The week in Creative Money (28 August, 2020)

Aug 28, 2020

Financial guidance for creative professionals

Creative Money aims to have an open conversation about finances in the creative industries.

It was founded in July, 2020 in an attempt to address a frustrating lack of sound financial guidance for creative workers and is written by me, Matt Parker, a music journalist and lecturer.

The week in Creative Money
28 August, 2020

Fan-funding platforms have seen a major boost during the pandemic. We don't need to go over all the gory details, but a quick glance at the 'What do you need to know this week?' section below will give you a taste of just how heavily creative workers have been hit.

The problem continues for the time-being and we've all been forced to adapt and innovate in the face of the (relentlessly) developing situation over the past few months. It's not a surprise then that so many of us have started to seriously consider direct-to-fan membership platforms and models as a way to create income.

Patreon has seen 100,000 new creators signing up since March and the platform reports that the amount of users upgrading subscriptions has more than doubled.

Yes, this means it's a more competitive field, but it also shows that fans are willing to support the projects and people they are passionate about, even against a backdrop of bad economic news.

I wanted to look at what the platform can and can't do for creative workers, so this week on the site you'll find a new, in-depth guide: How does Patreon work for artists and creators?

It features tips and insights from an interview with UK-based true crime podcasters RedHanded. Their show is great – even if I have to change my shorts after listening – and they have had huge success with Patreon subscriptions bringing in $25,000 a month. Last month it was $38,000.

RedHanded are an anomaly and these sorts of spoils will certainly not await us all, but my interviewee, Suruthi Bala, has some really clear ideas about what works and what does not – and it's certainly made me think seriously about using direct-funding platforms in the near future.

Success certainly does not come overnight, but it reminds me of the old (and overused) saying in investment circles: "the best time to start investing was 10 years ago, the second best time is today."

The same is likely true of Patreon (or at least it would be if it had been founded a few years earlier). I will be looking at other popular options in the coming months, among them Steady, Ko-Fi and Substack, but I hope this first guide proves useful, or at least gets you thinking about how you might start building something.

The creative industries need good news stories and silver-linings now more than ever (there are some below) – please set about making them happen.

Until next time!
Matt

On the site this week:

How does Patreon work for artists and creators?

The dos and don’ts, with expert guidance from UK podcasters RedHanded.

Short Cuts: “Sometimes you have to work” - so why do we act like it's a failure?

What do you need to know this week?

Grants and funding opportunities

Gimlet Media mentorship program for BIPOC podcasters

Gimlet podcasters will offer free informational and training sessions to help amplify diverse voices in podcasting. Please share and apply! (US firm but no national restriction listed) Deadline: 28 August, 2020

AudioActive’s EMERGE programme for young Sussex-based musicians

AudioActive’s EMERGE is an artist-led development programme, funded by PRS Foundation. This year, we’re offering two young artists from Sussex £5000 of funding to put towards their music. Deadline: 31 August, 2020

The White Pube Writers Grant funded by Creative Debuts

£500 given out monthly to a working class writer based in the UK. This grant has been set up to support writers of all ages who are early in their careers and would benefit from this no-strings attached financial support to help them in whatever they like. Deadline: not specified

g39 Fellowship Programme for Wales-based visual artists

The g39 Fellowship Programme supports a new group of artists to develop their practice with a grant of £10,000 over two years, plus access to programme of training and resources. Deadline: 1 September, 2020

CAN Do Creatives free training for unemployed artists in Greater Manchester

CAN is offering free training for unemployed creatives and community leaders who use the arts to empower their communities. Covers employment, project planning, marketing and more. Deadline: 4 September, 2020

Arts Council Cultural Recovery Fund grants

Grants of £50,000 to £3 million for cultural organisations that were financially stable before Covid-19, but are now at imminent risk of failure. 75% of the budget will go on first round of funding. Deadline: 4 September, 2020

MMF ReBuild Fund for UK music managers

The ReBuild fund offers UK music managers affected by Covid-19 one-off grants of up to £3,000 and workshops focused on resilience, sustainability and the future – you must have been an MMF (Music Managers Forum) member since July 2020. Deadline: 7 September, 2020

The Horniman’s 696 Resident Artists programme

The Horniman Museum is looking for artists at the cutting edge of south London’s music scene for year long residencies, offering £3,000 grants, coaching and access to the museum's instrument collection. Deadline: 7 September, 2020

Silent Uproar Writer's Support Plan for theatre writers

Silent Uproar has earmarked £20,000 to support writers who meet one or more of the following criteria: born, raised and/or live in the North of England; have already completed one full-length production (60+ mins) and/or one full-length commission; whose identity is currently under-represented in modern theatre. Deadline: 12 September, 2020

Help Musicians Do It Differently fund

Grants of £3,000 to music creators to fulfil their chosen project, as well as bespoke 1-on-1 business guidance with some of the UK music industry’s leading experts. Deadline: 14 September, 2020

Society Of Authors' Audio Drama Imison Award

A prize of £3,000 for audio drama scripts by a writer new to the medium which were broadcast or made available online between 1 October 2019 and 31 October 2020. Deadline: 4 October, 2020

Unlimited launches new commission round for disabled artists

Unlimited is an arts commissioning programme that enables new work by disabled artists to reach UK and international audiences. They will have £500,000 to commission work from disabled artists and companies in three strands: Main Commission awards, Research and Development awards and Emerging Artists awards. Applications don't open until October, but they're getting the word out nice and early. Deadline: 27 October, 2020

HelpMusicians Financial Hardship Funding Phase 2

Support for music professionals facing hardship due to COVID-19 and excluded from the government's furlough and SEISS schemes. Deadline: 31 October, 2020

Hope Mill Theatre Through The Mill Playwrighting Prize

Opportunity for writers to have their work fully produced by and at Hope Mill Theatre in Manchester. Winner will receive a monetary prize of £5,000 plus one-to-one mentoring with award winning writer Jonathan Harvey (Beautiful Thing, Hushabye Mountain). Deadline: 27 November, 2020.

Royal Variety Charity Financial Assistance grants

The Royal Variety Charity is uniquely positioned to provide financial assistance to anyone who serves any facet of the Entertainment Industry. Deadline: ongoing

This week's to-do list:

Get your budget in order! The recession is officially 'on' so, if you haven't already, it's a really good idea to take a look at your spending and build-up your emergency savings. If you need further tips, Which? has put together a useful guide on How to manage your budget successfully.

Creative Money