How Has The Art Crowdfunding Market Size Evolved In Recent Years?
The art crowdfunding market has seen considerable growth due to a variety of factors.
•The market size for art crowdfunding has seen a quick expansion over the past few years. Projected to rise from $1.9 billion in 2024 to $2.14 billion in 2025, it's expected to have a compound annual growth rate (CAGR) of 12.3%.
The growth experienced in the historic period can largely be credited to the, rise in online crowdfunding platforms, broader internet accessibility and digital platforms, the expansion of social media and online networking, the emergence of independent artists and creators, and the increasing desire for the democratization of art funding.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Art Crowdfunding Market?
The art crowdfunding market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the art crowdfunding market is predicted to experience a swift expansion. The projections indicate it will reach $3.48 billion by 2029, with a compound annual growth rate (CAGR) of 13.0%.
This surge in the forecasted period can be linked to a societal shift in supporting arts, programs highlighting art education and awareness, establishment of safer online payment methods, the impact of art festivals and exhibits, and acceptance of digital currencies for art crowdfunding dealings. The upcoming trends set to influence this period encompass the use of blockchain for art validation and provenance, the increasing application of virtual reality (VR) and augmented reality (AR), partnerships between artists and crowdfunding platforms, advancements in payment technology and digital wallets, and the incorporation of artificial intelligence for customized crowdfunding drives.
What Are The Essential Drivers Behind The Growth Of The Art Crowdfunding Market?
The growth of the art crowdfunding sector is anticipated to be boosted by the proliferation of online art marketplaces. These digital platforms provide a sphere where artists can directly sell their artworks to buyers, establishing a connection between artists and a worldwide array of art enthusiasts and simplifying the process for art transactions. These online art marketplaces, which are digital stages for artists to introduce their concepts, interact with a global art lover community, and secure funding from different backers, widen the funding opportunities for artistic ventures. To illustrate, an online art commerce report by Hiscox Ltd., a specialist insurance firm based in the UK, stated in April 2023 that online art sales surged to $10.8 billion in 2022, a 6% increase from $10.2 billion in 2021. Moreover, the online art market in 2022 was responsible for 15.9% of all art sales. Thus, the growth in online art marketplaces is fueling the advance of the art crowdfunding market.
How Is The Global Art Crowdfunding Market Divided Into Key Segments?
The art crowdfunding market covered in this report is segmented –
1) By Type: 5% Fee, 4% Fee, 3% Fee, Other Types
2) By Art Type: Visual Art, Performing Art, Literary Art, Other Art Types
3) By Platform: Reward-Based Crowdfunding, Donation-Based Crowdfunding, Equity Crowdfunding
4) By Application: Films, Music, Stage Shows, Comics, Journalism, Publishing, Museums, Galleries, Other Applications
Subsegments:
1) By 5% Fee: Platforms With A Flat 5% Fee structure For Successful Campaigns, Additional Services Offered At This Fee Level
2) By 4% Fee: Platforms Charging A 4% Fee For Funded Projects, Potential Incentives Or Features Available At This Fee Level
3) By 3% Fee: Crowdfunding platforms With A 3% Fee structure For Successful Campaigns, Special Benefits Or Services Associated With This Fee Level
4) By Other Types: Platforms With Variable Fee Structures, Platforms With No Fees Or Donation-Based Models, Specialized Platforms Catering To Specific Art Forms With Inique Fee Arrangements
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What Trends Are Reshaping The Future Of The Art Crowdfunding Market?
Product innovation has become a pivotal emerging trend in the crowdfunding market. Leading players in the market are focusing on developing innovative products to boost their market standing. For instance, SideKick Finance, an online platform based in the UK that provides crowdfunding and marketing solutions, introduced JumpStart in January 2023. JumpStart is a fully decentralized Non-Fungible Token (NFT) crowdfunding platform. It leverages the power and versatility of NFTs to provide a swift, self-service platform for anyone intending to launch a campaign. It caters to a broad range of use cases including but not limited to gaming, art, music, charities, thereby encouraging investors and creators to bring their valuable ideas to fruition. JumpStart exemplifies a sturdy, scalable, and tremendously interoperable platform for crowdfunding.
Who Are the Key Players in the Art Crowdfunding Market?
Major companies operating in the art crowdfunding market include:
• Rockethub
• Patreon Inc.
• Ulule
• Indiegogo Inc.
• Pozible
• GoFundMe LLC.
• Kickstarter PBC
• Fundable LLC.
• Makuake Inc.
• Fundition Inc.
• Ketto
• Razoo Inc.
• Wefunder
• ArtLifting
• Fundrazr
• Crowdfunder Ltd.
• ArtistShare Inc.
• Seed&Spark Inc.
• Artboost
• Wishberry Online Services Pvt. Ltd.
• CrowdBazaar Ltd.
• Makestar Inc.
• 22x Fund
• Fanbook
• FundDreamer
• iFundWomen
• Hatchfund
• KissKissBankBank and Co.
• Fundly
What are the Regional Insights into the Art Crowdfunding Market?
North America was the largest region in the art crowdfunding market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the art crowdfunding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
