Sellaband was popular for helping artists encourage their fans to donate money to complete an album that could be released and sold. I don’t think that was a bad idea, however, I would not suggest that a new artist start that way. It probably would have worked better for established artist. But they really do not need Sellaband for that, some have used social networks to collect donations. You have to have fans first and encourage them to support by attending shows and buying product or other merchandise. But for a new artist, this may not have been the way to start off.
Sellaband Files For Bankruptcy
UPDATED:The translation and content of the court document below has been verified by a Dutch contact familiar with the music and tech industries.
Artist funding platform Sellaband has been offline for several days with its front page declaring, “We’re currently down for maintenance…we expect to be back up tomorrow by the end of the day.”
But documents filed in an Amsterdam court yesterday show that the company has been declared insolvent, a Dutch legal status similar to bankruptcy in the U.S. An English translation of court documents reads simply:
“Pronunciation ams.10.146.F.1306.1.10 bankruptcy after termination suspension on February 22, 2010″
The fate of funds being held for fan investors or for artists like Public Enemy, who were using the platform to raise funds for a new album or for fan investors is unclear. Company officials have not yet responded to an morning inquiry
Jay-Z recently criticized a re-recording of “We Are the World,” a refresh designed to assist Haitian recovery efforts. In fairness, Jay-Z was criticizing the choice of musical work, not the charitable effort, though the free advice is now being doled out to record labels.
So what does one of the most successful artists in history have to say about the major label situation? In comments to the BBC, Jay noted that labels need to “be smarter about how they A&R,” and simply sign less acts. “Record companies need to catch up to that, someone needs to send them the memo,” the rapper noted. “I remember the first year I was at Def Jam we put out 56 artists. There’s not 56 great artists in the world, and this is one company.”
This is not the first time that majors have been urged to get smaller. In October of last year at Digital Music Forum West in Los Angeles, a major debate surrounded the issue of whether labels need to dial down their footprints, and assume more modest ambitions. Ironically, the latest advise is coming from one of the biggest beneficiaries of the major label machine, but instead of re-upping, Jay-Z is now taking his operation to Live Nation Entertainment.
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