Yesterday saw PledgeMusic’s winding-up hearing in London, which had only been reported on (and thus made known to artists owed money by the stricken crowdfunding company) the day before. No surprise, then, that industry body UK Music is unhappy with the turn of events. Its deputy CEO Tom Kiehl wants the British government to step in, and published a letter sent yesterday to the parliamentary under secretary of state at the department for business, enterprise and industrial strategy with responsibility for consumer affairs, Kelly Tolhurst MP.
“Many musicians across the UK relied on crowdfunding website PledgeMusic to deliver payments from patrons, to pay for album recordings and other costs,” wrote Kiehl. “The winding up of this company represents an entirely unsatisfactory development for the many music fans and creators who have invested so much into projects through this scheme.”
Kiehl wants Tolhurst to refer PledgeMusic to the UK’s Competition and Markets Authority (CMA) for an investigation into the collapse of the company, and he’s also keen to get another regulator, the Financial Conduct Authority (FCA) involved.