Paste Raises $148K, Continues Campaign
Last week Paste sent out a call for donations. Ad revenue had fallen and debts had risen to the point where a complete shutdown was near if funds were nit raised quickly to save the music magazine. Yesterday Paste sent out an update that read in part:
"When we launched the campaign, we had no idea what to expect…The response has been phenomenal. Readers, press and even advertisers showed remarkable support…So far we have raised $148,000! That was the minimum that we needed to keep us going into the summer; we never expected to hit this goal so quickly…
We still have a ways to go. Most of our debt will be paid out of revenues when the economy starts to rebound and advertisers return, but we need $300,000 to take care of bills that spiraled up during the ad slump…".
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“…when the economy starts to rebound and advertisers return…”
Whoa, wait a second…They think the advertisers are going to return? Is Paste living under a rock?
I guess we’ll be seeing another campaign after they burn through this money. How about instead of buying time, they use the money to build a SUSTAINABLE magazine…
atlantic records is dying, also; i think everyone should donate to atlantic records ; they gave us led zeppelin and yes, but most everyone delights in their downturn – has paste given me as much enjoyment as led zeppelin or yes ? not even close…..why should i give?