MICROFUNDO is changing the way the world finances music by applying the principles of microfinancing to the music industry : a Kiva.org for music.
MICROFUNDO’s mission is to support the entrepreneurial activities of independent musicians from developing countries around the world – championing undiscovered musicians who would otherwise not have the means to develop their music careers.
From Social Earth:
In the interim, Microfundo sells the artist’s music online as an advance against the loan amount. Slowly, Microfundo and its media partners, National Geographic and Mondomix, are able to pay back the fans. The fans can either choose to reinvest in another campaign or simply take back the money that they forwarded. By serving as a music filter similar as Pandora or Last.fm and making recommendations such as “if you like this artist, then you’ll like…”, Microfundo can easily attract a large loyal fan base – those who love their eclectic music options, those who are socially conscious, and those who carry both.
There is something fundamentally brilliant about the Microfundo mission to support independent musicians in developing countries – a kind of brilliance that can also be viewed as kind of crazy. In places where people still survive on the bare minimum, it seems counter-productive to fund musical efforts when there is still a need for basic amenities, job security, and sustainability. However, Microfundo clearly recognizes food for the soul is as equally important as food for the stomach. By supporting musicians and potentially increasing their visibility on a global scale, we are raising awareness on the issues of the countries that these musicians are natives of. We are sending a clear interpretation of human rights that yes, not only are we all entitled to food, clothing, shelter, and security – we are also entitled to leisure and many different expressions of personality. With Microfundo operating in conjuction with efforts like Kiva.org, we will create a better and more holistic world – a song and message that I hope gets stuck in my head for the rest of my life.
Choose a Musician’s Campaign, Lend, Get Repaid
- Music Fans like you can browse Campaigns of Musicians and choose an artist to lend to. When you lend, using Paypal or your credit card, Microfundo collects the funds and then passes them along to the artist once they’ve reached their goal.
- Over time the artist is able to repay the loan via sales of digital downloads of their music that is distributed through Microfundo’s media partners at Natonal Geographic and Mondomix.
- When you get your money back you can re-lend to another artist Campaign or choose to purchase their artists’ new releases or you can simply keep your money.
You, the fan, provide microfunding for musicians from one of the unlikely music capitals of the world – the townships of Capetown, South Africa, say, or the favelas in Salvador, Brazil. You are directly engaged in their creative process – making new and completely unique recordings that wouldn’t exist without your assistance.
Change the lives of our Artists and help develop a thriving music economy around the globe. Get started!
