The slow-motion collapse of crowdfunding firm PledgeMusic has yielded a number of tales of artists owed money by the company, but now a group of UK music-industry bodies are trying to get a better picture of the effects.
The Musicians’ Union is hosting an ‘impact assessment survey’ that will run until 25 June, supported by *takes deep breath* UK Music, Music Managers Forum, Musicians’ Union, the Association of Independent Music, Help Musicians UK, PRS Foundation and International Showcase Fund partners, including British Underground, PRS Members’ Fund, the Music Producers Guild, The Ivor’s Academy, Featured Artists Coalition, Music Support, and the BPI.
“The failure of PledgeMusic to appropriately ring-fence artist and fan money has the potential to damage artists’ careers and their relationships with fans and fellow creators if they can’t deliver on stalled campaigns,” ran a joint statement from the bodies. “Individually, each of our organisations have been working hard to support our members during this difficult time. However, in order to consider collective action we have launched an industry-wide survey to assess the impact of the PledgeMusic closure.” UK Music is also seeking an investigation into the company’s collapse from the UK’s Competition and Markets Authority.