25 pounds times 50,000 is closer to 2.5 million dollars. If that was an example of their accounting I would be very skeptical.
Indie film has been trying to get people to give money to their projects in this way ever since there's been an Indie film. Most of the people who buy in get a stake in a staight to video slasher film that loses big. The first thing the money raisers did was pay themselves their producer's fees. The producers made money everybody else lost every penny.
It's an old scam. The same thing is often down in real estate. Only someone with a track record would get my money, but there are already investment funds that invest in those guys.
the "accounting error" was mine, not their's. they are trying to reach 1 million pound, not 1 million dollars.
And the guys that are doing this do have a track record. Matt Hanson, the director is the creator of onedotzero, Tommy Palotta produced "A scanner darkly", Grant Gee the DP did DP on "The Hitchhiker's guide to the Galaxy" and Cory Doctorow and Warren Ellis work are Advisor's to the venture.
This is not just some guy doing this in his basement.
I would be real nervous about something like this. You aren't putting in your money to get something, you're putting in your money for the HOPES of getting something. I contributed to Fundable Films (which pretty much is exactly what you guys are talking about) after I heard about it on Spaceship Radio. I was supposed to get a t-shirt to advertise and a $50 stake in a film of my choice. The months went by and nothing happened. I contacted the people running it and was told my stuff would soon be on the way. More time went by...nothing happened. I contacted again, and it turned out I wasn't getting a shirt or a $50 stake in a film. They offered to refund my money, but I like the idea so I told them to keep it. I just don't plan on putting my money into something like this again until there's a final product I could buy. I let my altruistic optimism get ahead of my skeptical capitalist side.
NOTE: I don't think fundable films is a scam and I still think it's a good idea, but if someone can get paid if they deliver or not where's the motivation?
hehe, fundable films got my 50$, too.
I think what a project like A Swarm of Angels (or my proposed Joss' New TV-Show) would need would be a guaranty that there really is enough money to complete the show (ironically this is exactly what fundable films was trying to provide)
Let's say Joss said, that the minimal amount of money he has to take in through DVD-sets is 5 million dollar. He pitches the show to the web in the same way he would pitch it to studio execs and calls on all his fans to preorder the dvd-set.
He sets up a trusted account at a bank (or a trusted paypal account) and people shell out their 30 $ for the dvds.
If more than 5 million come in this way (i.e. if more than 170.000 people preorder the dvds) than the series can be made.
If the goal isn't reached in, let's say 6 months than the money get's automaticall transfered back to the customers.
no risk for the customers, no financial risk for the producer.