They
call them struggling musicians for a reason.
Now,
thanks to a new Boston-based collaboration between Microfundo and
Adva Mobile, aspiring musicians are getting a helping hand - from fans using
their mobile phones.
The idea is simple: Fans lend money via their mobile phone
to support music projects of their favorite musicians. Fans are then repaid via
revenue from future download sales of the artist’s music.
Musicians create their own mobile site that displays their
microfunding campaign. Musicians make direct appeals to fans at a concert or
live event. Fans can respond and contribute - in the moment – using their
phones.
Microfundo
CEO and founder Brad Powell got the idea bringing microfunding to the music
industry while working for Calabash Music, the online world-music company that
he also founded. “All of the artists I came into contact with faced the same
financial hurdle,” Powell says. “They needed capital. Most international
artists in particular are ignored by the mainstream music industry, which is a
significant hurdle.”
Powell
found a solution in one word: microfinance. He studied how international
microfinancing organizations like kiva.org arranged for investors to provide
funds and services to small businesses typically shunned by banks. He concluded
it would not be too hard to start something similar to support musicians.
“If this is working well for people who are funding what are basically complete strangers in a foreign land,” he said, “why wouldn’t it work for music fans to fund artists whose music they actually know and like.”
Powell was inspired by Grameen phone which pioneered a mobile and microfinance service in Bangladesh. "In the 1990's all these local entrepreneurs were empowered to grow their business - simply because they were given acess to capital and mobile phones. With the way the youth of the world use their phones today, imagine the music economy that can thrive between artists and their fans via mobile?"
Adva
Mobile founder and CEO Jack Kelly added the key ingredient of taking music
microfinancing mobile: “Music fans are the alpha mobile users. They are
constantly sharing their experiences via text and twitter – it’s only natural
that they will share their love for their favorite musician via their phone.”
Fans
can get an early look at mobile microfinancing for musicians by texting
microfundo to GETME (43863) where the service is launched with four artists:
Alex Alvear, Ecuador –
text alexalvear to GETME – 43863 for his mobile campaign
Avantrio, Peru – text
avantrio to GETME – 43863
La Otrabanda, Venezuela – text otrabanda to GETME – 43863
Zili Misik, Caribbean - text zilimisik to GETME - 43863
More About Microfundo:
Microfundo is changing the way the world finances music by bringing
microfinancing to the music industry. Microfundo is supporting economic
development in music capitals around the globe with a Microfunding Platform
that allows music fans to give financial support directly to their favorite
artist. www.microfundo.com
More About Adva Mobile: Adva mobile provides a software service that enables Music Artists and advertisers to create closer relations with their audience through mobile fan clubs. The experience includes mobile messaging, mobile presence (mobile internet pages), mobile commerce, mobile social sharing features, and mobile content fulfillment. The service is free to the fan, and a revenue generator to the band. www.advamobile.com
Comments