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:
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…".
Would you donate to save your favorite for-profit music magazine? Comment below an vote in our poll here.
