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Big Society

Sunday, 02. March 2014 | 01:00 (tz: Europe/Amsterdam)

Crowdfunding: Monetizing the Crowd?

disruptingbusiness

Crowdfunding: Monetizing the crowds?

Not so very long ago the social ‘welfare states’ of Europe[1] provided health care for everyone and a sizeable amount of money for culture, which was generated from tax revenue. Many artists and cultural practitioners had the opportunity to apply for grants, supplemented by patronage, sponsorship, selling their work, or even having jobs. The contemporary discourse in the cultural sector has now shifted and takes its cues from neoliberal policies of management, adopting an ‘everything for the market’ attitude. This has led to Europe’s assimilation of a U.S. inspired laissez-faire approach to culture, and subsequently transformed cultural practices into the burgeoning imagination of the ‘creative industries’. This is marked by a particular condition of state withdrawal of financial support for culture while emergent forms of online, networked platforms increasingly facilitate private donations. For example, electronic money transfers using digital technologies have enabled micro-finance networks that restructure the funding support and patronage earlier available to cultural practitioners. These have ensured an even quicker transfer of the private wealth of citizens to individuals within the cultural sector, such as with the phenomenon of ‘crowdfunding’.[2]