Hip Hop pioneers Public Enmy has been forced to drop their fundrasing goal on fan funding site Sellaaband from $250,000 to $75,000. Six months into their campaign they have raised $56,000. On Sellaband, Public Enemy posted:
We now firmly believe that it is time to rethink and restructure our fund raising efforts here, as well as our goals and pursuits.
We have learned that the fan funding model is still not fully developed and, as a result, a $250,000 fund raising effort, while possible, will take too long to accomplish....
We also have reached the conclusion that we will no longer include expenses for sales and marketing in our fund raising budget and goals.
As a result of our SellaBand experience and all that we have learned, we now believe that a $75,000 fund raising target will fulfill the needs for a new recording project and is much more appropriate for the strength of the existing SellaBand model and the current economic climate.
Today, we are announcing that we are now offering a total 3,000 parts for Believers at a value of $25.00 each to raise a total of $75,000. The $75,000 will be used to fund the complete recording costs and expenses for our next album. As of April 10th, we have already sold 2,225 parts. As a result, we only need to sell 775 additional parts to reach our new goal.