CROWD-FUNDING platform PledgeMusic has suspended its campaigns after admitting falling behind in payments to projects undertaken by artistes, who had raised concerns.
The suspension of all music crowd-funding campaigns had been in place for almost a week, as LIVE UK went to print.
Prior to the suspension, the Musicians’ Union had advised members to use other platforms “until such time as this situation has been resolved”.
A statement from the company says, “The situation that PledgeMusic has found itself in is unacceptable and to all of the artistes, managers, labels and fans who have put their trust in us, we are deeply sorry,” says the statement.
“All of us at the company are working around the clock to address everybody’s concerns and are hopeful of reaching a positive resolution soon.”
On a more ominous note, it says, “We are in discussions with several interested parties about a potential partnership with or acquisition of PledgeMusic. These conversations, if successful, would lead to a transaction which would allow us to meet all of our outstanding obligations.”