The use of crowdfunding among music students: Analysis of key drivers and barriers
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Abstract
This research proposes a model to analyze the factors associated with musicians’ intentions to undertake and use crowdfunding. Crowdfunding has become a crucial financing tool in the music industry, enabling artists to fund projects independently, engage directly with their audiences, and reduce reliance on traditional financial models. By fostering artistic innovation and economic sustainability, crowdfunding plays a vital role in the evolving cultural and creative sectors. However, despite its growing relevance, research on how music students perceive and consider crowdfunding as a financial alternative remains limited. To address this gap, this study collected data through an online survey of 130 higher education music students from a prestigious conservatory in western Andalusia, Spain. The empirical analysis, conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM), suggests that personal attitude and perceived behavioral control are significantly associated with entrepreneurial intention, whereas subjective norms do not have a direct effect. Additionally, the intention to use crowdfunding is related to perceptions of a supportive infrastructure and the opportunity to test crowdfunding platforms before committing to them. These findings highlight the importance of integrating entrepreneurship education and financial literacy into music training, equipping students with the competencies necessary to develop, manage, and finance their projects. In addition, policymakers should consider expanding access to Fintech infrastructure and encouraging crowdfunding as a viable funding option. Also, crowdfunding platforms could benefit from enhancing technological support, user experience, and trust to drive greater adoption. Strengthening these areas collectively will foster financial autonomy for musicians and contribute to a more sustainable and innovative music industry.
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