Troubled DC2 platform PledgeMusic has gone offline amid uncertainty surrounding money still owed to artists.
It also means that acts using the platform will no longer be able to access data on PledgeMusic. Jesus Jones, one of the artists previously affected by non-payment of fan pledges, described the latest development as a “real blow”.
Earlier this month rock act Filter cancelled a new record by original members because of the withholding of funds raised on the platform.
While the disappearance of PledgeMusic is not a surprise, the status of the company remains unclear. PledgeMusic was supposedly seeking a buyer willing to take on its debts (reportedly around $3 million).
It was reported that the company was heading into administration with FRP Advisory. But a spokesperson confirmed to Music Week that FRP no longer has any involvement.
Staff have been let go from the company and here have been no further updates on Companies House since March. Benji Rogers resigned as a director in February 2018. The PledgeMusic co-founder and former CEO returned to help the D2C firm on a voluntary basis for several weeks earlier this year when its problems became public. Malcom Dunbar, the UK-based president and COO, has not been a director since 2015.
The problems at PledgeMusic have prompted Jesus Jones to back a new platform, Roccr.
Iain Baker, of Jesus Jones, told Music Week: "When Pledge collapsed, everyone was just saying ‘But it was such a great idea!’. In truth, it was crowdfunding that was a good idea - everything that Pledge ended up doing was wrong. We just had one goal, really - anything that Pledge got wrong, we wanted to try and do the opposite. So, we want to have a fairer and more transparent system for charges and a safe and secure means of protecting funds assigned to a project. We want Roccr to do what crowdfunding sites should simply focus on - providing a service which offers help for people launching their projects, and gives them an open, safe and secure place to achieve their goals."
To read the Music Week report on the future of D2C, subscribers can click here.
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