Here's an interesting approach for recording artists to fund their projects and for us to consume their music. SellaBand.com allows fans to chip in a few bucks to finance their chosen band's new venture, whether it's a live tour, a new album, or simply for promotional use. In return the contributors receive 'free' music downloads and other goods from the artist. It's pretty much like pre-ordering an album before it has even been recorded.
Public Enemy have recently signed up to raise $250,000 for their new album which will see investor receive a cut of the album sales and a physical copy of the album, including downloads.
ALLHIPHOP: 'SellaBand's financial engine model goes about restructuring the music business in reverse," PE frontman Chuck D said in a statement released today (October 6). "It starts with fans first, then the artists create from there. The music business is built on searching for fans and this is a brand new way for acts to create a new album with fans first, already on board."
The announcement of the Public Enemy partnership marks SellaBand.com’s entry into the United States market, according to the company’s CEO, Johan Vosmeijer.
"Working with Public Enemy is an incredibly exciting way to take the European success we’ve built over the past three years and offer it to stateside bands," Vosmeijer added. SellaBand is based in Amsterdam'
SellaBand breaks this process down in seven 'easy' steps:
1. Discover music
Browse through the site, look at the Charts, use the Search or listen to some songs and start discovering new music.
2. Support your favorite artist
On SellaBand you can support your favorite artists by buying a part and helping them to raise the funds for a new music project (a new album, tour or the promotion of their music).
3. "I'm with the band"
Join your favorite artists on their way to reach their funding goal. Promote them, stay in touch with them and help them.
4. Get your money back
At all times before the Target Budget has been reached you can withdraw your money from a Music Project. Any money on your balance can always be paid out via PayPal.
5. Artist reaches target
Once an artist has reached his/her goal the doors are closed, meaning that no new Believers can come on board and you can no longer withdraw your money.
6. Make magic happen
The artist will use the funds raised to complete his/her Music Project.
7. Get rewarded
Receive free downloads and other goodies artists might offer like exclusive CDs, t-shirts, free lunches etc. And artists might even let you get a cut of their revenues.
Hmmm... it's an interesting concept, however I can't see smaller recording artists reaching their $50,000 target as quickly as an established artist. I guess SellaBand make their profit by tucking away large sums of money in their Swiz bank accounts accumulating interest, so longer the better for them!
Check out their list of artist waiting for your contribution. SellaBand.com
- Domesticated Ape
