The company’s board had previously remained silent during PledgeMusic’s slide into bankruptcy. Now, that’s changing as the company faces potentially serious investigations for financial fraud, embezzlement, and other criminal activities. On the PledgeM…
Category archives: Crowdfunding
PledgeMusic Board Issues Statement
For one of the first times since suspending all crowdfunding campaigns on February 3rd, PledgeMusic has issued a short official update. In recent weeks, most communications from the crowdfunder have come unofficially from co-founder and former CEO Benji Rogers. Rogers, who had exited the company more than a year ago,…
PledgeMusic Lost Almost $11 Million In The Last 3 Years
Two copies of a PledgeMusic presentation apparently designed to attract investors show that the crowdfunder lost nearly $11 million dollars between 2016 and 2018, despite generating more than $77 million in revenue during the same period. Weird Al Yankovic sold $1.45 million worth of music and merchandise using the platform,…
I’m a Former PledgeMusic Employee. Allow Me to Spill a Few Beans…
What really happened at PledgeMusic? Here’s an email from a former employee, received earlier this week. Last week, PledgeMusic announced its intentions to declare bankruptcy, while offering no assurances that unpaid artist balances — potentially in t…
If You Ever Ran Or Contributed To A PledgeMusic Campaign DO THIS NOW!
With PledgeMusic entering the UK equivalent of bankruptcy and calls for an investigation intensifying, the future of all of the data stored on the platform is seriously in doubt. Whether you are an artist who used the platform to raise funds or a fan who contributed to a campaign, you…
PledgeMusic Cofounder Benji Rogers Quietly Steps Aside at AMLC as Bankruptcy Fallout Continues
PledgeMusic cofounder Benji Rogers left the crowdfunding company before the serious issues started surfacing. But that may not matter. Perhaps foolishly, Rogers opted to return to PledgeMusic as financial issues started worsening. During the turbulen…
UK Music’s Top Boss Pushes for Watchdog to Investigate PledgeMusic
Several days ago, and confirming a report first leaked on Digital Music News, PledgeMusic confirmed it will now go under. In a ‘heartfelt’ letter, co-founder Benji Rogers admitted the embattled British crowdfunding platform stole used artists’ money to…
Industry Calls For Gov’t Investigation Of PledgeMusic As Crowdfunder Enters Administration
UPDATED: UK Music CEO Michael Dugher is leading a music industry campaign demanding that Small Business and Consumer Minister Kelly Tolhurst refer PledgeMusic to watchdogs at the UK’s Competition and Markets Authority. UK based PledgeMusic is entering Administration, the UK equivalent of bankruptcy. The company suspended all crowdfunding campaigns on…
PledgeMusic Is Officially Going Bankrupt — Cofounder Says ‘I’m Sorry’
PledgeMusic didn’t find a last-minute buyer and has confirmed its intentions to enter bankruptcy. Bad news for anyone involved with PledgeMusic. Earlier this week, Digital Music News leaked a pre-liquidation fire-sale offer floated to prospective buyer…
Ex-PledgeMusic CEO Benji Rogers Pens Letter Of Apology As Crowdfunder Files For Bankruptcy
PledgeMusic co-founder and former CEO Benji Rogers penned an open letter after it was announced that the troubled crowdfunder would be filling for bankruptcy. "I went back into PledgeMusic just over three months ago as a volunteer to try and help the board and team turn around and sell the…