IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v13y2021i19p11100-d651668.html
   My bibliography  Save this article

Crowdfunding for Independent Print Media: E-Commerce, Marketing, and Business Development

Author

Listed:
  • Peter Konhäusner

    (Department of Marketing, Faculty of Economics and Business Administration, Babeș-Bolyai University, 400591 Cluj-Napoca, Romania)

  • Marius Thielmann

    (Section Economics and Business Management, bbw Hochschule-University of Applied Sciences, 10625 Berlin, Germany)

  • Veronica Câmpian

    (Department of Communication, PR and Advertising, Faculty of Political, Administrative and Communication Sciences, Babeș-Bolyai University, 400001 Cluj-Napoca, Romania)

  • Dan-Cristian Dabija

    (Department of Marketing, Faculty of Economics and Business Administration, Babeș-Bolyai University, 400591 Cluj-Napoca, Romania)

Abstract

Crowdfunding, as an alternative method to fundraising, triggers increased awareness in society, while it is also an effective marketing tool for campaign runners. The production and release of independent print media poses significant hurdles in terms of financing. Including the community in raising funds through crowdfunding seems like a good possible alternative. This paper examines which types of crowdfunding the independent print media use, and why, and also focuses on the possible types of crowdfunding that are the best fit for organizations. The study applies a case example approach on a total of thirty independent print publications that have relied on crowdfunding. We found that independent print media focus on reward-based crowdfunding for the launch of publications, the method being not used solely for fundraising, but also specifically for community building. Practitioners benefit from the insights by being enabled to draft campaigns that are better-suited to the specific needs of the independent media target group, and to secure financing for the start of the operations. The approach of this study is of special value, as the research and empirical insights into the independent media sector are limited.

