PledgeMusic has issued a statement about recent news about payment problems:
PledgeMusic has always been committed to serving artist and fan communities. It was established by artists and was born of a need to change the way in which the traditional music industry operated. It was designed to help artists and their teams at every level.
That said, we deeply regret that recently we have not lived up to the high standards to which PledgeMusic has always held itself. We acknowledge that many artists have and continue to experience payment delays. These delays to artists are unacceptable–not only to them but to us.
While the company has made progress, we still haven’t reached our goals. PledgeMusic has been in discussions with several strategic players in the industry who have an interest in the PledgeMusic platform. We are evaluating a number of transactions with those potential partners, and we plan to announce details of this in the next 60 days. It is our expectation that payments will be brought current within the next 90 days.
As of now, we are working through the backlog of correspondence with artists and teams to clarify their payment plans and your patience is appreciated as we complete this task. Furthermore, we are also working to address the fulfillment issues that some of our consumers have experienced in turn, often as a direct result of artist payment issues. Despite the unfortunate circumstances, the passionate inquiries and messages of support on social media from fans are appreciated, acknowledged and understood.
We are deeply sorry that we have not lived up to the high standards to which PledgeMusic always held itself. We are committed as a company of passionate music lovers to get things back on track as quickly as possible.
The first priority for the company is to sort the back payments issue as every penny that is owed to artists needs to get to them in the fastest possible time. A more detailed plan will be shared with the community shortly.
Secondly all funds coming into the company from now on will be managed by an independent third party (to be named soon) so as to ensure that all campaigns that launch going forward, will be paid upon their campaign milestones being reached. The specifics of this will be detailed in the aforementioned forthcoming announcement.
Thirdly I will work with the team to ensure that there is a go forward plan that includes and listens to the incredible community of artists and fans that we created. Once we are through our first two priorities we will work on the third.