Crowdfunding can be an additional revenue opportunity or the sole funding of your channel. We’ll talk about what’s out there and how it works.
On top of the youtube ad revenue, another way to monetize your videos is to have your fans fund the production of your videos directly through crowdfunding. Crowdfunding sites allow for your audience to support your videos directly without the need to put your content behind a paywall. Let's take a look at 2 different sites that work similarly but have nuanced differences.
Patreon enables fans to give ongoing support to their favorite creators. It lets fans directly support their favorite artists and content creators. It's different than other crowd funding because it's not about one piece of work that requires lots of funding. It's for a content creator who creates on a regular basis. Every time that creator releases some content; the supporter pays a bit for it, being able to set a monthly maximum to make sure it’s within their budget. And the creator will get that monetary support. In exchange for that support an artists can give anything they can offer as a way to say thanks pitching in.
Kickstarter, the #1 crowdfunding site — it’s a place where everything from films, games, music, art, design, and technology can get funding. It is directly supported by the public. Each project is independently created. The creators on kickstarter have complete control over and are responsible for their projects. Its both a platform and a resource; kickstart itself is not involved in the development of the projects. Anyone can launch a project as long as it follows the rules. Together, creators and backers make projects happen. Project creators set a funding goal and deadline. If people like a project, they can pledge money to make it happen. Its an all-or-nothing proposition. Projects must reach their funding goals to receive any money.
Your crowdfunding pitch video doesn't need to be elaborate. Its a place to communicate to the community what you plan to do, your story, or the story behind your funding need, the timeline that will accompany your project and last but not least your budget.
Your video can just communicate the necessities, or can be a big production. In the case you are getting funding to make a video, show what you can do. Its good to show what kind of end product they can expect. Lastly, be honest, authenticity is key when connecting to your audience. Statements like “ I couldn't do this without you, or with your help we can make this happen“ this includes them in the creative process, giving them stock in your success.
Depending on your project, one time funding might be all you need to get the ball rolling. However continued support might offer a better foundation to get your ideas off the ground. This is something to consider when choosing what crowdfunding site you use. Would it be better to try for a one time big funding number or would it be better to have income stream in over time to be able to justify your ongoing effort. What direction you choose should be dependant on the type of project you are doing as well as the amount of time and money it requires to get to your final end goal.
Being creative with how you fund your endeavor will not only create new avenues of revenue, but offer unique ways to connect with your audience, giving them an ownership role in your work. This can translate in to increased traffic, distribution and notoriety because of their investment in your work.