Art Crowdfunding Market : Technology Advancements, Industry Insights, Trends And Forecast 2033

Overview and Scope
Art crowdfunding refers to obtaining financial contributions from supporters using online platforms to support artistic projects like exhibitions or theater productions. It enables artists to interact with a larger audience to receive financial support for their creative endeavors.

Sizing and Forecast
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.

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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

North America was the largest region in the art crowdfunding market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the art crowdfunding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the art crowdfunding market report are Rockethub,Patreon Inc., Ulule, Indiegogo Inc., Pozible, GoFundMe LLC., Kickstarter PBC, Fundable LLC., Makuake Inc., Fundition Inc., Ketto, Razoo Inc., Wefunder, ArtLifting,Fundrazr, Crowdfunder Ltd., ArtistShare Inc., Seed&Spark Inc., Artboost, Wishberry Online Services Pvt. Ltd., CrowdBazaar Ltd., Makestar Inc., 22x Fund, Fanbook, FundDreamer, iFundWomen,Hatchfund, KissKissBankBank and Co., Fundly.

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
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32. Global Art Crowdfunding Market Competitive Benchmarking

33. Global Art Crowdfunding Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Art Crowdfunding Market

35. Art Crowdfunding Market Future Outlook and Potential Analysis

36. Appendix

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