PledgeMusic - On the Future of the Music Industry

Looking for cash to record your next LP? PledgeMusic may have the answer. We sat down with Benji Rogers, Founder and CEO, to discuss a new-age business plan for indie bands, and perhaps a better way to support musicians, sans label. Think Radiohead, who released an album with a PWYC model, but more advanced.

PledgeMusic is a crowdfunding platform dedicated to music, where fans can become part of the creative process of making an album. They contribute to favourite bands by pledging funds for recording sessions, touring costs, and other miscellaneous, crazy weird expenses that bands always happen to incur. 

As a pledger, fans gain access to exclusive content and experiences, available only through PledgeMusic. Like crowfunding site Kickstarter, rewards options can be pretty cool and customised, like a private gig at a house party, to attending a rehearsal, or a movie and dinner with the band.

PledgeMusic allows artists to create exclusive content and experiences that integrate with social media and an email database. According to Benji, for every fan willing to spend $15 on a record, by providing cool perks and directly funnelling their contribution to the support of the band for realsies, fans will spend an estimated $67 instead, get more bang for their buck, and are more connected and engaged.

For musicians, it is a new way to take control. Unlike the traditional method of licensing rights to a label in order to raise funds for development of the band, Pledge does not get any rights to music, live income, or merchandising. Instead, it works on a percentage of funds raised, charging a flat 15% fee, with no additional fees or transaction costs. There’s even the option to build a charitable donation into campaigns for bands that want to contribute their time to music literacy, or tour for a cause.

Full disclosure? We think it's a nifty idea. Click to read up more about PledgeMusic, or sign up as a artist.