The proposal really pie in the sky.
Needs to have more details how much for artists, what will publishing costs be, etc.
The monetary goal should be more realistic. It would make more sense to start on a smaller scale and then crowdfund for expanding later. At current rate he might get a couple thousand pledged in the remaining 26 days for the campaign.
Bottom line this is destined to fall. Either he has no business sense or he is just having fun , however the end result will be the same.