Crowdfunding could lift arts funding by 17%
Crowdfunding is a genuine major new source of funding for the arts, according to a Nesta pilot programme whose findings are launched today and showed a 17% rise over current backers’ contributions.
The programme, announced by the DDCMS in last year’s white paper with funding from the Arts Council and Heritage Lottery Fund, was launched in August 2016 with 59 arts and heritage organisations taking part.
It found that the £251,150 provided by ACE and the HLF levered another £405,941 from 4,970 crowdfunders, and that the exercise boosted the average contribution from £63 to £74, a rise of 17%. The programme also found that what 78% of the funders taking part gave was in addition to what they would normally give to charitable or good causes, and 85% of organisations found that crowdfunding campaigns encouraged non-financial support in twer4ms of feedback, advice and volunteering.
Hasan Bakshi, Nesta’s creative economy head, said: “Nesta has been tracking the crowdfunding sector since 2010, including the growing involvement of institutional funders. This pilot programme has given us unique quantitative evidence that arts and heritage funders can make public money work harder by matched funding”.