Local media executives - put this one on your list of trends to watch!
I recently interviewed Terry Kukle, VP Business Development, Metroland Media (Toronto), about their recent entry into the crowdfunding space. Read below to learn more and definitely keep this one on your radar screen!
What is crowdfunding?
The practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.
Why is Metroland Media investing in this space?
· To develop a revenue generating platform that allows us to capitalize on the growth of the crowdfunding industry which is predicted to reach $7 billion in 2014.
· So we can provide tools and services to enable local businesses, charities, schools, sports etc. to raise money from within their community and beyond.
· This will enable Metroland to have a closer connection to the communities we serve.
· To generate local content and drive traffic to our community websites
What is the basic business model?
· Percentage of money raised for the campaign ( performance-based)
· Corporate advertising sponsorships
· Special sections
Metroland Media’s new site fuellocal.com is just getting ready to launch. Be sure to check it out and follow their progress.
Interested in learning more? Attend the Local Media Innovation Conference in Philly from September 30-October 2. Kukle will conduct a session on crowdfunding and will share early results and lessons learned. Program to be announced on Thursday May 8 at www.localmedia.org.
Terry Kukle, VP Business Development, Metroland Media