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There Is Still Active Interest In Acquiring PledgeMusic

The sale of PledgeMusic is still an active possibility, multiple sources tell Hypebot. Several people with direct knowledge of the situation reached out after we published the concerns of hopeful. Continue reading [https://www.hypebot.com/hypebot/2019/04/there-is-active-interest-in-aquiring-pledgemu

,   and  Bruce Houghton
PledgeMusic NewThe sale of PledgeMusic is still an active possibility, multiple sources tell Hypebot. Several people with direct knowledge of the situation reached out after we published the concerns of hopeful musicians that emails they received from the crowdfunder touting "negotiations the board is having with a potential buyer" were empty promises.Now, multiple sources tell Hypebot that there is at least one interested buyer actively evaluating an acquisition. Their due diligence is taking longer than usual in part because, according to several sources, the potential buyer is contacting many of the major label and management companies that used PledgeMusic to find out if they would return if the crowdfunder relaunched. Our own informal survey revealed that concerns from many former users could be overcome if all artists were paid and some major artists returned to the platform. Several suggested that future funds would need to be held in an independently controlled escrow account for them to return.On Twitter, Brannon McCallister, the co-founder of PledgeMusic-owned Noisetrade also shared that Pledge co-founder Benji Rogers had told him by text "that there is in fact a buyer going through due diligence.""I trust him that that is taking place," said McCallister, who, along with his co-founders, are still owed tens of thousands of dollars from their acquisition. Hypebot has not been able to independently confirm the text.

Benji told me by text there is in fact a buyer going through due diligence. I trust him that that is taking place.

— Brannon McAllister (@brannonmc) April 19, 2019

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