PledgeMusic demise prompts industry support for artists
A group of industry organisations has launched an impact assessment survey to determine the severity and breadth of financial damage to artists affected by the demise of crowdfunding platform PledgeMusic.
Reports have circulated for close to a year that PledgeMusic was failing to pay artists who raised funds through its platform. Following the platform’s collapse, many artists remain deeply out of pocket.
The UK’s Musicians’ Union is hosting the survey, which closes on Tuesday 25 June, and is to be completed by individuals and businesses alike.
The survey is promoted collaboratively by UK Music, who last month called on competition watchdogs to investigate the beleaguered PledgeMusic, Music Managers’ Forum (MMF), the Association of Independent Musicians (AIM), PRS Foundation and International Showcase Fund partners including the Music Producers Guild (MPG) and Music Support.
The group hopes that information provided through the survey will illuminate the scale of the fallout from PledgeMusic’s collapse and help the industry to ensure artists and businesses receive the support they require.
In a joint statement, the industry bodies behind the survey wrote:
“As organisations who want to see the music industry thrive, we are deeply disappointed that PledgeMusic has announced its bankruptcy leaving artists and fans out of pocket and with little communication or advice on how to deal with campaign disruption.
“We are deeply disappointed that PledgeMusic has announced its bankruptcy leaving artists and fans out of pocket and with little communication or advice on how to deal with campaign disruption”
“The failure of PledgeMusic to appropriately ring-fence artist and fan money has the potential to damage artists’ careers and their relationships with fans and fellow creators if they can’t deliver on stalled campaigns.
“Individually, each of our organisations has been working hard to support our members during this difficult time. However, in order to consider collective action we have launched an industry-wide survey to assess the impact of the PledgeMusic closure.”
The survey has received artist support from UK band Jesus Jones, who used PledgeMusic to fund the release of their album Voyages, and has spearheaded the artists community’s reaction to the platform’s collapse.
“It’s really gratifying to see a strong industry-wide response taking place,” comment the band.
“As artists, as fans, as people who’ve come to realise the potential strength of crowdfunding, it’s vital that we all stand together, and rebuild confidence – and also seek to ensure that Pledge are held accountable for betraying such a vital bond of trust.”
Get more stories like this in your inbox by signing up for IQ Index, IQ’s free email digest of essential live music industry news.