From peers to fans: How crowdfunding reconfigures capital mobilization and conversion for DIY musicians

This article examines how digital fundraising reconfigures cultural entrepreneurship among DIY musicians. Through interviews with Dutch DIY musicians who have successfully used crowdfunding and representatives from two platforms, we demonstrate how crowdfunding enables musicians to mobilize Bourdieu's alternative forms of capital and convert them into economic capital. While social capital remains a key driver of economic capital in crowdfunding, our study highlights how fan communities, rather than peers, now provide the favors that support music production. Crowdfunding campaigns not only generate buzz but also serve as a reputation qualifier for programmers and funders, converting symbolic capital (recognition) into future economic returns. The involvement of backers, sometimes as cocreators, reinforces this process by signaling market demand. However, we also identify the hidden costs of building a fanbase, where sustained engagement can lead to the forgoing of economic capital.