Determinants of musicians’ use of rewards-based crowdfunding platforms

Purpose The objective of this paper is to conduct an exploratory analysis of the driving factors that influence musicians in their use of a Spanish reward-based crowdfunding platform. Design/methodology/approach We developed a questionnaire that was distributed online, obtaining 78 observations from music promoters who used the Verkami platform as a means of financing their projects. Based on the data obtained, partial least squares with the extended Unified Theory of Acceptance and Use of Technology 2 (UTAUT2) was used to analyze the musicians’ experiences with the aim of determining the factors that could influence the behavioral intention (BI). Findings The main findings suggest that performance expectancy, social influence and hedonic motivation of musicians who use the platform have a significant impact on BI. Secondary findings indicate that the perception of quality and security are key drivers of the trust of musicians in the platform. Research limitations/implications The data analyzed come from a specific reward-based crowdfunding platform, which prevents the results from being generalized to all musicians who have obtained funding through this method. Therefore, it would be valuable for future studies to evaluate the proposed model using data from other platforms and from different countries, which would increase the external validity of the findings. On the other hand, this study could be extended to platforms that develop other kinds of crowdfunding as potential research avenues (donation, lending and equity). In this way, it would be possible to compare the variables that are important for either modality. Practical implications This research can help to better understand musicians' experiences so that reward-based crowdfunding platforms can improve their dynamics and ultimately increase their usability in the musical sector. We believe that our research makes an important contribution to the knowledge of the experiences in using crowdfunding platforms from the perspective of the entrepreneurs of music projects. The results obtained present new findings on previous research, providing useful knowledge for users and managers of reward-based crowdfunding platforms. Although the study focuses on musicians, the identified factors may also be relevant to other creative sectors that use reward-based crowdfunding. Thus, this work expands the understanding of financial technology adoption in cultural contexts, providing empirical evidence useful for both scholars and platform managers. Social implications Analyzing the factors that may influence musicians' use of rewards crowdfunding platforms has important benefits for both platform promoters and entrepreneurs who want to launch musical projects. Originality/value This paper will focus on reward-based crowdfunding, with a particular emphasis on the cultural sector, and more specifically, on music. This research aims to provide a deeper understanding of musicians' experiences, allowing platforms to enhance their functionality and, ultimately, improve their effectiveness in the music industry.