The (pre) recording artist as a MINIPRENEUR: South African singer Verity is raising cash to record her first album, by pre-selling cds to an online audience. Why does Springwise suspect this is just the beginning? In the online world, every day brings us yet another new business model!
The idea isn’t spanking new, but it is worth a closer look, as the conditions for something like this have vastly improved now that we’re ALL online (1 billion and counting!): producing something only after you’ve received enough commitment from prospective buyers to cover your initial costs. Very MINIPRENEURish, of course! Fun example: I am Verity, a South African singer who wants to record her own album, but doesn’t have the cash (about USD 45,000/EUR 37,600/GBP 25,800) needed to do so. She also realised that if she would cut a record deal, it would take her a long time to see a single dime in return. Which is why she set out to pre-sell 5,000 CDs at USD 23 (EUR 19/GBP 13) a pop. Verity will donate 10% of any profits to charity, and participants will get, besides the CD, their name listed on her website, as well as an invite to vote on which songs she will actually record, what artwork and photography is used, and so on.