Earlier this week, the world’s largest crowdfunding platform Kickstarter announced that they have surpassed over $1 billion in pledges.
For those unfamiliar with Kickstarter or crowdfunding platform, Kickstarter features projects and bring them to life through the direct support of people around the world. Anyone can easily create an online campaign featuring what project they are working on, and raise money from people globally.
Since its launch in January 2011, more than 5 million people have funded more than 50,000 creative projects, such as films, music, stage shows, comics, journalism, video games, and food-related projects. These funders, also called backers, pledges whatever amount of money they want to support the project.
On the 3rd of March, Kickstarter announced that it has passed $1 billion in pledges. That’s $1,000,000,000 pledged by 5.7 million people to creative projects featured on the crowdfunding platform.
More than half was pledged in the last 12 months alone, showing that people around the world are getting more comfortable in supporting creative projects they believe in.
Interestingly, Singapore, which was allegedly reported as the most expensive city in the world to live in, is among the top 10 countries to be supporting Kickstarter campaigns. Out of the $1 billion pledges, Singapore contributes $6,710,961 to it. Considering that the country is relatively small in population, with only 5.4 million residents as of June 2013, the amount of pledges per capita would be on the higher scale.
Looks like there are a lot of Singaporeans spending their money supporting crowdfunding projects.
Check out the latest industry with the highest retrenchment rates in Singapore here.