Troubled crowdfunding company PledgeMusic’s website has been offline since earlier this month, with a message promising that “The company continues to work with outside counsel on the most appropriate next steps, and we will update you with those specifics as we get more information. All data has been preserved and a notice with next steps will be posted on here shortly.”
However, the news on those next steps has actually been posted by an external source: industry blog Music Technology Policy, which was first to spot a notice in the London Gazette relating to PledgeMusic’s plans. In fact, a petition to wind up the company PledgeMusic·com will be heard at 10.30am in London today, after the petition was presented on 13 June on behalf of its directors.
Music Technology Policy isn’t impressed, given the recent statements by PledgeMusic founder Benji Rogers suggesting the company would be heading into administration – which would have different implications for artists still owed money from their campaigns.
“No one would fault you for thinking ‘the most appropriate next steps’ meant filing reorganization/administration after weeks of delay – NOT liquidating the company,” as the blog put it.
In related news, rock band L7 have published a statement for fans about their own PledgeMusic experience, noting that they’ve honoured all the pre-orders of their new album, despite being owed “over twenty thousand dollars in shipping costs alone” by the company. “L7 are bigger and mightier than this mess. The only time we will speak of this again will be in a courtroom…”