Product startups aren’t the only entrepreneurs using crowdfunding to finance their products. Crowdfunding giant Kickstarter has hit a landmark, recording $100 million in pledges to small publishers and self-publishing authors.
In a blog post, the company said that “more than a million people from around the world have gotten behind over 30,000 Publishing projects on Kickstarter, helping nearly 10,000 of them come to life.”
Crowdfunded Publishing by the Numbers
Here’s a breakdown of the statistics that made this milestone possible.
- Successfully funded creators who have backed at least one other project: 6,414
- Number of backers: 1,226,438
- Number of countries/territories those backers have come from: 211
- Number of times they have pledged to a project: 1,673,631
Kickstarter’s latest achievement is good news for writers and small publishers looking for funds to reach their audience. Notably, authors such as entrepreneur Eric Ries, author The Lean Startup are now turning to the site to raise funds for their literary work.
Apart from authors, literary magazines are also opting for the platform to meet their goals.
Kickstarter’s publishing outreach lead, Margot Atwell told The Guardian that “lately we’re seeing more authors and high profile publishers.”
“They’re becoming a critical mass and people are starting to notice it more.”
Interestingly, new indie publishers like the Big Bang Press are launching Kickstarter to fund books by fanfiction authors.
For all the advantages of moving to the Kickstarter platform to get published, there are some things worth keeping in mind. Rebecca Joines Schinsky and Jeff O’Neal, editors of Book Riot offered some words of advice on The Huffington Post, “Since the big wad of cash from your Kickstarter campaign goes right to you to do with what you will, you are going to be the last person paid. This means that keeping your expenses low throughout your project will leave you with more by the end.”
They also said that the decision to print or not should be taken after careful consideration. It’s a good idea to do a “limited run of print as a small incentive for backers to give during the campaign.”
A very important tip for fiction writers and publishers to remember is that selling is a challenge. It’s therefore crucial to create an engaging proof of concept. The project description should generate curiosity to entice the readers.
Leveraging social media is also a great way to achieve crowdfunding success on Kickstarter. Book Riot ran a promotional campaign and gave away goodies to expand its social reach. The idea helped the publisher gain new readers and boosted its chances.