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Kickstarter – Here it is again...
For those who somehow have never heard of this, Kickstarter is a platform which allows people to create and support creative projects in advance of their creation. Many call it a fancy preorder system which happens before production, but it is more than that.Kickstarter allows games (good or bad) to be produced outside of the old-school gatekeeper system, as long as they get the support needed. The key here for the publisher is that money can be invested in the product which is necessary for the Kickstarter project, but not into the more expensive physical creation of the product. The standard for Kickstarter now requires artwork, and the pre-project costs can easily approach $5,000.
But that is an insignificant investment compared to the $25,000-50,000 cost to properly release a small number (2,000-ish copies) of a quality Eurogame.
Which brings me to Finance Logistics...Or on the simple end, "when the money comes in" as I like to say. I will compare two different methods of publishing a hypothetical game similar in scale and components to Belfort, one method using Kickstarter and one not using it. Note that this is a simplified and idealized timeline.
The costs used are estimates based on my experience dealing with around a dozen schedules like this. It is also simplified and idealized. The accounting will be a cumulative NET cash flow representation.
First, the old school, non-Kickstarter method of selling games only to distributors, who then sell to retailers, who then sell to customers. We do a little better than the model below thanks to people who buy directly from Tasty Minstrel Games on our launches. We get about a 30-40% boost in revenue for those sales, which is super-helpful while still offering great deals to consumers.
Month 0: Commission artwork, paying 33% up front. Cumulative NET cash flow = (-$1,650) of total artwork costs.
Month 1: Artwork continues.
Month 2: Artwork continues.
Month 3: Artwork finishes, start the pre-press process, pay 50% up front of manufacturing costs on a 2,000 copy test run. Cumulative NET cash flow = (-$13,350)
Month 4: Finish pre-press.
Month 5: Await finishing of manufacturing.
Month 6: Manufacturing finishes, pay remaining 50% of manufacturing costs. Pay for ocean freight up front; pay for safety testing. Cumulative NET cash flow = (-$31,500)
Month 7: Games arrive, sell games, pay shipping costs, pay various custom fees. Cash outlay this month depends on the size and nature of the shipments.
Months 8-9: Receive payment for games already sold, pay for more shipping, pay for royalties. At sellout, adjusted revenue (-shipping and -royalties) for 2,000 copies sold at $60 retail will be $36,000. Cumulative NET cash flow = $4,500 with a commercially "successful game" – but now you have a popular game WITHOUT any inventory!
Month 10: Reprint! 3,000 copies now, reinvesting the revenues. Pay 50% up front. Cumulative NET cash flow = (-$9,100)
Month 11: Game finishes production (shorter print time now), pay remaining 50% of manufacturing and pay ocean freight. Cumulative NET cash flow = (-$27,200)
Month 12: Games arrive, and selling begins again.
Months 13-14: Collect adjusted revenues from the sell out $54,000. Congratulations, Cumulative NET cash flow = 26,800 is now positive with the capability to reprint out of the previous cash flow! But you have no inventory again...
Month 15: Reprint! 3,000 copies again to keep your investment capital for other games or to return it to your pocket. Pay 50% of the manufacturing costs. Cumulative NET cash flow = $13,200
Month 16: Game finishes production (shorter print time now), pay 50% of manufacturing and ocean freight. Cumulative NET cash flow = (-$4,900)
Month 17: Games arrive, and selling begins again.
Months 18-19: Collect adjusted revenues from the sell out $54,000. Congratulations – cumulative NET cash flow = 49,100 and is now positive with the capability of reprinting out of the previous cash flow! But you have no inventory again – and this time you really should print more than 3,000 copies.
You get the idea I think...
Now for the new method through the use of Kickstarter
Month 0: Commission Artwork. Pay 33% up front. Cumulative NET cash flow = (-$1,650) of total artwork costs
Month 1: Artwork continues.
Month 2: Artwork continues. Start Kickstarter campaign utilizing the artwork which is finished.
Month 3: Kickstarter finishes. Pre-sell 1,000 copies for an average of $45 per copy, receive 90% of Kickstarter pledge value. Artwork finishes, start the pre-press process, pay 50% up front of manufacturing costs on a 3,000 copy test run (boosted thanks to Kickstarter response). Cumulative NET cash flow = $22,000
Month 4: Finish pre-press.
Month 5: Await finishing of manufacturing.
Month 6: Manufacturing finishes, pay remaining 50% of manufacturing costs. Pay for ocean freight upfront; pay for safety testing. Cumulative NET cash flow = $2,000
Month 7: Games arrive, sell games, pay shipping costs, pay various custom fees. Cash outlay this month assumes an average handling and delivery cost of an average $15 per copy. Cumulative NET cash flow = (-$13,000) – but there are 2,000 copies left in the warehouse!
Months 8-9: Receive payment for games already sold, pay for more shipping, pay for royalties. At sellout, adjusted revenue (-shipping and -royalties), for 2,000 copies sold at $60 retail will be $36,000. Cumulative NET cash flow = $23,000 with a commercially "successful game" – but now you have a popular game WITHOUT an inventory!
Month 10: Reprint! 3,000 copies, reinvesting the revenues. Pay 50% up front. Cumulative NET cash flow = $8,500
Month 11: Game finishes production (shorter print time now), pay 50% of manufacturing and ocean freight. Cumulative NET cash flow = (-$10,000)
Month 12: Games arrive, and selling begins again.
Months 13-14: Collect adjusted revenues from the sell out: $54,000. Congratulations – cumulative NET cash flow = 44,000 and is now positive with the capability to reprint out of the previous cash flow! But you have no inventory again...
After month 14, you're almost up to the net cash flow of the 19 months prior. With this new Kickstarter method, in month 15, you could print 5,000 copies, get back into a slightly negative cash flow (maybe even zero). With a sellout by month 19, this new method would be sitting at $90,000 of positive cash flow – or enough to continue printing and be able to utilize those profits elsewhere.
Pros and Cons of the Old School vs. Kickstarter
Pros for the Old School method:
-----• People cannot complain about you using Kickstarter.
-----• Some retailers don't want to buy something that has preorders placed via Kickstarter.Pros for Kickstarter:
-----• Smaller capital investment required per game, $5,000 artwork commitment (or so).
-----• Sooner self-sustaining game nature, month 14 (or possibly earlier) instead of month 19.
-----• Larger print runs reduce marginal production costs.
-----• Test the market to make sure people will buy a game you are releasing, before committing $25,000-$50,000.
-----• Allows the release of more quality games than without Kickstarter.
-----• Allows a platform to reward loyal fans.
-----• Provides exposure in advance of the release that would otherwise not be there.
-----• Provides fans a method to really support a company that they want to support, even if they pay for the game well in advance of delivery.