Indiegogo, gone…
Our 30-day Indiegogo campaign ended on September 17th. To put things frankly, it didn’t do so well. Here’s the cold truth:
The advice I followed said it was best to fully budget your film, and ask for the whole amount, so as not to annoy people by going back again and again for more funds. So, the stated goal ($55,000) was to bring the film to a “festival ready” state, where it could be exhibited and hopefully attract a distributor.
The advantage of using Indiegogo is that if you don’t raise the whole amount, you still receive the funds raised – it’s not an “all or nothing” deal. However, despite favorable media coverage on TV and in print, radio spots from an in-kind sponsor, and a small theatrical ad run, the Indiegogo campaign only raised $2,745 – or 5% of the goal.
While there were contingency plans for only raising 50%, or even only raising 10%, the amount raised, less platform fees and card fees, will basically just cover the cost of fulfilling the perks that the contributors purchased. (For example, if you sell only ten posters, you still need to buy the minimum print run 300. Future sales of posters will be more profitable, however, as they will be in inventory.)
I must admit that I was stuck in an emotional low for awhile, trying to see a path forward for the film. Fortunately, close friends, colleagues, and contributors I spoke with have encouraged me to think hard about a way to continue production.
And, after a lot of brainstorming, I do believe I’ve found the path forward…
Up until the Indiegogo campaign, I’ve been primarily funding production out of my own pocket, and with my own time and labor (which means I receive vastly reduced revenue from my regular video production business).
A few people helped by donating needed items (like storage media), loaning equipment, and providing services. And, more recently, a generous friend used her frequent flyer miles and connections to arrange the production’s trip to Hawaii, covering over 90% of the cost, and allowing for five shoots on two islands which otherwise might never have happened.
In order to keep the production going, I need to cover the lost time/revenue that I would otherwise have from working – If I can raise $2,500 in a month, I can devote myself full-time to local shoots and post-production work. If I can raise $5,000 in a month, I can take one of the planned road trips to conduct critical interviews of key people, and to visit locations that enhance the story.
If I don’t raise that much, I can take time off from the production and rebuild my saving (and pay down my cards) by returning to my main business, until there’s enough saved up for the production to resume for a month or two.
(The first option is better, of course, because the film will get completed much sooner!)
The idea of raising funds incrementally over time isn’t compatible with the major crowdfunding platforms, which are based on deadlines, and holding back your funds until a campaign is complete. (Even Indiegogo’s flexible funding is held back until the campaign ends.)
So, I’ve implemented something new…
Direct, Ongoing Crowdfunding on the Web Site
There is now a Crowdfunding Shop on our newly-revamped web site!
It’s live now, and stocked with the same crowdfunding perks/merchandise that were available in the Indiegogo campaign – and more perks will be added over time.
With the reduction in overhead (no campaign platform fees) and the much faster receipt of payments, I am also able to offer lower merchandise prices than were on Indiegogo – up to 20% lower in some cases.
There are sponsorship opportunities and ways to become an associate producer or executive producer on the film!
Soon, I will be posting a new budget, taking into account what has been learned since August, and also a report showing the amounts raised, so that people can see how the ongoing campaign is performing, and have confidence that their contributions are being used wisely.
Please check out the shop – there are direct contributions starting at just $5, and several merchandise items under $50.
The shop is set up to take all major Credit/Debit cards, PayPal, Venmo, and WooPay.
You can help support the project by purchasing from the Crowdfunding Shop.
