Report: PledgeMusic funds do not belong to artists
Co-founder Benji Rogers says the outcome of PledgeMusic liquidation is “devastating” for artists, who are “unlikely” to receive the money they raised on the platform
News By | 23 October 2019
The artists that are owed money by bankrupted direct-to-fan marketplace PledgeMusic are “unlikely” to receive the funds they raised through the platform, a report obtained by Variety has revealed.
PledgeMusic was wound up in August, after suspending operations due to financial difficulties. The company entered liquidation with £7.4 million in debt and under £20,000 in assets.
Following its demise, industry organisations including UK Music, Music Managers’ Forum and the Association of Independent Musicians acted to assess and prevent financial damage to…
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