Reddit has moved into crowdfunding with Redditmade, providing the tools for users to raise funds to bring their campaigns to fruition.
“Redditmade gives you the flexibility to create almost anything you want, easily raise money, and support causes you care about,” the site’s introductory post said. “It’s also a great way for others to find awesome new products they’ll love and support other redditors while knowing their information and money will always be secure.”
The new site, which launched in Beta mode on Wednesday, was created so that subreddits — the communities of the site — can develop official merchandise.
The hugely popular site could wind up as a destination for crowdfunding for movies. Kickstarter’s notable successes have included “Veronica Mars,” which was backed to the tune of $5.7 million, and Zach Braff’s “Wish I Was Here,” which raised $3.1 million. The 2013 “Veronica Mars” campaign is the fifth highest grosser in Kickstarter history.
Redditmade will use the same model as Kickstarter in setting a 30-day time limit on campaigns, requiring campaigns to reach an announced goal before the end date — with backers not charged if a project doesn’t achieve its goal.
“The profit of each campaign can be donated to any organization, charity, event, or individual, so your money can support other redditors or the causes that matter most to you,” the site said.
“We provide a secure way to raise funds and make it easy to pledge your payment, but we won’t charge you until the campaign reaches its goal. If it does, hooray! We’ll start production and send you your product soon. If it doesn’t, you won’t be charged a penny. Campaign creators will never have access to any of your personal information, ever.”
Reddit has over 5 billion monthly page views and 115 million unique visitors each month, which makes its jump into crowdfunding a significant one.
“Redditmade is a new place to turn the best designs and products by the community into reality,” according to the launch post — which is on Reddit, of course.
As with many things Reddit, there’s a charitable edge to Redditmade. Moderators can opt to donate the profits from their campaign to charity — that means that if a project is over-funded, a good home is found for the additional cash raised.