Kickstarter and Indiegogo are the two leading reward-based crowdfunding platforms that have been instrumental in promoting innovative and creative ideas and products from individual creators and established brands. This report presents statistics for the first quarter of 2023 based on data collected from the two platforms. It analyzes trends and statistics from January to March of 2023.
Suppose you want to know more about the Kickstarter success rate and other crowdfunding statistics about backers, high-performing categories, and amounts raised for Kickstarter and Indiegogo. In that case, you’ve come to the right place.
We are presenting our update on the crowdfunding statistics of Kickstarter and Indiegogo for the first quarter of 2023.
We based our comprehensive analysis of the Kickstarter and Indiegogo platforms on core data. Our analysis of the Kickstarter and Indiegogo crowdfunding platforms begins by examining the categories with the highest and lowest numbers of successful campaigns. This report also provides insights into the number of backers and funds pledged to projects across different categories. Furthermore, we offer an overview of the prevailing trends on Kickstarter and Indiegogo by highlighting the most popular categories and projects. The limitations we encountered stem from data scarcity. Nonetheless, we have strived to present a general understanding of the trends observed on these crowdfunding platforms. It is important to note that collecting data on Indiegogo proved more challenging than on Kickstarter.
Kickstarter is one of the world’s most popular crowdfunding platforms. We’re sure you’ve read some crowdfunding stats, but there’s more to the story than that. Crowdfunding is a legitimate way to go if you’re looking for ways to fund your startup.
Will your idea do well on crowdfunding platforms? How much can you raise?
To help you make an informed decision, we took it upon ourselves to collect, analyze, and report on some crucial data. In the end, we found some mind-blowing Kickstarter stats you need to know.
Here is our quarterly update on Kickstarter crowdfunding stats.
According to Kickstarter’s data, in 2023 Q1, there were more than 10,000 projects launched on Kickstarter, with an average success rate of 49%. The total amount of funding raised was $140 million. Of those projects, about 50% were successful projects. The majority of all projects funded on Kickstarter are from first-time creators. It is consistent with the overall trend on Kickstarter, where first-time creators make up a significant portion of the platform’s users.
There are a few reasons why first-time creators are so successful on Kickstarter.
Here is some more information about Kickstarter in 2023 Q1:
Also, some of the factors that contribute to the success of a Kickstarter project:
If you are considering launching a Kickstarter project, research and learn as much as possible about the platform. There are many resources available online that can help you get started.
Here is a breakdown of the number of projects and raised money by category:
The table shows that the Games category raised the most money, with $41 million. The Technology and Design categories were well-funded, with $23 million and $20 million raised, respectively.
Undoubtedly, there are some standouts among Kickstarter’s many categories, always able to raise more money.
The games category had a success rate of 64.39% in 2023 Q1. It means that 64.39% of Kickstarter game projects reached their funding goals. 58.74% of Technology and 57.23% of design projects on Kickstarter raised enough money to bring their ideas to life.
In the Games category, we see mostly board games and physical tabletop games that excite the adventurer in you. The most popular games are the ones that also contain a storybook accompanying the board game.
The technology category deserves special attention. Technology is the most diverse of all projects here, varying from portable LED Screens and gaming consoles to 3D Printers, innovative text scanners, and cute robots.
We have sampled 70 projects from the Technology category, and based on that, projects separated several subcategories of Technology. As we can see, technical products(gadgets) are not only led by many projects but also dominated by raised money. It also testifies that technological innovation is the juggernaut of the crowdfunding business.
Figure 1 represents the percentages of the top 3 successful categories based on our sampled projects. It means that 88.8%, 83.3%, and 88.3% percent of launched projects in Kitchen Products, Technical Products, and Travelling Products achieve their defined goals.
Looking at the numbers, we can conclude that there is a high probability of achieving the project goal in the Kitchen Products, Technical Products, and Travelling Products categories. But it’s more complicated. A high success rate depends very much on the defined goal. For example, most of the goals for kitchen products are less than $ 5,000, making it much easier to achieve the goals, while for technical products, the way is more difficult as the goals are defined higher.
