Music Projects Are The Second Most Funded On Kickstarter

    Crowdfunding platform turned three on Monday, and to celebrate its birthday, the New York Times ran a feature that gave a detailed breakdown of all of its fan-funded projects to date. The statistics showed that the website’s “Music” category had the most live or successful projects with a total of 7,545. Music also had the second largest total investment: its $38 million was outstripped only by “Film & Video” with $60 million.

    Within the “Music” category, the average funding for all projects was $3,463. When the Times went to press on Monday, Christian ska band Five Iron Frenzy held the largest single project, with $207,980 pledged towards the recording of their next full-length. But since then this total has been surpassed. Amanda Palmer, of The Dresden Dolls and Evelyn Evelyn, is using Kickstarter to fund her new album with the Grand Theft Orchestra. She set up the project yesterday and it raised $250,000 in first day alone.

    Can crowdfunded albums liberate artists from recording contracts? Is there a danger that they put artists at the mercy of the crowd? Let us know in the comments. [Hypebot]