
Written by: Michael Weigel
As a graduate research assistant at the Arts, Entrepreneurship, and Innovation Lab at the IU Center for Cultural Affairs, much of my work in the past two years has focused on economic factors that influence artists who use crowdfunding platforms such as Kickstarter to finance and showcase their work.
Kickstarter is the dominant platform in the United States and around the world, with more than 18 million investing in excess of $5 billion to fund almost 200,000 successful projects. Analyzing data from their site can help us understand online crowdfunding dynamics on the whole. According to a Pew Research Center study, almost 1 in 4 Americans have contributed to a crowdfunding project, which serves as an indication of the reach and importance of online crowdfunding platforms for creative workers in a variety of sectors.
The recent COVID-19 pandemic has upended and changed our economy in ways that are unpredictable and continuing to evolve. Arts and culture crowdfunders have felt the effects of this upheaval at the platform level and on an individual basis.