Kickstarter Now Allows Users to Pledge for a Campaign Late
Colin Smith — May 23, 2024 — Business
References: engadget
Kickstarter, the popular crowdfunding platform, has introduced a new feature known as 'Late Pledges' that allows backers to pledge to projects even after the initial campaign period has ended. It enables individuals who missed the original campaign to still contribute and receive rewards. The process for making a late pledge is straightforward: potential backers can visit the project page, select an available reward, and complete their pledge, with payment being taken immediately. This feature is accessible through both desktop and the Kickstarter mobile app, ensuring a wide range of users can take advantage of it.
The introduction of Late Pledges on Kickstarter represents a significant shift in the crowdfunding landscape, offering project creators an extended opportunity to raise funds and engage with a broader audience. For backers, it provides a second chance to support projects they believe in. Creators can set a specific amount for Late Pledges, which is often recommended to be 10% higher than the original pledge price. This extension period for pledges is at the discretion of the creators, who can determine the duration and availability of the rewards for late pledging. The fees associated with Late Pledges remain consistent with those of the original campaign, with Kickstarter collecting a 5% fee, plus a payment processing fee of roughly 3-5%.
Image Credit: Kickstarter
The introduction of Late Pledges on Kickstarter represents a significant shift in the crowdfunding landscape, offering project creators an extended opportunity to raise funds and engage with a broader audience. For backers, it provides a second chance to support projects they believe in. Creators can set a specific amount for Late Pledges, which is often recommended to be 10% higher than the original pledge price. This extension period for pledges is at the discretion of the creators, who can determine the duration and availability of the rewards for late pledging. The fees associated with Late Pledges remain consistent with those of the original campaign, with Kickstarter collecting a 5% fee, plus a payment processing fee of roughly 3-5%.
Image Credit: Kickstarter
Trend Themes
1. Extended Crowdfunding Campaigns - The adoption of Late Pledges on Kickstarter allows campaign durations to effectively extend, creating more opportunities for funding.
2. Enhanced Backer Engagement - With the ability for backers to pledge even after campaigns have ended, Kickstarter is fostering deeper and ongoing connections between creators and their audiences.
3. Dynamic Reward Structuring - Creators can now set higher reward prices for late pledges, introducing new strategies for pricing and value propositions in crowdfunding campaigns.
Industry Implications
1. Crowdfunding Platforms - The introduction of Late Pledges reflects a transformative change in how crowdfunding platforms can drive extended financial support for projects.
2. Mobile Applications - Incorporating late pledges in the mobile app experience can significantly enhance user engagement and participation for on-the-go backers.
3. Payment Processing - With consistent payment processing fees for late pledges, the financial services industry sees an increased volume of transactions through crowdfunding extensions.
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