No Guarantees Productions Launches Regulation Crowdfunding Raise for BURNOUT PARADISE
Burnout Paradise will run at the Astor Place Theatre, which No Guarantees Productions operates.
Production company No Guarantees Productions is launching what is believed to be the first Regulation Crowdfunding (Reg CF) raise filed and executed directly by a single theatrical production in New York for its upcoming run of Burnout Paradise. Regulation CF has been in use since 2016, but has not been that widely utilized due to high administrative cost and compliance demands, as well marketing and legal burdens, transparency requirements and a high failure rate. Through the end of 2024, the SEC estimated there were only 8,492 offerings (excluding withdrawn offerings).
In the theater, crowdfunding is nothing new. However, Reg CF has not yet been commonly used. In New York, The Industry Standard Group closed its first Reg CF round in 2024 with over 100 participants and $125,000 invested. That money will eventually go to projects The Industry Standard Group is developing, but has not been spent yet (other than on expenses). In other words, while the group is using Reg CF, it is not being done through a specific show. That is what makes this No Guarantees effort different. (Rob Laqui, one of the founders of The Industry Standard Group who spoke to BroadwayWorld about his efforts to raise under Reg CF in 2022, is however on the No Guarantees team.)
Traditionally, major shows can only raise money through accredited investors, Reg CF allows companies to raise funds from both accredited and non-accredited investors, subject to certain investment limits. The minimum investments are set by the platform or company. For Burnout Paradise, the minimum investment is $100.
“This raise is about more than one production, it’s about expanding access to theatrical investing,” said Megan O’Keefe, President and Chief Operating Officer of No Guarantees Productions, in a statement. “By being the first commercial lead producer to use Reg CF for a major theatrical show, we’re creating a proof of concept the entire industry can learn from and utilize. We want to demystify the process, educate a new pipeline of investors, and make participation in theatre more accessible than it has ever been. By inviting a broader and more diverse group to take part in shaping new work, we’re fostering the shared ownership that fuels innovation on stage and helps ensure a stronger, more sustainable future for the industry.”
In a release, No Guarantees Productions stated it believed Burnout Paradise by Pony Cam “is uniquely suited to launch this investment model” because it “actively engages with audiences during performances, and inviting that same community to participate even outside performances through Reg CF is a natural extension of its creative ethos.”
Crowdfunding is thought to democratize access to theatrical investing and increase audience engagement.
Burnout Paradise will run at the Astor Place Theatre, which No Guarantees Productions operates. The offering page can be found here.