Suggested Citation

  • Peter Konhäusner & Marius Thielmann & Veronica Câmpian & Dan-Cristian Dabija, 2021. "Crowdfunding for Independent Print Media: E-Commerce, Marketing, and Business Development," Sustainability, MDPI, vol. 13(19), pages 1-17, October.
    • Handle: RePEc:gam:jsusta:v:13:y:2021:i:19:p:11100-:d:651668
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/13/19/11100/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/13/19/11100/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Sahaym, Arvin & (Avi) Datta, Avimanyu & Brooks, Stoney, 2021. "Crowdfunding success through social media: Going beyond entrepreneurial orientation in the context of small and medium-sized enterprises," Journal of Business Research, Elsevier, vol. 125(C), pages 483-494.
    2. Petrova, Maria, 2011. "Newspapers and Parties: How Advertising Revenues Created an Independent Press," American Political Science Review, Cambridge University Press, vol. 105(4), pages 790-808, November.
    3. Derek Eldridge & Tahir M. Nisar & Mariateresa Torchia, 0. "What impact does equity crowdfunding have on SME innovation and growth? An empirical study," Small Business Economics, Springer, vol. 0, pages 1-16.
    4. Lucie Kvasničková Stanislavská & Ladislav Pilař & Klára Margarisová & Roman Kvasnička, 2020. "Corporate Social Responsibility and Social Media: Comparison between Developing and Developed Countries," Sustainability, MDPI, vol. 12(13), pages 1-19, June.
    5. Douglas J. Cumming & Gaël Leboeuf & Armin Schwienbacher, 2020. "Crowdfunding models: Keep‐It‐All vs. All‐Or‐Nothing," Financial Management, Financial Management Association International, vol. 49(2), pages 331-360, June.
    6. Chien-Chi Chu & Ya-Fang Cheng & Fu-Sheng Tsai & Sang-Bing Tsai & Kun-Hwa Lu, 2019. "Open Innovation in Crowdfunding Context: Diversity, Knowledge, and Networks," Sustainability, MDPI, vol. 11(1), pages 1-11, January.
    7. Paul Belleflamme & Martin Peitz, 2019. "Managing competition on a two‐sided platform," Journal of Economics & Management Strategy, Wiley Blackwell, vol. 28(1), pages 5-22, January.
    8. Belleflamme, Paul & Omrani, Nessrine & Peitz, Martin, 2015. "The economics of crowdfunding platforms," Information Economics and Policy, Elsevier, vol. 33(C), pages 11-28.
    9. Mitchell J. Lovett & Renana Peres & Linli Xu, 2019. "Can your advertising really buy earned impressions? The effect of brand advertising on word of mouth," Quantitative Marketing and Economics (QME), Springer, vol. 17(3), pages 215-255, September.
    10. Simon Kleinert & Christine Volkmann, 2019. "Equity crowdfunding and the role of investor discussion boards," Venture Capital, Taylor & Francis Journals, vol. 21(4), pages 327-352, October.
    11. Irene Comeig & Ernesto Mesa-Vázquez & Pau Sendra-Pons & Amparo Urbano, 2020. "Rational Herding in Reward-Based Crowdfunding: An MTurk Experiment," Sustainability, MDPI, vol. 12(23), pages 1-21, November.
    12. Peter Konhäusner & Bing Shang & Dan-Cristian Dabija, 2021. "Application of the 4Es in Online Crowdfunding Platforms: A Comparative Perspective of Germany and China," JRFM, MDPI, vol. 14(2), pages 1-19, January.
    13. Bhattacharyya, Sambit & Hodler, Roland, 2015. "Media freedom and democracy in the fight against corruption," European Journal of Political Economy, Elsevier, vol. 39(C), pages 13-24.
    14. Mollick, Ethan, 2014. "The dynamics of crowdfunding: An exploratory study," Journal of Business Venturing, Elsevier, vol. 29(1), pages 1-16.
    15. Trine Bille & Anna Mignosa & Ruth Towse (ed.), 2020. "Teaching Cultural Economics," Books, Edward Elgar Publishing, number 18414.
    16. Samuel Negredo & María-Pilar Martínez-Costa & James Breiner & Ramón Salaverría, 2020. "Journalism Expands in Spite of the Crisis: Digital-Native News Media in Spain," Media and Communication, Cogitatio Press, vol. 8(2), pages 73-85.
    17. Walthoff-Borm, Xavier & Schwienbacher, Armin & Vanacker, Tom, 2018. "Equity crowdfunding: First resort or last resort?," Journal of Business Venturing, Elsevier, vol. 33(4), pages 513-533.
    18. Wesley L. Harris & Jarunee Wonglimpiyarat, 2020. "Dynamics of crowdfunding and FinTech challenges," International Journal of Business Innovation and Research, Inderscience Enterprises Ltd, vol. 23(4), pages 501-514.
    19. Jeong-Bon Kim & Liuchuang Li & Hao Zhang, 2017. "Analyst Forecast Accuracy and Media Independence," Financial Management, Financial Management Association International, vol. 46(4), pages 1023-1051, December.
