Excel Assignment 1 kickstarter
Purpose: To provide Louise guidance on her 1st Kickstarter campaign.
Louise
This is certainly an exciting time to initiate a campaign for your play Fever. I imagine the pandemic has created pent up demand for live entertainment and it could be beneficial to raise funds now for your first play.
Elements to Consider:
Launch Date: There are certain times of the year where backers give more or less Funding Goal: Consider all the expenses in the production of your play which includes staff, rehearsal space, set design, actors, stage direction, Kickstarter fees 1. Know that for sectors of projects funded there appears to be a usual funding level see 2 Launch Duration: Please know that Kickstarter philosophy for fundraising is all or nothing 3 4, which means if you don’t reach the goal by the end of the campaign you will receive no funds, that being said you won’t be charged any fees if the launch fails. Also note that the funding goal once set can’t be changed. 5
My Recommendations:
Launch Date: I would suggest that you start your launch for between April and July, preferably May. See the graph below Theatre Outcomes by Launch Date. The graph is based on Kickstarter data collected between 2009 and 2017
Funding Goal: I would aim for a funding goal of somewhere under $5000 the success rate appears to hover around 73 to 76 %, Please look at Outcomes based on Goals. Although there are some successful plays between the $35000 to $45000 which are successful, they are relatively few as compared to the under $5000 (see table below).
Goal Number Successful Number Failed Number Cancelled Total Projects Percentage Successful Percentage Failed Percentage Cancelled
Launch Duration: Bearing in mind that you have a time limit in reaching your goal, you will need to balance between keeping the project open too long, where there is some initial excitement which then fall, or too short in which case not enough time has been allotted for people to know about and fund your project. I have included in the Play Outcome by Launch Duration tab of the Kickstarter Challenge spreadseet a graph and table of Outcomes in correlation with Launch duration below. Currently the maximum launch duration is 60 days this was changed in 2011 from 90 days. 6 Based on the graph below I would see the ideal is a 3 to 5 week Kickstarter Campaign.
Something I would love to include is the effect of project updates and rewards on goal funded. Kickstarter reccomends this however, I don't have data collected, something to keep in mind.
In summary it appears ideal to have have play with a budget of less than 45000 with a launch duration of 3 to 5 weeks (based on the ratio 3 weeks might be ideal), with a Project Launch starting between April and July.
Regards, Ian