The Art Crowdfunding Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Art Crowdfunding Global Market Report 2024, The art crowdfunding market size has grown rapidly in recent years. It will grow from $1.7 billion in 2023 to $1.91 billion in 2024 at a compound annual growth rate (CAGR) of 12.3%. The growth in the historic period can be attributed to emergence of online crowdfunding platforms, increasied accessibility of the internet and digital platforms, growth of social media and online networking, rise of independent artists and creators, dezire for democratization of art funding.
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.
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.
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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
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.
The art crowdfunding market report table of contents includes:
1. Executive Summary
2. Art Crowdfunding Market Characteristics
3. Art Crowdfunding Market Trends And Strategies
4. Art Crowdfunding Market – Macro Economic Scenario
5. Global Art Crowdfunding Market Size and Growth
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26. South America Art Crowdfunding Market
27. Brazil Art Crowdfunding Market
28. Middle East Art Crowdfunding Market
29. Africa Art Crowdfunding Market
30. Art Crowdfunding Market Competitive Landscape And Company Profiles
Top Major Players:
- Rockethub
- Patreon Inc
- Ulule
- Indiegogo Inc
- Pozible
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