    20. Gerrit K.C. Ahlers & Douglas Cumming & Christina Günther & Denis Schweizer, 2015. "Signaling in Equity Crowdfunding," Entrepreneurship Theory and Practice, , vol. 39(4), pages 955-980, July.
    21. Semen Son Turan, 2021. "Uncovering trust signals in equity crowdfunding: A systematic literature review," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 10(4), pages 215-225, June.
    22. Jerry Coakley & Aristogenis Lazos, 2021. "New Developments in Equity Crowdfunding: A Review," Review of Corporate Finance, now publishers, vol. 1(3-4), pages 341-405, July.
    23. Johan Larsson & Lisa Larsson, 2020. "Integration, Application and Importance of Collaboration in Sustainable Project Management," Sustainability, MDPI, vol. 12(2), pages 1-17, January.
    24. Mohammed Alharbey & Stefan Van Hemmen, 2021. "Investor Intention in Equity Crowdfunding. Does Trust Matter?," JRFM, MDPI, vol. 14(2), pages 1-20, January.
    25. Petitjean, Mikael, 2018. "What explains the success of reward-based crowdfunding campaigns as they unfold? Evidence from the French crowdfunding platform KissKissBankBank," Finance Research Letters, Elsevier, vol. 26(C), pages 9-14.
    26. Cumming, Douglas J. & Johan, Sofia A. & Zhang, Yelin, 2019. "The role of due diligence in crowdfunding platforms," Journal of Banking & Finance, Elsevier, vol. 108(C).
    27. Douglas Cumming & Lars Hornuf (ed.), 2018. "The Economics of Crowdfunding," Springer Books, Springer, number 978-3-319-66119-3, September.
    28. Ulf Wilhelmsson & Tarja Susi & Niklas Torstensson, 2021. "Merging the Analogue and the Digital: Combining Opposite Activities in a Mixed Media Game," Media and Communication, Cogitatio Press, vol. 9(1), pages 17-27.
    29. Henry Sauermann & Chiara Franzoni & Kourosh Shafi, 2018. "Crowdfunding Scientific Research," NBER Working Papers 24402, National Bureau of Economic Research, Inc.
    30. Acar, Oguz A., 2019. "Motivations and solution appropriateness in crowdsourcing challenges for innovation," Research Policy, Elsevier, vol. 48(8), pages 1-1.
    31. Tian, Xin & Song, Yan & Luo, Chunlin & Zhou, Xiaoyang & Lev, Benjamin, 2021. "Herding behavior in supplier innovation crowdfunding: Evidence from Kickstarter," International Journal of Production Economics, Elsevier, vol. 239(C).
    32. Yang, Mu & Han, Chunjia, 2021. "Stimulating innovation: Managing peer interaction for idea generation on digital innovation platforms," Journal of Business Research, Elsevier, vol. 125(C), pages 456-465.
    33. Carlos Sanchis-Pedregosa & Emma Berenguer & Gema Albort-Morant & Jorge Anton Sanz, 2020. "Guaranteed Crowdlending Loans: A Tool for Entrepreneurial Finance Ecosystem Sustainability," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 22(55), pages 775-775, August.
    34. repec:eee:respol:v:48:y:2019:i:8:p:- is not listed on IDEAS
    35. Jacob Nyarko & Eric Opoku Mensah & Basil Hamusokwe, 2020. "Donor Aid and Private Investment: Their Interplay With Media Development," SAGE Open, , vol. 10(2), pages 21582440209, May.
    36. Brown, Terrence E. & Boon, Edward & Pitt, Leyland F., 2017. "Seeking funding in order to sell: Crowdfunding as a marketing tool," Business Horizons, Elsevier, vol. 60(2), pages 189-195.
    37. Soudipta Chakraborty & Robert Swinney, 2021. "Signaling to the Crowd: Private Quality Information and Rewards-Based Crowdfunding," Manufacturing & Service Operations Management, INFORMS, vol. 23(1), pages 155-169, 1-2.
    38. Alice Rossi & Tom Vanacker & Silvio Vismara, 2021. "Equity Crowdfunding: New Evidence from US and UK Markets," Review of Corporate Finance, now publishers, vol. 1(3-4), pages 407-453, July.
    39. FranÒ«oise Benhamou, 2020. "The economics of crowdfunding," Chapters, in: Trine Bille & Anna Mignosa & Ruth Towse (ed.), Teaching Cultural Economics, chapter 14, pages 99-104, Edward Elgar Publishing.
    40. Yuangao Chen & Ruyi Dai & Jianrong Yao & Yixiao Li, 2019. "Donate Time or Money? The Determinants of Donation Intention in Online Crowdfunding," Sustainability, MDPI, vol. 11(16), pages 1-21, August.
    41. Michael M. Gierczak & Ulrich Bretschneider & Philipp Haas & Ivo Blohm & Jan Marco Leimeister, 2016. "Crowdfunding: Outlining the New Era of Fundraising," FGF Studies in Small Business and Entrepreneurship, in: Dennis Brüntje & Oliver Gajda (ed.), Crowdfunding in Europe, edition 1, pages 7-23, Springer.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Monsalve-Alamá, Antonio & Ortigosa-Blanch, Arturo & Sánchez-García, Javier, 2023. "The evolution of the media discourse on the implementation of media companies' new digital business models," Technological Forecasting and Social Change, Elsevier, vol. 190(C).
