Music crowdfunding platform PledgeMusic which as of late experienced harsh criticism for withholding payments to artists, is heading for bankruptcy after plans to sell the company fell through.
Benji Rogers, platform co-founder announced the bad news that PledgeMusic is officially entering bankruptcy, On Wednesday.
“I went back into PledgeMusic just over three months ago as a volunteer to try and help the board and team turn around and sell the company, but I am sad to report that this effort has not met with success and that PledgeMusic will shortly be heading into administration.”
When the organization goes into organization, its advantages apparently will be sold off to the most elevated bidders, however it appears to be impossible that there will be sufficient cash to cover the whole sum owed to specialists, which sources gauge is between $1 million and $3 million.
“I am sorry to say that the sale process that I have been speaking to you about over these last weeks and months for PledgeMusic was unsuccessful and that the buyers have withdrawn,” said Roger in a letter.
Rogers likewise told specialists that he is seeing if they would themselves be able to enlist as leasers so as to get the cash they’re owed.
A month ago, the organization’s auxiliary NoiseTrade was gained by Paste Media.
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