By Francesco D'Amato
Francesco presented a paper on the Do It Yourself business model where members of the public contribute creativity, knowledge, skills, provide suggestions, judge works, provide feedback on recordings and/or money as a part of the recording and distribution process.
He focused in particular on Crowdfunding which is the contribution of money by web users to help support creators. This is seen by some as an alternative to the traditional ways of production. Franceso discussed the attributes of some of the most popular platforms for crowdfunding, two of these were:
He stated that this is currently the most popular platform for musicians seeking to use an alternative business model with some profiting more than they would had they signed to a major record label. The platform seeks donations from users and in turn provides them with rewards such as special content, personal relationships with artists and access to the creative process. ArtistShare is not a profit sharing model.
This platform sets a goal amount to be raised of $50,000 with users buying shares of $10 each. Fans are given a split of the revenue produced from the recordings with 10% of the funds going to the website operators. Investors and artists receive 50% each of the money while the site takes a five year licenses for the music including both the copyrights and exploitation rights to the music. Investors also receive non economic rewards such as a free copy of track(s) and their names listed in the cover credits.
This was another interesting talk which focused primarily on the different aspects to each of these platforms. There have been a number of artists that have successfully used this business model independently of third party platforms in recent times which were not within the scope of this presentation but nonetheless it was well worth seeing and very informative.
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