    2. Mustafa Raza Rabbani & Abu Bashar & Iqbal Thonse Hawaldar & Muneer Shaik & Mohammed Selim, 2022. "What Do We Know about Crowdfunding and P2P Lending Research? A Bibliometric Review and Meta-Analysis," JRFM, MDPI, vol. 15(10), pages 1-23, October.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Saul Estrin & Susanna Khavul & Mike Wright, 2022. "Soft and hard information in equity crowdfunding: network effects in the digitalization of entrepreneurial finance," Small Business Economics, Springer, vol. 58(4), pages 1761-1781, April.
    2. Anna Prisco & Valerio Muto & Ciro Troise & Mario Tani, 2022. "How to Engage the Crowds to Create Value? Evidence from the Pathfinder Arena Case," Sustainability, MDPI, vol. 14(7), pages 1-22, April.
    3. Andreas Wald & Merete Holmesland & Kalanit Efrat, 2019. "It Is Not All About Money: Obtaining Additional Benefits Through Equity Crowdfunding," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 28(2), pages 270-294, September.
    4. Alsagr, Naif & Cumming, Douglas J. & Davis, Justin G. & Sewaid, Ahmed, 2023. "Geopolitical risk and crowdfunding performance," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    5. René Vásquez-Ordóñez, Luis & Lassala, Carlos & Ulrich, Klaus & Ribeiro-Navarrete, Samuel, 2023. "Efficiency factors in the financing of renewable energy projects through crowdlending," Journal of Business Research, Elsevier, vol. 155(PB).
    6. Anton Miglo, 2020. "Crowdfunding in a Competitive Environment," JRFM, MDPI, vol. 13(3), pages 1-38, February.
    7. Bollaert, Helen & Lopez-de-Silanes, Florencio & Schwienbacher, Armin, 2021. "Fintech and access to finance," Journal of Corporate Finance, Elsevier, vol. 68(C).
    8. Christian Handke & Carolina Dalla Chiesa, 2022. "The art of crowdfunding arts and innovation: the cultural economic perspective," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 46(2), pages 249-284, June.
    9. Ferreira, Valeria & Papaoikonomou, Eleni & Terceño, Antonio, 2022. "Unpeel the layers of trust! A comparative analysis of crowdfunding platforms and what they do to generate trust," Business Horizons, Elsevier, vol. 65(1), pages 7-19.
    10. Douglas Cumming & Lars Hornuf & Moein Karami & Denis Schweizer, 2023. "Disentangling Crowdfunding from Fraudfunding," Journal of Business Ethics, Springer, vol. 182(4), pages 1103-1128, February.
    11. Agnieszka Szewczyk & Zbigniew Stempnakowski, 2021. "Social Energy as the Driving Force behind Crowdfunding—Analysis and Classification of Selected Attributes," Energies, MDPI, vol. 14(19), pages 1-32, September.
    12. Xin Tang & Haibing Lu & Wei Huang & Shulin Liu, 2023. "Investment decisions and pricing strategies of crowdfunding players: In a two-sided crowdfunding market," Electronic Commerce Research, Springer, vol. 23(2), pages 1209-1240, June.
    13. Cumming, Douglas J. & Reardon, Robert S., 2021. "COVID-19 and entrepreneurial processes in U.S. equity crowdfunding," CFS Working Paper Series 665, Center for Financial Studies (CFS).
    14. Guillochon, Justine, 2022. "The role of media, policy and regional heterogeneity in renewable energy project crowdfunding," Energy Economics, Elsevier, vol. 115(C).
    15. Johan, Sofia & Zhang, Yelin, 2020. "Quality revealing versus overstating in equity crowdfunding," Journal of Corporate Finance, Elsevier, vol. 65(C).
    16. Maria Kukurba & Aneta Ewa Waszkiewicz & Mariusz Salwin & Andrzej Kraslawski, 2021. "Co-Created Values in Crowdfunding for Sustainable Development of Enterprises," Sustainability, MDPI, vol. 13(16), pages 1-21, August.
    17. Xu, Yang & Zhou, Qiang & Wang, Xu, 2023. "Joint price and quality optimization strategy in crowdfunding campaign," International Journal of Production Economics, Elsevier, vol. 263(C).
    18. Junge, Louise Bech & Laursen, Iben Cleveland & Nielsen, Kristian Roed, 2022. "Choosing crowdfunding: Why do entrepreneurs choose to engage in crowdfunding?," Technovation, Elsevier, vol. 111(C).
    19. Joern H. Block & Alexander Groh & Lars Hornuf & Tom Vanacker & Silvio Vismara, 2021. "The entrepreneurial finance markets of the future: a comparison of crowdfunding and initial coin offerings," Small Business Economics, Springer, vol. 57(2), pages 865-882, August.
    20. Irene Comeig & Ernesto Mesa-Vázquez & Pau Sendra-Pons & Amparo Urbano, 2020. "Rational Herding in Reward-Based Crowdfunding: An MTurk Experiment," Sustainability, MDPI, vol. 12(23), pages 1-21, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:13:y:2021:i:19:p:11100-:d:651668. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.