The cultural and creative sector (CCS) is an essential driver of economic growth and employment in Europe, accounting for 4.2% of EU GDP and employing 7 million people. At the same time, crowdfunding activities have increasingly gained international socio-economical importance over the last years. In 2014 they raised around 3 billion euros only in Europe, accounting for approximately 20% of the world’s total. The combination of both holds enormous potential for research and innovation, SMEs, policy, finance, legal frameworks, etc.
The European Commission wants to explore the opportunities that stem from such combination to kick-start the cultural economy in Europe. Ecorys, together with the European Crowdfunding Network, is part of a consortium led by IDEA which will study and produce recommendations on the best practices to develop crowdfunding as an alternative financing tool for cultural and creative industries in our continent. To that purpose, the Consortium will identify, analyse and publicise the best practices in Europe’s crowdfunding market in relation to the CCS. Likewise, it will provide an overview of the different crowdfunding models currently operating in the EU which can be used to finance projects in the field of European CCS. In addition to this, a website will be put in place to act as one-stop shop for all crowdfunding information, actors, platforms and schemes operating in the EU and benefiting the CCS in the EU territory. A final conference in Brussels will gather approximately 200 representatives from the CCS in the different Member States.
This project is funded by the Directorate-General for Education and Culture (DG EAC) and will develop until mid-2017. You can find further information about crowdfunding here.