Day 176: Pledge Late Payments and Financial Issues

Hi folks,

Some of you may have read yesterday’s press statement released by PledgeMusic concerning the financial stability of their company. If you’ve not seen it already, you can read it here:

http://www.musicweek.com/labels/read/pledgemusic-admits-to-unacceptable-delays-on-artist-payments/075095

Throughout the course of 2018 a number of artists (some of which are friends of ours) both in the USA and UK have not received the funds raised for their projects through Pledge, or at least not all of it. For the avoidance of doubt, artists like My Life Story receive 60% of the overall pledged amount (minus Pledge’s commission) once the 100% target has been reached. The remainder comes at the end of the campaign. You will notice that we are currently on 95% and would have expected to reach our target in the next few weeks, therefore triggering the first payment. Your cards are automatically debited once the campaign has reached 100%.

We’d banked on this first payment to cover the cost of hiring the studio, producer and engineer, which is booked for late February. We’re currently in discussions with PledgeMusic, and as it stands at the moment it looks like there will be no payments made to artists until at least April – although there is no guarantee on this.

This clearly puts us in a difficult situation and one which we need to think carefully about.

PledgeMusic has been a fantastic platform for us and the UK team have supported us all the way. We could not have asked for a better service to date and in fact a significant chunk of our income has come via the Pledge network.

However, we need to consider all options available to us as protecting our fans and getting the album produced in time for the 2 August release date are our top priorities.

We are still waiting for further news and are looking into a range of ways forward – including staying with PledgeMusic, which would be our preferred route if at all feasible.

For most of you, your cards will not have been debited yet so there is nothing to be concerned about. For anyone who has paid upfront, PledgeMusic have assured us that you will receive a full refund should we decide to cancel the Pledge campaign.

Whatever happens, we are determined to make this album happen!

Thank you again for your support and we will keep you updated.

Be Seeing You

Jake x

Jake Shillingford