Crowdfunding site PledgeMusic has been called into liquidation after its owners failed to find a willing buyer after a rather public fall from grace. Hundreds of artists were not paid and some have threatened legal action.
Co-founder and former CEO Benji Rogers, who officially exited the company in early 2017 and was brought back in to try and salvage the business and help find a buyer, announced that the company has now been filed with the court in the U.K. for liquidation.
In a statement published on Medium, Rogers said: “I would have given anything to have found the company a home, and it breaks my heart that you artists and your fans, who did not deserve to be put in this situation in the first place, have been left without what should rightfully be yours.”
Trade orgs across the British music business have united to support the artists impacted with the Musicians’ Union launching a survey to scope out the scale of the damage. UK Music, Music Managers Forum, the Association of Independent Music,Help Musicians UK, PRS Foundation and International Showcase Fund partners are backing the effort. In addition, U.K. Music Deputy CEO Tom Kiehl has called on the government to take urgent action to prevent a repeat of the scandal.
