alternative way of finance 35 3.2 Crowdfunding in Europe 36 3.3 Insights from the literature on the current use of crowdfunding in CCS 41 3.4 The CCS crowdfunding landscape: a fragmented market 46 4/ Mapping the use of crowdfunding in cultural and creative sectors in Europe 49 4.1 The uptake of crowdfunding by the cultural and creative sectors 49 4.2 Reasons for (not) using crowdfunding 56 4.3 Characteristics of CCS crowdfunding campaigns 59 4.4 CCS crowdfunding: dream versus reality 92 4.5 The role of backers in CCS crowdfunding 100 4.6 Better information sharing to improve the uptake of crowdfunding for CCS 107 5/ Platforms landscape for the cultural and creative sectors 110 5.1 Online platforms map 111 5.2 The crowdfunding business potential of CCS projects 112 5.3 Platform partnerships 117 5.4 Challenges and barriers to upscaling 123 6/ Crowdfunding as a policy tool to support access to finance in CCS 127 6.1 Public policy maker views on the potential of crowdfunding to improve access to finance for CCS 127 6.2 Policy initiatives to support crowdfunding for the CCS 129 6.3 Matchfunding options for public policy 130 6.4 New opportunities for public cultural institutions through crowdfunding 134 7/ Information asymmetries and fragmentation hampering the uptake of crowdfunding 137 Crowdfunding: reshaping the crowd’s engagement in culture 5 7.1 Systemic information asymmetries leading to lack of trust 137 7.2 Fragmentation between countries and communities 138 7.3 Fragmentation in the CCS financing landscape 138 7.4 A European platform to overcome fragmentation? 139 Conclusions and Recommendations for policy action 141 8/ Conclusions 142 8.1 CCS Crowdfunding is still in an early stage of adoption 142 8.2 Remaining challenges to move to the tipping point of mass adoption 144 9/ Recommendations for further EU action 145 9.1 Raise awareness about the potential of crowdfunding 145 9.2 Create trust 146 9.3 Stimulate skills development 147 9.4 Support matchfunding 148 9.5 Support the linking of (international) financial communities 149 ANNEXES 151 1/ Bibliography 152 2/ Methodological notes 161 3/ Crowdsurfer filters 174 4/ List of Platforms Identified for Crowdsurfer Dataset 179 5/ Community validation of the action plan: the DISCUTO Dialogue 185 6/ Conference 197 7/ Supporting communication material 199 Crowdfunding: reshaping the crowd’s engagement in culture 6 Executive Summary Crowdfunding: reshaping the crowd’s engagement in culture 7 Crowdfunding: reshaping the crowd’s engagement in culture The impact of digitisation - lowering communication costs and outreach - as well as the cultural shift of people wanting to connect more meaningfully with things they do, has made crowdfunding an increasingly popular method of fundraising and community building. Crowdfunding has witnessed a significant increase in Europe in recent years. At the same time, in the cultural and creative sectors (CCS) the funding appetite has been growing – also as an aftermath of post financial crisis budgetary cuts. However, traditional finance institutions, such as banks, have remained sceptical towards the CCS and access to finance remains a core barrier to the further development of many professionals and organisations in the CCS. At the crossroads of these developments, crowdfunding emerged as an innovative method of finance for CCS actors, changing the traditional lender-borrower relationship and opening new ways for donating, investing and lending. In fact, the CCS have been among the early adopters of crowdfunding. This can be seen by the numerous platforms dedicated to cultural and creative projects that have emerged since 2009. 75,000 CCS crowdfunding campaigns launched since 2013 European creatives and cultural organisations have launched around 75,000 campaigns since 2013. According to our data, half of the CCS crowdfunding campaigns were successful in reaching their goal. In total, some €247 million has been raised by the crowd for CCS activities. However, the funding appetite appears to be way bigger.
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