Paste Magazine has taken it to the people. They needed money in order to stay afloat--somewhere in the neighborhood of $350,000. Despite the economy, readers are making great contributions to the magazine.
Paste Magazine has collected about $166,000, which is nearly half of the amount needed. It's cool to see people coming together in harder times!
Implications - Crowd-funded ventures are the latest theme in business. In these finance models, consumers express their support through donations, which allows businesses to sustain operations even when ad revenues are down. During the recession, crowdfunding helped burgeoning magazine businesses find a foothold in an oversaturated print media market without having to cater to advertisers.
Why This Trend Is Growing
- Crowd-funded Ventures
- Crowd-funding allows businesses to sustain operations even when ad revenues are down.
- Donation-driven Models
- Consumers express their support through donations, allowing businesses to stay afloat.
- Oversaturated Print Media Market
- Magazine businesses found a foothold in an oversaturated print media market through crowdfunding.
Industries Being Reshaped
- Publishing
- Crowd-funding offers a disruptive innovation opportunity for publishing companies looking to sustain operations.
- Media
- Media companies can explore donation-driven models as a way to stay afloat amidst declining ad revenues.
- Marketing
- In an oversaturated print media market, marketing agencies can help businesses navigate crowdfunding opportunities.
