Pledge Music

PledgeMusic Seeking A Buyer, Independent Oversight Of Artist Funds

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(CelebrityAccess) — PledgeMusic, the financially troubled music crowd funding service, announced that it was seeking investors or even a potential sale.

The company, which has gained notoriety in recent months due to a string of high profile late payments on money owed to artists for projects funded through the service, also announced that they in “advanced” negotiations with an independent entity to oversee all artist funds.

The company also recently revealed that co-founder Benji Rogers had returned to the fold to serve as a “volunteer” advisor to assist in navigating through the dire financial straits PledgeMusic appears to have sailed into.

The statement in full:

To the PledgeMusic community,

The situation that PledgeMusic has found itself in is unacceptable and to all of the artists, managers, labels, and fans who have put their trust in us, we are deeply sorry.

All of us at the company are working around the clock to address everybody’s concerns and are hopeful of reaching a positive resolution soon.

To you artists especially, we understand that every last penny is vital to your project’s successful delivery and as such we wanted to share with you some of the concrete action that we have undertaken to date:

Firstly, PledgeMusic is a unique platform with millions of active users and we strongly believe that, notwithstanding our recent problems, PledgeMusic has very significant value.

We are in discussions with several interested parties about a potential partnership with or acquisition of PledgeMusic. These conversations, if successful, would lead to a transaction which would allow us to meet all of our outstanding obligations. As a result, we are hopeful that, as long as the company is given some breathing space to operate, a solution to these current problems will be found.

We cannot reveal further details of these conversations at present as we are bound by commercial sensitivities but as soon as we have any news we will release it.

Secondly, PledgeMusic is in advanced discussions with an independent third-party company to manage all artist funds going forward.

Finally, as previously announced, co-founder Benji Rogers has returned to the company as a volunteer strategic advisor and observer to the board of directors. Benji 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. His statement is HERE

Benji remains as full-time Chief Strategy Officer of DotBlockchain Media.

In closing, the board and management team’s priority remains settling any and all back payments that are owed.

We ask for patience. We know that for a lot of you this must be wearing very thin, but we can only reiterate that we are fully focused on making this situation right.

Sincerely and with thanks,

The PledgeMusic Board and Management.

 

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