In the wake of its much-publicized financial troubles, direct-to-fan platform PledgeMusic has now suspended fan contributions to all active campaigns. The announcement comes in the wake of dozens of claims that the company made late payments and non-payments to artists who had raised money from fans through campaigns.
Last week, PledgeMusic Co-Founder Benji Rogers returned to the company to help it navigate its troubles. Also last week, PledgeMusic said it's in talks with “several interested parties about a potential partnership with or acquisition of PledgeMusic. These conversations, if successful, would lead to a transaction which would allow us to meet all of our outstanding obligations. As a result, we are hopeful that, as long as the company is given some breathing space to operate, a solution to these current problems will be found.”
Now, Variety has obtained an email from PledgeMusic to artists using the platform. It reads in part: “We wanted to let you know that in light of our previous statement we have decided that it would be appropriate to suspend Pledging on on all active campaigns until further notice. We are working around the clock to resolve the issues at hand and will come back to you as soon as we can with an update. We are deeply sorry for any difficulties that this brings and can assure you that we are doing everything in our power to get things back on track.”