Crowdfunding works in the arts, apparentlymain
A group of 59 UK arts organisations succeeded in raising £406,000 from 4,970 donors last year, according to published results.
‘The majority of respondents indicated that the hard work involved in running a crowdfunding campaign was ultimately worth the rewards,’ says the sponsoring organisation, Nesta.
But here’s the catch: Nesta offered matching funds for every single donor, an incentive that endorsed the projected and persuaded more people to give.
Crowdfunding, as such, is not an efficient way of running an arts org. Look what happened to NY’s City Opera.