PledgeMusic is working on a 90-day plan to pay artists and save face
It is in discussion with a number of prospective new part-owner so it can pay artists off in 90 days.
It is working with an independent third-party to manage all artist funds.
It has also brought back co-founder Benji Rogers in a volunteer capacity to advise the board on how to move forward.
Many Australian acts and events have used PledgeMusic; Kate Miller-Heidke, Lior, Kara Grainger and the SLAM (Save Live Australian Music) rally in Melbourne among them.
Overseas acts included The Wombats, Dndy Warhol, Jesus Jones, Gary Numan and The Damned.
PledgeMusic’s president and COO Malcolm Dunbar emphasises that PledgeMusic is an important component of the music industry, and needs to be supported through this turbulent time.
“We truly believe that PledgeMusic is a game-changing platform within the global music industry allowing artists and labels to create a uniquely intimate relationship with fans and a powerful route to market,” he told Music Week.
“At a time when music retailers are coming under increasing pressure, and in some cases disappearing, we would ask everyone, if they can, to please allow us to fully focus on getting things back on track.”