Your Money is Gone

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Pledge Music took money from fans and was supposed to turn around and give that to bands so they could make music. Guess what? That money is either all gone or mostly gone because it’s 2019 and motherfuckers like to spend cash on stuff no honest person can afford:

"These conversations, if successful....would allow us to meet all of our outstanding obligations"

Crowdfunding website PledgeMusic has issued a further statement in response to musicians claiming that they haven’t received the money they’d fundraised via the platform.

Since its formation in 2009, the website has offered a platform for artists to receive funding from their fans for upcoming projects. Artists including WeezerSum 41 and Slash have all successfully launched albums using the platform in the past.

As Pitchfork reports, US band OhGr claimed that they were owed $100,000. Fastball also alleged that they were still owed over $21,000.

PledgeMusic issued a fresh statement on Saturday (February 1) to inform the public about its progress after formerly vowing to directly address the funding problems.

Part of the statement reads: “We are in discussions 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.

Let me interpret all of that for you.

  • Pledge Music took your money.

  • They didn’t give it to the band you wanted to give it to.

  • They spent your money making their site, their headquarters, some shit they didn’t need, that guy’s salary, some nights on the town, the party they didn’t tell anyone about, the trips and bullshit that sounded cool, some computers, some servers, hey, shouldn’t we have someone control what we’re spending, nah, it’s a pyramid scheme, someone will bail us out, quit being a killjoy.

  • The money’s gone.

  • Some dudes might be cool and bail us out but guess what they’ll own us, aw, shit.

  • Hey, don’t call the cops, bro.

Reputable companies are going to take the hit because of what happened here, and some great bands are going to see their futures evaporate. Live within your margins! Make due with the gear you have. Live your best life and make music and don’t wait for someone to bail you out. Make shit happen for yourself.

Oh, and that pyramid scheme on the Internet? It’s a fucking pyramid scheme. I know that people don’t usually fall for pyramid schemes anymore, but, here’s the thing, if you are adamant that what you’re doing is not a pyramid scheme and that everyone is going to get their money eventually, it’s a pyramid scheme. Did I happen to mention that taking in money and then counting on people giving you money forever is just a form of pyramid scheme when you don’t have controls in place to ensure that all of the money taken in is separated out so that no one loses more than 10% of their investment? This form of cheating people seems to be a form of pyramid scheme, at least to some individuals. Did we cover that already? I’m sorry, I just didn’t want to repeat myself and fuel suspicion that what happened here might have possibly been what could be interpreted by some not all as a kind of pyramid scheme.