Hollywood filmmakers are moving online to raise funds through crowdsourcing, with even big-name directors finding it harder to fund their movies via traditional routes.
Oscar-award winning Spike Lee has become the latest high-profile director to take up the trend, announcing plans two weeks ago to raise $1.25 million for his latest film via Kickstarter, a crowdfunding platform where the public can pledge money towards the making of a movie. Lee follows in the footsteps of James Franco and Zach Braff, two other high-profile filmmakers looking to get their films financed through crowdfunding.
Lee told CNBC that his fans could use the platform to pledge as little as $5 towards his next film.
"I have amassed a base. So what I'm doing is going direct to the people, who've received humour, good feeling, joy, stuff to think about, and say, I've done this for you past, for as little as five dollars you can help me get my next film made," Lee told CNBC.
Users of Kickstarter have pledged nearly $60 million to film projects in the 12 months up until January alone. While it was originally seen as a way for independent filmmakers to raise money for their ventures, the crowdsourcing platform is gaining wider appeal with big name players.