Crowd Funding

How might crowd funding affect the 'big six'?  
Crowdfund Films is an enterprise started by producer Bill Johnson to help create his film, Backseat Driver. It allows the public to get involved in the film, and feel that they have contributed to it, for instance through being able to talk to him via Ustream once a week to voice any concerns they have over the production of the film.
Crowd funding is not likely to affect the big six in the short term; they will go on to make big release films with their veteran writers and directors. However, it may change the game a little as time goes on, with aspiring film makers turning to sites like indiegogo.com and kickstarter.com in order to help get funding for their projects, rather than trying to get into big studios.
It is entirely possible that these conglomerates will buy crowd funding schemes in the long run, as a form of vertical integration.

Do you think this method of film financing will allow creativity to flourish or will it reduce the overall quality of film making as an art form?
This form of film financing will most likely allow for a much more creative industry. It will allow more niche films to be made on a higher budget, what with fans of the genre being able to support aspiring film makers. These film makers will be more likely to get their unusual and innovative ideas out into the marketplace, as people will be able to invest in their visions - the public have less motivation for solely profit, unlike big media conglomerates.
It is unlikely to reduce the overall quality of film making. There will be money available for better recording equipment, for example, and better editing software. Although films with poor plots and bad acting may slip through, the nature of crowd funding means that financiers are able to voice their concerns.
People can simply choose not to fund a film if they do not have faith in the creative team behind it, too.

How can a crowdfunded film appeal to global and local audiences?
Crowdfunded films appeal to audiences because it allows for them to get involved in the film, as well as allowing them choice as to what films get made - on sites like kickstarter, one small donation of $5 can be the difference between a film getting funded and not.
In the instance of Bill Johnson's Backseat Driver, the financiers of the film will appear in it, through one of seven tiled slides in the opening credits, showing everyone who contributed money to the project, with the tile size depending on their contribution. They are also given lots of perks for contributing, such as decals, digital downloads when the film is released, posters, and invitations to release parties if the donation is sizable enough.
In terms of appealing to a more local audience, these types of films are likely to appeal to local people, who will enjoy seeing their local area on the big screen, and hence will be more likely to contribute money as it is a local interest topic, essentially.
It allows an audience to help choose what sort of projects they want to see. Thoughtful, short films like Meet Me By The Lake, a short film by Galen Livingston, for example, attain funding quickly and often achieve well over what they wanted to in the first place (the film raised $6,002 of a $5,000 goal). However, some films simply do not receive funding due to their content, or maybe the way in which they audience responds to the creator of the project.