A new study from Tide Business said Angelenos have raised $313 million since 2015, edging out New Yorkers.
Los Angeles took the top spot in a new survey of the best cities to crowdfund in since 2015. According to an analysis from London-based Tide Business of Kickstarter data, residents of the California city raked in a whopping $313 million.
Close behind Los Angeles on the list are New York City at $311 million, San Francisco at $248 million, and London at $128 million. Seattle, Chicago and Atlanta rounded out the top of the list.
Part of what fueled the huge crowdfunding numbers in Los Angeles was the film industry, which accounted for more than $75 million of the total. New York City had a more balanced list of projects that were donated to through Kickstarter across a variety of industries.
"It's no secret that crowdfunding has exploded in popularity. In the last decade, a number of new online platforms have paved the way for the public to access some of the world's most unconventional investment opportunities," Tide researchers said in the study.
"With over $4 billion pledged to projects on Kickstarter alone, we decided to find out which locations are the most successful at raising money for the next big ideas."
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American cities dominated the list because Kickstarter was founded in the United States and 80% of all funding on the site has gone to stateside projects. Since 2009, the website has funneled nearly $2 billion to US initiatives. The US has 100,000 more Kickstarter projects than any other country.
Internationally, the figures are much smaller but the site is making inroads across Europe. The United Kingdom dominated the rest of the list with more than $180 million in funding raised since 2015. Canada, Germany, Australia, France and the Netherlands together raised more than $20 million.
The study also broke down project funding by industry, finding that design projects and technology efforts received the biggest slice of the Kickstarter funding pie. Since 2015, design projects have garnered almost $275 million alone, with technology not far behind at just a tick more than $200 million.
Games, films and videos also ranked high on the list of projects that usually could expect to raise somewhere between $40,000 and $170,000 per project. Music projects are lucrative as well, with almost 40% of the projects successfully bringing in the funding needed.
A surprising aspect of the study is the wild success of Kickstarter projects in Tokyo. The Tide report said between 2015 and 2019, nearly half of all Tokyo-based projects that asked for at least $1 million met or exceeded their target. Tokyo has had 35 projects reach the milestone, 32 more than the next city on the list.
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