Passerby Film Crowdfunding Platform Announces 'Pay What You Choose' Pricing
Passerby, a new crowdfunding platform exclusive to film, is first crowdfunding platform to use "pay what you choose" option.
- (1888PressRelease) April 04, 2012 - Passerby, a new crowdfunding platform exclusive to film, has announced that the first twenty (20) films to reach full funding on the site will be able to choose what percentage they pay to Passerby. This means that if the filmmaker so chooses, he or she can pay 0% to Passerby for using the service. Third-party transaction fees will still apply.
"It's certainly a risk, but it's exactly the kind of risk that we're excited to take," Passerby CEO Todd Metheny said. "Some people will choose to pay nothing, but it's a matter of trust. Our mission is to be the crowdfunding option that puts filmmakers first, and to do that we need to create a relationship with our users that is built on trust."
Passerby Vice President of Product Keith Homco thinks this decision will help motivate the entire company. "It's the best customer feedback imaginable," he said. "It will be very easy to tell whether our users were pleased with their experience."
CCO Josh Clayton is exciting to see how filmmakers react to the "pay what you choose" option. "We'd love to be 'pay what you choose' forever, and we very well might be," he said. "We just need to make sure it's possible to cover the expenses related to running the platform at that level. We believe it's a favorable experiment for the filmmaker."
After the first twenty (20) films have been funded, Passerby plans to set their pricing at 5%, the industry standard for an all-or-nothing platform.
Passerby was founded by Metheny and Clayton in January of 2012. Passerby made a key acquisition in February when Homco joined the team. Passerby was recently awarded "Best 'Barely Legal' Business Plan" at Startup Weekend-St. Louis and was one of several recent winners in the Mass Challenge tweetable pitch competition. The company is working toward launching with films in funding by the end of April. Visit their site at http://passer.by/.
Inquiries related to Passerby should be emailed to the attention of Todd Metheny at info ( @ ) passer dot by. Filmmakers are encouraged to submit their films to http://passer.by.
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