After a troubling start to 2019 (and to be honest, a pretty worrying 2018 for artists whose payments were delayed) PledgeMusic is asking for patience as it sorts out its financial issues.
“The situation that PledgeMusic has found itself in is unacceptable and to all of the artists, managers, labels and fans who have put their trust in us, we are deeply sorry. 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,” explained a statement from the company. It added that “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” but also asked for “breathing space” to continue negotiating. “We ask for patience. We know that for a lot of you this must be wearing very thin, but we can only reiterate that we are fully focused on making this situation right.”
Patience has already worn thin in some quarters though: the UK’s Musicians’ Union had talks with PledgeMusic last week, and while it concluded that artists taking legal action “may be counter-productive”, it also delivered this warning: “If you are thinking of launching a crowdfunding campaign, you should approach one of the other established crowdfunding platforms until such time as this situation has been resolved.”