Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/288399 
Authors: 
Year of Publication: 
2020
Citation: 
[Journal:] Journal of Cultural Economics [ISSN:] 1573-6997 [Volume:] 45 [Issue:] 1 [Publisher:] Springer US [Place:] New York, NY [Year:] 2020 [Pages:] 133-142
Publisher: 
Springer US, New York, NY
Abstract: 
Membership platforms allow creators to crowdfund a monthly income, while campaigns on conventional reward crowdfunding portals aim to reach a specified funding target within a preset period. We study transaction-level data from Patreon, the biggest membership platform, to gain insights about behavioral patterns at this emerging type of crowdfunding. Our analysis shows that hundreds of creators crowdfund a sizable income (more than $2500 monthly). We also find that measures of communication quality are determinants of project success, in line with the related literature. Funding dynamics—pledges as well as deletions—are heterogeneous across campaigns. Our analysis suggests that the option to delete the monthly pledge to a creator at any time serves as a feedback mechanism. We conclude that crowdfunding a monthly income offers the creative class a viable alternative to advertising-based business models.
Subjects: 
Crowdfunding
Patreon
Funding dynamics
Cultural goods
Membership platform
JEL: 
D90
G23
L26
L82
L86
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article
Document Version: 
Published Version

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