Mapping crowdfunding in cultural and creative industries: A conceptual and empirical overview

Antonella Francesca Cicchiello*, Serena Gallo, Stefano Monferra'

*Corresponding author

Research output: Contribution to journalArticlepeer-review

Abstract

The landscape of cultural and creative industries (CCIs) has been changing strongly because of new players who have entered the arena by reshaping financ- ing strategies. This work represents a first attempt to describe and compare the European population of crowdfunding platforms used by firms and creatives to launch cultural and creative projects. Specifically, we provide an assessment of how and where cultural crowdfunding platforms emerge. We also explore the extent to which government expenditures on cultural services in the EU affect crowdfunding platform origin and development, finding evidence that cultural crowdfunding is more developed when public engagement in promoting CCIs is high. In contrast, we find evidence of a strong substitution effect when the attrac- tiveness of a country for other alternative funding sources is low. The results reveal that the number of successfully funded projects is higher when the platform is not dedicated exclusively to cultural and creative projects. Finally, higher infor- mation transparency and the use of social networks foster the platform’s opera- tional performance.
Original languageEnglish
Pages (from-to)22-37
Number of pages16
JournalEuropean Management Review
Volume19
DOIs
Publication statusPublished - 2022

Keywords

  • Crowdfunding

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