PledgeMusic Board Says It’s “Continuing To Pursue a Sale”

It has been a little over 5 months since PledgeMusic suspended all campaigns and payments, and two months since FRP Advisory began contacting buyers as part of Pre-Administration, the UK equivalent of bankruptcy. To date, however, no formal filing of Administration has been made.

"Pledge is continuing to pursue a sale of the business." 

A source has confirmed that there is one interest buyer still in the process of doing due diligence. If completed, a direct sale might return more lost revenue to artists and other creditors than Administration.

The music crowdfunder lost nearly $11 million dollars between 2016 and 2018, according to a company pitch deck; and its closure left hundreds of artists and labels unpaid and without the funds to fulfill orders their fans had already paid for.