D.I.Y.

PledgeMusic Says Its In Negotiations With Potential Buyer

PledgeMusic NewIt has been more than two months since PledgeMusic suspended all crowdfunding campaigns on the platform, leaving hundreds of artists unpaid. But a PledgeMusic staffer is now telling former clients that  the company is in negotiations with a potential buyer.

In an email obtained by Hypebot and verified separately, this week a PledgeMusic staffer encouraged at least one artist still owed money to be patient as they wait for an update "on negotiations the board is having with a potential buyer."

Hypebot has thus far been unable to confirm the accuracy of the staffer's claim, but it is the first update of any sort that company has shared in well over a month.

Various estimates put the monies owed by PledgeMusic at $1 – $2 million, with hundreds of thousands more owed to the founders of email-for-music platform Noisetrade, who sold their company to Pledge in 2016. Persistent rumors suggest that several buyers are considering an acquisition of Noistrade, which has been spared most of the fallout from the PledgeMusic collapse.

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4 Comments

  1. After completing 2 successful campaigns, last one being in 2017 I smelled smth was fishy due to delays and no word from the page. I genuinely feel bad for the artists coz to be in a situation where there is no money, pissed off fans, constant apologies and whatnot… Stressful. Damage is surely done.

  2. The noise trade thing seems like BS. Pledge doesn’t own noise trade the artists who were robbed to buy it do IMO
    It’s hard to imagine what there would be to negotiate unless the board is trying it make something on the deal. The company should be sold for the debt..nithjng ti negotiate there.
    ALSO,
    There was a company you guys wrote about that set aside 3 million to help the artists,
    I’m curious. why aren’t they just acquiring the company.

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