Originally published: April 25, 2008
Source: The Ladder, New America Foundation
You know a concept has hit the big time when it gets applied to the global music industry. Now, microfinance - the technique that has been reducing poverty amongst women from Bangladesh to Bolivia - is available to struggling musicians around the world.
Through the power of social networking and a recent surge in the popularity of peer-to-peer lending, Calabash Music, a popular music download site internationally and the world's first "fair trade music" site, has launched a new initiative "Tune Your World" in which fans can "microfinance" the start up costs and recording activities of their favorite new and emerging artists' around the world.
Here's how it works:
"You can microfinance an artist on our Tune Your World social network, download a copy of their latest recording and help the world's working musicians make great strides towards economic independence: 1) pick an artist and make a minimum $25 sponsorship via PayPal; 2) Calabash transfers funds to musician when artist's goal is reached, and; 3) receive news and download advance copies of artist's recording."
Read the complete article: Microfinance and Your IPod: Just When I Thought Microfinance Couldn't Get Any 'Cooler' (New America Foundation)