ONLINE (Hypebot) – After declaring bankruptcy in Dutch court earlier this week, fan to artist funding site Sellaband has been saved by a German investment group who are moving the site to their home country and promising to have it back online today.
Exactly why the site went dark and how the new owner plans to change SellaBand is unclear. But CEO Johan Vosmeijer is out; replaced by Michael Bogatzki. "We will continue to advance this fantastic platform while acting in the spirit of the SellaBand community and its founders," wrote Bogatazki. " Starting from today we proceed with this unique concept and maximize the potential of SellaBand with the trust and faith of all Artists and Believers. I will take care about the community and spirit of sellaband.com with your help and confidence".
It may not be easy for SellaBand's new owners to restore fan and artist trust and confidence. SliceThePie, Kickstarter and a handful of others also competing for fan funded projects, and many artist are reaching out to fans directly for support.
SellaBand Co-founder Says Business Model Has Major Flaws:
Co-founder Pim Betist, who left Sellaband last year told Dutch outlet NRC.nl that the business model was too wide in scope andthere was little money for promotional activities. Quality control was virtually non-existent, according to Betist.
“Recording an album is expensive these days,” Betist said. “This means little money remains for promotion. It would be better to distribute tracks digitally and concentrate on smart digital promotions.” He added that none of the 50+ bands funded through SellaBand became a hit.