The Intersection of Social Media and Business Ethics
Crowd funding refers to the raising of money from a large donor pool using a campaign limited by time on a website.
The practice has grown in recent times with the primary sites that emerged in the course of the past six years being Indiegogo and Kickstarter. However, crowdfunding began in the music industry by upcoming artists who struggled to get funding from record labels or because they felt the terms offered to them were unfavorable.
However, crowdfunding is now in every sector beginning with electronic hardware and film-making. Therefore, individuals who had difficulty acquiring financing in any other way can easily get money through this system. The music industry in 2013 expected to raise approximately $3 billion due to the increase in the number of crowdfunding platforms as well as the growth of campaigns worth many millions of dollars (Özdemir, Faris & Srivastava, 2015).
