Los Angeles, CA -- (ReleaseWire) -- 04/17/2014 -- While streaming services have become a discovery engine for fan's to find new music, making music is only half the battle as bands struggle to thrive in today's music industry.
While musicians are able to reach more fans through apps such as Spotify, some streaming platforms offer limited revenue. Even coupled with merchandise sales and touring, independent bands still have difficulty with sustaining revenue. The musician-owned startup Payola.fm, (http://payola.fm) is offering bands a new way to raise funds, helping bridge the revenue gap.
GROWTH THROUGH STRATEGIC PARTNERSHIPS
Similar to crowdfunding websites like Kickstarter and Indiegogo, Payola.fm is focused exclusively on independent musicians. Recently launched at the South by Southwest (SXSW) music festival, Payola is focused on growing the service through key, collaborative partnerships ranging from Austin-based guitar manufacturer Moniker guitars to Philadelphia-based Broad Street Music Group.
"Just as Payola.fm seeks to create opportunities through crowdfunding, we provide opportunities for independent musicians through live music events in the local area." said David Silver, Founder and CEO at Broad Street Music Group.
Campaigns typically run for 30 days and can include the band biography, audio tracks, videos and photos. Donors and fans are able to pledge at different sponsorship levels. Each level offers various sponsorship perks from exclusive merchandise, digital downloads or unreleased recordings to unique fan experiences. Bands are successfully funding their projects through Payola, even exceeding campaign goals. When a campaign is successfully funded, a band receives 96 percent of the total funds raised while Payola.fm receives 4 percent and absorbs the transaction processing fees.
A PLATFORM FOR INDEPENDENT MUSIC FUNDING
Payola supports bands through the entire fundraising process, including producing content, shooting videos, crafting personalized campaigns and matching perks with partners to incentivize contributions. Bands who are interested in launching a campaign can work one-on-one with the Payola team depending on location and funding goals.
"We're committed to helping musicians make quality music and connect with their fans," said Adam Oliver, Founder and Chief Executive Officer of Payola.fm. "Crowdfunding can be a burden to many bands. Our approach is to offer a streamlined platform that gives musicians control over their financial success."
Based in Los Angeles, Payola.fm is a crowdfunding platform for bands and musicians to fund their music. Learn more at www.payola.fm. Follow Payola on Facebook, Twitter and Instagram @payolafm.