'Crowd-Funding', Film-Makers Tap Social Media for Funds

By siliconindia   |   Tuesday, 27 December 2011, 00:02 IST
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\'Crowd-Funding\',
Bangalore: The obsession for movies in India is not a hidden fact and the rise of social media can play as a catalyst to enhance the craziness. Film producers these days are trying to adopt the new age model of 'crowd-funding' in order to raise money for their up-coming films. Producers like Guneet Monga, who has delivered films like 'Shaitan' and 'Once Upon a Time in Mumbai' is turning towards this new model for his upcoming movie Julia (tentative title). Monga feels this kind new-age model will give a complete creative control on the project and further added, "Not everyone has access to the major studios, or the financial clout to bring their project to the screens. In a film-crazy country like India, the social networking sites can be a massive source of funding, if there is greater awareness about it," as quoted by Economic Times. It's not only Monga in the industry but leading directors like Anurag Kashyap, Ashvin Kumar and Ram Gopal Verma are also turning towards the crowd-funding for smaller projects. "Crowd-funding" is a platform enabling you to raise all the money you need for your technically innovative ideas or basic research projects. It's fund raising in a innovative way. The crowd funding sites are coming up so that entrepreneur can raise funds easily through these sites. The model is picking up pace rapidly and film makers look out for promising returns on investment to their investors based on financial contribution. Talenthouse is the world's largest online crowd-sourcing platform; it's a joint venture that shaped up between Reliance Entertainment and Talenthouse. Arun Mehra, Chief Executive, Talenthouse India, says, "Crowd-sourcing in India is currently at the stage where e-commerce was two years ago. It is about to explode." The trend is slowly followed by all as it has some brand names like Kashyap involved with it. Monga herself is in a process to raise 1 crore from the same crowd funding method. She plans to raise by targeting specific individual, rather than faceless masses. Though crowd-funding has its origin from France in 2004, today the model has flown out into a rage across the world, as the internet is pulling the film makers through social media platforms in order to raise money for their projects.

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