The most successful project on Kickstarter in 2023 Q1 was Dungeons & Lasers ® V: World of Deuslair 5E by Archon Studio, which raised $1,1 million from 5,813 backers. They launched the campaign on January 10, 2023, and ended on February 10, 2023.
Another successful project in 2023 Q1 was Keychron Q1 Pro -QMK/VIA Wireless Custom Mechanical Keyboard, which raised $624,392 from 2,888 backers. Keychron, a company that manufactures mechanical keyboards, launched the project. The Keychron Q1 Pro is a wireless mechanical keyboard that is customizable with different switches, keycaps, and case colors.
According to Pledgebox’s report, March is the most likely month to succeed in launching a project on Kickstarter in the 1st quarter of 2023. The study found that projects launched in March had a success rate of 60.09%, compared to 33.35% in January and 47.89% in February.
The study also found that the success rate of projects on Kickstarter varies depending on the project category.
The study suggests that several factors can affect the success of a Kickstarter project, such as the project category, the timing of the launch, and the quality of the campaign. However, March is generally the most successful month for launching a project on Kickstarter.
As in previous years, the least successful categories are the same this quarter։ Art, Publishing, and Fashion. The percentage of projects funded in these categories was significantly lower than the average percentage financed across all categories. It suggests that these categories are more challenging to succeed in on Kickstarter.
There are a few possible reasons why these categories are more challenging to succeed in.
Here are some tips for increasing your chances of success if you are planning to launch a project in one of these categories:
There were a few trends that emerged on Kickstarter in Q1 2023.
Q1 2023 was a strong quarter for Kickstarter, with many projects launched and significant funding raised. The platform is a popular destination for creative entrepreneurs looking to bring their ideas to life.
Indiegogo is the other market leader in reward-based crowdfunding. Indiegogo is a global crowdfunding platform that allows people to raise money for their creative projects. As mentioned before, we were limited in data collection for Indiegogo, so there is a difference in the analysis of Indiegogo and Kickstarter stats. However, we still need to familiarize ourselves with this platform, so let’s look at some of the most well-known Indiegogo campaigns.
We have sampled 87 projects mainly from Audio, Camera gear, Education, Energy and Green Tech, Fashion and Wearables, Food and Beverages, Health and Fitness, Home and gardening, Phones and Accessories, Productivity, Transportation, Travel and Outdoors categories, which have raised $11,4 million on Indiegogo.
Based on our sample of projects, we have almost equal numbers of successful and unsuccessful projects. The percentage of successful projects is 52.8%. That’s high for crowdfunding. Even before the end of the campaigns, a big part of the unsuccessful projects was canceled.
It is also worth noting that only 24.1% of projects raised more than $50,000. Most projects (74.7%) didn’t even reach $50,000.
The most successful categories are Productivity and Home, as the percentage of successful projects in these categories is relatively high. This diagram shows that Productivity, Home, Travel, Outdoors, and Transportation have the most raised money. It also indicates that Indiegogo is a tech-friendly platform where physical products are in the first place. Meanwhile, Kickstarter is more art-friendly.
The number of projects launched in each category varies considerably. For example, the Food and Beverage category has a lot of projects, but most of them tend to fail. We can see the same picture in Fashion, Education, and many other types.
Indiegogo, as in past years, this year is also a superior crowdfunding platform for transportation (e-bike, e-scooter), home products, and camera gear. Furthermore, 2023 marked the start of a new successful approach, that of hotel concepts, with the first successful campaign carried out by TCF itself. It was Oculis Lodge, which raised $ 1.2 million from 1,752 backers.
Looking at the project stats across two platforms, like in the past, Kickstarter raised way more funds than Indiegogo, but with significantly more backers. It means the average pledge on Indiegogo is significantly higher. In other words, Indiegogo has considerably fewer backers who are okay with paying a higher price for better products.