Music Funding

Music Funding

So many ideas and motivation but so little money, it’s increasingly important to look at music funding options. A day in the life of a musician, tell me about it! But where there’s a will there’s a way, so here are some ideas to help you fund your next music projects.

 

Types of music funding

 

Save

This involves playing gigs, selling music and selling merch. Put all of your earnings aside and don’t waste it! After a period of time you will eventually have a band kitty that you can use for band expenses. Play a few gigs to get money for shirts. Sell a few shirts to get money for recording, sell heaps of music to get money to tour further, and so on.

 

Contribute – Band members chip in for expenses. $500 can seem like a lot to get t shirts, but when you divide it by 5 band members it aint too much. That means you can keep the band kitty for other projects, and use to profits to keep building that central kitty.

 

Grants – These are widely available yet insanely under utilized. Here are some examples of what’s out there; Aus State departments – WA Department of Culture and Arts, Create NSW, Creative Victoria Aus National agencies – Australia Council Aus Companies – AMP Tomorrow Fund USA – New Music
Those of you in Australia, keep an eye out for grant opportunities HERE.

What’s involved? – Completing an extensive application, lots of research, writing and gathering of support material, a great budget, plus a detailed acquittal at the end to prove you spent what you said you will spend.

What sort of projects can I apply for? – Most commonly for contemporary artists is touring, either a headline tour you’ve booked, a support slot that you’ve been offered, or a tour being booked by an agent. You can also apply for studio time, music videos, pressing CDs or merch, or even a full album release campaign encompassing a variety of items.

How much can I get – Depends on the body and what they offer. Check the different categories and their closing dates. Sometimes you might ask for 5 band members flights for maybe $2-3K, perhaps $5K for an international tour including a bus, $10K for a couple music videos and promo items, or even $20K or more for extensive campaigns.

How do I increase my chances – Speak to someone at the agency, ask for their advice and feedback. You want to prove that you plan on undertaking the project either way, so confirmations and signed support letters are highly beneficial. Timeliness is another important thing, why is it essential to carry out this project at this specific time? Most importantly, read their instructions, don’t submit more than you’re allowed or less than they expect.

 

 

Crowdfunding – This is when your fans contribute to your projects in advance or ongoing, such as pledging for a pre order or even paying you a monthly figure. Be very careful using these and strategic about your choices. Here are a few different types;

Pledge Music – Literally a pre order through a dedicated database. People pay, you undertake the project, then the fans get what they ordered from you. Kickstarter – Share your idea, and if enough people ‘pledge’ to support you, then your project can come to life and those pledgers will pay for you to get started. Patreon – Create a detailed page about your project, and people will subscribe to pay you on a regular basis to keep doing what you do!

 

 

Need more help with funding from BandTools? Please reach out to us!

Templates, examples and guides are available in the BandTools database, to access visit our Patreon page to subscribe!

 

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