Sellaband files for bankrupcy after burning 5 million dollar - sold to German investors - site still closed
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Dutch startup Sellaband, which enabled music fans to invest in their favorite bands and which was hyped like mad by people who should have known way better, last week on Friday requested provisional suspension of payments in their home country Holland. It was promptly granted by an Amsterdam Court, and was changed into full bankruptcy. However, a message that was posted on the Sellaband website claimed later on that an acquisition of the business was imminent, and merely a matter of a "few technicalities" as they call it. The latter seems to have been 'solved' now as 'former' CEO Johan Vosmeijer had the following message posted on the website in which he keeps on defending the freshborn failure:
- "A Brand New Day For SellaBand
I always thought that this message would be the most difficult to write, but it's not. Even though today signals the end of the road for me as CEO of SellaBand, I am thrilled to announce that our brain child has found new parents and will get the opportunity to grow further. From today onwards, the name SellaBand will live on and the new owners intend to keep the spirit of SellaBand and its community alive. Moreover, I have spoken at length with the people who have bought sellaband.com and am totally convinced that they are just as committed as we always were to build a solid future for SellaBand. What is extremely important to me is that the new company, called SellaBand GmbH and to be operated out of Munich in Germany, will respect our commitments towards Believers and also to those artists who are currently recording their SellaBand album, and/or are about to release their music.
There is no doubt in my mind that 'crowdfunding', as they call it, is a blessing for artists in the 21st century and that this concept has the potential to cure what's been ailing the traditional music industry for so long. SellaBand is and will always be the first of its kind. I am proud to have been part of this very exciting journey from day one and because SellaBand will always be dear to me, I will stay active as a 'Believer' on the website and have offered to be on stand-by in case my assistance is needed. I am also very excited to announce that the man who has been standing side by side with me in those past 4 years, Dagmar Heijmans, will continue to be part of the new team and will work closely together with Michael Bogatzki, the new CEO of SellaBand GmbH.
All in all, today is a day of joy. Some other time perhaps, I will take a moment to look back and share my story with the outside world. Right now I only want to look ahead and hope you will all join me in giving the new team a warm welcome and find out what bright future still lies ahead for SellaBand.
So long,
Johan Vosmeijer
Amsterdam, February 24 2010."
The site however is still closed although it's written on the index page that they are back online today... And no word on all the invested money by fans that went up into smoke. More details on this doomed project after the jump.
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The site which has been incredibly hyped by certain circles in the Tech and music world only had about 500 visitors a day and was far from being the success it said it was in all of its press releases. On the contrary, the site so far generated almost no money at all. The Next Web informs that Sellaband raised in total 3 million dollars from fans for their artists. 30 artists made it to the 50k limit to record a CD. One of the most odd business models of Sellaband was making money on the interest of the funds that are invested in bands that haven't reached the 50k limit yet. As The Next Web calculates, with a 5% interest rate (which is enormous these days), Sellaband would get 60.000 Euro a year on interest. Peanuts.
First launched in August 2006. The new SellaBand Fan Funding model launched 1st October 2009 and allowed artists to raise any budget for any project. Artists were in control and retained all rights. Revenue Share was optional.
The model seems pretty much to be a non-model. Music technology website Muztec quotes a musician who said: "Representing ourselves as beggars is not exactly the image we prefer to spread... instead we do earn enough to invest this back into recording an album. If you are relying on Sellaband you are either a very poor musician or a very poor manager of your own business."
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