How do fees work on Bandvest?
Bandvest collects a 5% fee on the total funding amount before it is sent to the artist. Additionally, any and all credit card fees are removed from funding total before being sent to the artist. These fees vary, but are generally between 2-4%. This is it, after the payment processing partner, PayPal, processes the funds, they are sent directly to the artist. Keep in mind, artists are responsible for any sales tax which may be associated with their rewards, as well as any chargeback refunds or associated fees.
Why would anyone back a project when music is basically free on online platforms?
While streaming a single may not be something people generally pay for anymore, music consumption has actually doubled over the last decade. Humans inherently love music, and those who bring it to us serve a very important role in society. We know people are deeply connected with their favorite music, and by bringing fans and artists together both emotionally, but also financially, we can create a positive feedback loop where artists have funding, and fans are incentivized to do more of what they already do, share their favorite artists’ content. Rather than relying on a label to fund and promote artificially, we tap into the existing organic connection and behaviors of fans and artists to see emerging artists grow in partnership with their greatest supporters.
What do backers get in return?
Artists are required to provide their rewards in a timely manner. Sometimes crazy things happen in the music world, and the artist may not be able to deliver a reward. In these instances, the artist is morally obligated to “make it right.” We trust artists will honor their commitment outlined in the terms of service to the best of their abilities. We are a little different than most crowdfunding sites, in that our backers also have an opportunity to join the artist’s street team, sharing their content for access to rewards. The supporters even have an opportunity to work for the artist, promoting their content for commission pay! That’s right, when the artist gets paid, so do you! You are a true partner.
I am an artist. How do I go about getting my page started and approved?
Watch this tutorial video for a step-by-step guide helping you create, edit, and get your page approved by Bandvest so you can start raising money and putting your fans to work promoting your content.
I am an artist, how do I export street team data so I can deliver rewards and activate the Street Team?
Watch this tutorial video for a step-by-step guide which discusses exporting data from your project so you can deliver your rewards, but also begin contacting your street team to help them become a part of your business strategy!
I am an artist. How do I post updates on my page and change the destination of the street team’s promotion link to align with my strategy?
Watch this tutorial video for a guide discussing posting updates on your page and changing the ultimate destination of the promotion link your street team is actively using to promote you and your music.
How does this all work in detail?
How it Works for ArtistsHow it Works for Fans