PledgeMusic Starts Record Label, Signs First Band
With the goal of fully leveraging their Pledge system as an A&R platform, PledgeMusic has launched a record label and publishing company. Indie starlets The Damnwells are the first act to sign on with PledgeMusic Recordings; they will retain all rights, ownership, and publishing. In turn, PledgeMusic Recordings will provide the group with the guidance and expertise that they may have traditionally looked to a label for.
After a site campaign, wherein the group raised close to 200% of their goal, The Damnwells proved the viability of their music. Due to their sophisticated data collection and monitoring, PledgeMusic knew that The Damnwells had a loyal base of followers that were interested in actively supporting their music career.
Thus, signing the group and performing record label like functions for the group is a natural progression for the company. In the past, it was somewhat common for artists to be signed after having really successful campaigns on PledgeMusic.
This time around, PledgeMusic signed The Damnwells themselves, aiming to provide them with access to the toolkits and expertise of the employees at the site. Hypebot will feature an interview with PledgeMusic in the coming weeks; it will reveal more details about the deal and what it means for the music industry.
What does it mean to ‘sign them’ if they are leaving the band with ‘all rights, ownership, and publishing’? Without any equity position in the intellectual property of the Artist, I wouldn’t describe it as ‘signing’ by any normal definition.
It would be great if we could use new terminology to describe new types of deals instead of using established well-defined terms and insisting that their meaning has changed.
i.e. ‘signing bands’ hasn’t changed. What Record Labels do has changed, and they are doing lots of things other than ‘signing bands’. We just need words for those things, no?
Yeah, this isn’t much of a story without specifics of the deal.
That’s pretty nitpicky. Let’s use it as a colloquial.
Hi there mincing words said…,
it means that PledgeMusic are paying for the marketing and promotion of the record and have set up distribution, time lined a release schedule and are doing all that we need to to make sure that this amazing album gets heard by the most amount of people that it possibly can. We have set up the deal so that both parties can make a living from the recordings and in keeping with PledgeMusic’s overall philosophy, to insure that all parties involved can win.
Hope that clarifies things somewhat?
Thx
Benji
I actually agree whole-heartfelt with Mincing Words. The record business has changed so dramatically over the last 10-15 years, yet we’re still using the same tired, old rhetoric. If this is truly the future of the music business, let’s build a new lexicon to embrace it.
Something still isn’t clear – if the band raised almost 200% of their goal, why isn’t the manager just doing what PledgeMusic is now claiming to do as a label? Seems like the band only really needs one or the other…
Well the only development in signing bands is the 360 deal, which seems more a necessity these days – for the labels.
I take it you work for Pledge Music?
How does your party win from this? Are you taking a percentage from tour and merch only?
I am interested as the traditional weapons of a label are ,in most cases, readily available for everyone now?
Distribution isn’t too much of an issue on a digital platform and a relatively small fan base.
I get the marketing/promotions as they can piggy back on the press, but I just don’t get it :S
Good luck all the same!
Hi there SheaTapMusic,
So first off I am the Founder of PledgeMusic and second we are adding more into the kitty and as such are paying for marketing, promotion, press etc and have brought physical distribution to the table. Without getting into actual details of the deal we will be working this record with the band for a number of years and both parties will be profiting from this. It’s a little bit old school and a little but new.
The important thing is that my guiding principle in going into this label was to offer the kind of deal that I, as a performer and a musician would have signed if I had been presented with it.
Pledge’s philosophy is that no one looses and so we are committed to keeping this alive whilst we venture into the world of the record label.
Sorry if that wasn’t clear.
Cheers
Benji
The choice was theirs to make.
Please see above Lori.
thx
Benji
I do agree with you whole heartedly in mixing a bit of old and new. I, as a musician and music business graduate have always been somewhat obsessed in ways of making record labels work.
I think a lot of your ideas are strong foundations of a typical Chinese music models, an industry that never had a physical industry – i.e. piracy-ridden. I am going to guess fingers in the live, merch and licensing cookie jars. Best of luck as you have a great concept.
The record business has changed so dramatically over the last 10-15 years, it will so