PledgeMusic, which began operations in 2009, has gone belly-up.
For those unaware, it was a crowdfunding website that connected indie music artists with fans who provided backing for specific projects. It was a win-win for everyone. The artists weren’t left footing the upfront costs for their projects (no mortgaging the house!) and, if they were smart, priced in a profit for themselves. Fans, for their part, scored new music plus, if they chose, nifty premiums – everything from autographed items to pay-to-order cover songs to house concerts to a chunk of an artist’s hair. They also gained access to an online diary that chronicled the project via posts and audio/video uploads.
The PledgeMusic model had artists receiving 85 percent of their raised funds through two payments over the life of a given project, with the company deducting its portion – 15 percent – from the second. There’s also this: The site’s terms and conditions says that “Monies collected by PledgeMusic for a Campaign will be held on account for the Artist.” That infers, at least to me, that the money raised by each artist was segregated from the company’s operating funds, and perhaps that was the case at first. Over time, however, it appears that Pledge dipped into the 85 percent supposedly earmarked for the artists, though why we don’t know. What we can say for certain: Payments to artists were delayed. And delayed again. And, finally, stopped altogether.
PledgeMusic is now expected to enter bankruptcy, perhaps as soon as this week. The money sent in by fans to support specific artists will likely go to the company’s creditors, whoever they may be, and not the artists themselves. I’ll leave it to others to expound on and investigate the whys and wherefores of the company’s stumbles, and instead state the obvious: There’s no coming back from it.
And while Kickstarter, IndieGoGo and other crowdfunding sites remain, PledgeMusic’s absence will be felt – at least for me. I found it, by far, the most user-friendly. It’s always where I began my searches for new or established artists to support.
The first PledgeMusic project I backed was in 2011, when I signed on for the Juliana Hatfield album that became There’s Always Another Girl. In the years since, in addition to signing on for Juliana’s additional Pledge projects (and the Blake Babies), I backed a variety of other artists, including (but not limited to) 10,000 Maniacs, Josh Rouse, Garland Jeffreys, Rickie Lee Jones and, most recently, Church of Birch pastor Diane Birch, whose plate-passing campaign came in 14 percent above her goal just as PledgeMusic began suspending payments to artists.
So, for today’s Top 5: RIP PledgeMusic (aka Songs from PledgeMusic Albums I Helped Fund).
1) Juliana Hatfield – “Taxicab.” This driving tune – which is made for listening to while speeding down the highway – hails from Juliana’s under-rated There’s Always Another Girl album, which began life as “Juliana Hatfield New Album” on PledgeMusic in 2011.
2) Garland Jeffreys – “Is This the Real World?” Garland’s 2013 Truth Serum album was highlighted by quite a few songs, but this one is – hands down – my favorite. One listen and, trust me, you’ll be hooked.
3) Rickie Lee Jones – “Feet on the Ground.” That artists such as Juliana, Garland and Rickie Lee had to turn to PledgeMusic says all one need know about the state of the music industry circa the 2010s. This song is one of the highlights from her 2015 Other Side of Desire album.
4) The Stone Foundation – “Next Time Around.” The British soul/R&B band’s Everybody, Anyone album was one of my favorites from last year. Absolutely addictive. And this tune is a stone-cold classic.
5) Diane Birch – “Stand Under My Love.” Diane’s 2018 PledgeMusic project reached its goal, only to have the money swiped from her collection plate. So I’m reaching back to this insta-classic tune from her 2016 EP, Nous. In another era, it would have been a huge hit.
(If you like it, head over to Diane’s BandCamp page and buy the EP.)