PledgeMusic Silent One Week After All Campaigns Suspended
The suspension of all crowdfunding campaigns on PledgeMusic continued Thursday, a full week after they began. The company has been silent since all week, leaving thousands of musicians in the dark; and in many cases, owed tens of thousands of dollars in funds pledged by fans.
Attempts to contribute to multiple campaigns on Thursday morning resulted in a pop-up reading: "Dear Fans, Unfortunately PledgeMusic has suspended pledges on all active campaigns and will look to resume them shortly. Thanks for your patience."
While the startup is known to actively be searching for a cash infusion, no credible rumors of a buyer or white knight have emerged.
The company's social media accounts have been silent and emails requesting comment unanswered.
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There won’t be a “cash infusion”. It was a bad business model to begin with.
It’s similar to a Ponzi scheme.
The only way it appears they could honour existing commitments was stealing from new campaigns. This, to my simple mind, is theft and fraud. Those responsible need to be arrested, investigated and if necessary given a jail term.
Robbing Peter to pay Paul – and yes, classic Ponzi.
I thought this music industry couldn’t get any worse. We now live in a time where fundraising indie artist to fan platforms just decide they won’t be transferring any fans funds to the artists and give no explanation for it. Time to go completely DIY from all levels. New music business needs to be developed. Lost ALL faith in this one. #pledgemusicthieves