Kickstarter to hit the $1B mark soon

March 3
1:01 PM 2014

Crowdfunding site Kickstarter will soon be reaching the $1 billion mark, TechCrunch  reported.

Citing Kickstarter's own statistics page, the report said that as of this morning, the crowdfunding site already reached $999,209,752 in pledges to initiatives posted on theplatform. That means it only needs $791,000 more before it will get past the $1 billion mark and there's a great possibility that the feat will be accomplished in the next few days, the report said.

The total crowdfunding amount reached so far represents projects that have already been successfully funded, projects that are on-going and those projects that were not able to meet their final goal. Kickstarter only gives the money committed for a particular campaign if it meets its target goal, unlike other sites that allow users to get funds if they opt to even if it did not meet their funding mark. Of the amount pledged so far, around $858 million was committed to endeavors that have been successfully funded. Since Kickstarter get a 5% cut from initiatives that have been successfully funded, that means the site has already earned around $42 million from the campaigns, the report said.

Kickstarter also revealed that there were already 135,270 campaigns introduced through the crowdfunding site and of these endeavors, a little less than half or 43% actually got successfully funded. Of the campaigns that did not reach their target goals, 10% did not even get one dollar, the report said.

It's also interesting to note that even if the "Games" category only places sixth as far as the ranking for successfully funded projects is concerned, it has the most campaigns that were able to secure more than $1 million. As a whole, the category was able to raise more compared to other categories like Music, Film, Art, Publishing and Theater, the report said. 

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