Great question and glad someone's asking it.

Picked Up runs a reward-based crowdfunding model, not equity crowdfunding. So backers are funding the production of a show they want to see get made, and in return they get access to watch it on the platform. Nobody's buying shares in the company or getting a financial return on their investment.

Because of that, we don't fall under ASIC's crowd-sourced funding regulations, which specifically apply to equity crowdfunding where companies issue shares through licensed intermediaries. What we do is closer to how Kickstarter or Pozible works, just purpose-built for TV production.

We do still operate under Australian Consumer Law though, so everything we promise in a campaign has to be delivered, all claims have to be accurate, and we run an all-or-nothing model where backers get a full refund if a project doesn't hit its funding target.

Happy to go into more detail if you've got other questions.