Press release
Art Crowdfunding Market 2024 - Industry Analysis, Predictions for the Future, Business Overview, and Forecasting Towards 2033
Art Crowdfunding Market
The art crowdfunding market size is expected to see rapid growth in the next few years. It will grow to $3.04 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to cultural shift towards supporting the arts, art education and awareness initiatives, development of secure online payment systems, influence of art festivals and exhibitions, adoption of cryptocurrency for art crowdfunding transactions. Major trends in the forecast period include integration of blockchain for art authentication and provenance, increasing use of virtual reality (vr) and augmented reality (ar), collaborations between artists and crowdfunding platforms, advances in payment technology and digital wallets, integration of artificial intelligence for personalized crowdfunding campaigns.
Market Overview -
Art crowdfunding refers to obtaining financial contributions from supporters using online platforms to support artistic projects like exhibitions or theater productions. It enables artists to interact with a larger audience to receive financial support for their creative endeavors.
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The Role Of Online Art Marketplaces In Fueling Art Crowdfunding Growth
The expansion of online art marketplaces is expected to propel the growth of the art crowdfunding market going forward. An online art marketplace is a digital platform where artists may sell their works of art directly to purchasers. It connects artists with a global audience of art fans while offering a convenient and accessible setting for art transactions. A digital platform for artists to present their ideas, engage with a worldwide community of art fans, and raise money from various supporters is made possible by the growth of online art marketplaces, which broaden the options for funding artistic endeavors. For instance, in April 2023, according to an online art trade report by Hiscox Ltd., a UK-based specialist insurance company, online art sales amounted to $10.8 billion in 2022, 6% up from $10.2 billion in 2021. Further, the online art market in 2022 accounts for 15.9% of all art sales. Therefore, the expansion of online art marketplaces is driving the growth of the art crowdfunding market.
Competitive Landscape -
Major companies operating in the art crowdfunding market report are 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.
Transformative Trends In The Crowdfunding Market
Product innovation has emerged as a key trend gaining popularity in the crowdfunding market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in January 2023, SideKick Finance, a UK-based online platform offering crowdfunding and marketing solutions, launched JumpStart, a decentralized NFT(Non-Fungible Token) crowdfunding platform that empowers investors and more creators to realize worthwhile ideas. An utterly decentralized self-service platform that anyone can use to quickly launch a campaign using the strength and usability of NFTs. JumpStart offers a robust, scalable, and highly interoperable platform for crowdfunding that covers a range of use cases, including those related to gaming, art, music, charities, and more.
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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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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