PledgeMusic looking for outside investors to keep the boat afloat, co-founder Benji Rogers back on board
Earlier today we posted an article on a botched PledgeMusic campaign by electro act ohGr (ohGr still waiting for almost $100,000 in funds from PledgeMusic). The platform has issued a new statement with further info on how they want to address the situation they have found themselves in for the past few months.
In it PledgeMusic says that it is working around the clock to address everybody’s concerns and they add that they are “hopeful of reaching a positive resolution soon”. The company is in discussions with several parties about a potential partnership with or acquisition of PledgeMusic. PledgeMusic says that it is also in advanced discussions with an independent third-party company to manage all artist funds going forward, which proably means they want to keep the funds pledged as far away from their own operational costs as possible (which would also be a better guarantee towards future investors and acts launching campaigns via the platform).
Co-founder Benji Rogers has also returned to the company as a volunteer strategic advisor and observer to the board of directors. He will assist and advise the new management and finance team on the inherited and existing issues, as well as with the forward planning for the company. Rogers: “I have agreed, on a short-term basis, to return to PledgeMusic as a volunteer strategic advisor and observer to the board. I will remain as full time CSO to Dot Blockchain Media and I am grateful to my amazing DotBC team for their understanding and patience. I have been in discussions with the management team and board of Pledge over the last few days and I am convinced that they are committed to fixing the artists payments situation as their first priority. I have seen first hand how tirelessly the team, management and board have been working to right the ship and that is why I have agreed to help where I can.”
Our guess is that only a takeover of the current company by another company could keep this boat afloat and restore some of the huges loss in trust. Story to be continued.
PledgeMusic launched in August 2009 as an online direct-to-fan music platform. Bands who still have active campaigns on the platform include Ladytron (their first new music in seven years), Orbital (“Monsters Exist”), Erasure (“World Beyond”), Moby (“Everything Was Beautiful & Nothing Hurt”) etc..
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