We have continually updated this page as news has unfolded and as we receive new information, so please see below for the latest update.
UK music industry unites to support artists and businesses impacted by the collapse of PledgeMusic
– Impact survey conducted to help coordinate assistance to those facing difficulties following the crowdfunding platform’s collapse
– Support Pack created
– Update on PledgeMusic in liquidation
Impact Survey and Support Pack
A group of music trade organisations and charities have come together in a bid to support UK artists and businesses impacted by the collapse of PledgeMusic – conducting an impact assessment survey to understand all those financially affected.
Promoted jointly by UK Music, Music Managers Forum, Musicians’ Union, the Association of Independent Music, Help Musicians UK, PRS Foundation and International Showcase Fund partners, including British Underground, PRS Members’ Fund, the Music Producers Guild, The Ivor’s Academy, Featured Artists Coalition, Music Support, and the BPI, information provided by the survey has helped the industry to better understand the scale of the fallout from Pledge’s collapse and help ensure artists and businesses are given the support they require.
A pack has been produced by this group of organisations to respond to those in the UK music community who have been affected.
For those who responded to the survey, thank you for responding and for your patience whilst we put together a further pack of information which we hope you will find useful.
Alongside the survey, industry umbrella body UK Music is seeking an investigation from the Competition and Markets Authority in relation to PledgeMusic and is raising the case with Ministers and MPs to identify steps to ensure this perilous situation is not repeated in the future.
For more information visit the UK Music Website
Update on PledgeMusic in liquidation
It has been widely reported in the music news and confirmed, that on 31st July 2019 a ‘winding up’ order was brought by the Directors of PledgeMusic (officially ‘Pledgemusic.com Limited’) and was heard in the UK courts. The judge granted the order meaning that PledgeMusic is now in liquidation – the process of a company being closed down and any remaining funds being paid out to those who are owed money by the company. This will be done by the ‘Official Receiver’ – a government office which handles administration when a private administrator isn’t appointed, but following a similar process.
We have been liaising further with UK music trade bodies and funders as to what this means, and AIM have posted on their website here what the next steps are likely to be.
Any enquiries in relation to the liquidation of PledgeMusic should be forwarded to the Official Receiver’s office: LondonB.OR@insolvency.gov.uk quoting reference LQD5671373.
The music trade organisations joint statement in May 2019:
“As organisations who want to see the music industry thrive, we are deeply disappointed that PledgeMusic has announced its bankruptcy leaving artists and fans out of pocket and with little communication or advice on how to deal with campaign disruption.
“The failure of PledgeMusic to appropriately ring-fence artist and fan money has the potential to damage artists’ careers and their relationships with fans and fellow creators if they can’t deliver on stalled campaigns.
“Individually, each of our organisations have been working hard to support our members during this difficult time. However, in order to consider collective action we have launched an industry-wide survey to assess the impact of the PledgeMusic closure.”
The survey was backed by UK band Jesus Jones, who used PledgeMusic to fund release of their forthcoming album Voyages, and have subsequently helped spearhead the artist community’s reaction to the platform’s collapse.
Jesus Jones commented:
“As a band who’ve been affected by the collapse of PledgeMusic, it’s really gratifying to see a strong industry-wide response taking place. As artists, as fans, as people who’ve come to realise the potential strength of crowdfunding, it’s vital that we all stand together, and rebuild confidence – and also seek to ensure that Pledge are held accountable for betraying such a vital bond of trust.”
Nicky Carder from the Music Managers Forum stated:
“Since the announcement of the PledgeMusic bankruptcy, we have had numerous calls from members whose artists have been impacted. We urge all UK artists affected to fill out the survey, so the industry can work collectively to assess what next steps can be taken”
Accessing further support:
If you belong to any of the membership organisations listed above, you can get in touch with them directly for additional help and advice. You do not need to be a member of any of the listed organisations to contribute to the survey.
The Association of Independent Music has published general guidance for those affected by the closure of PledgeMusic here: https://www.aim.org.uk/#/news/pledgemusic-statement—aim-guidance
If you are in financial crisis and in need of immediate support (including debt support), please contact Help Musicians UK: www.helpmusicians.org.uk
Help Musicians UK also run a helpline offering mental health support: www.musicmindsmatter.org.uk
Music Support is a registered UK charity providing help and support for individuals in any area of the UK music industry affected by mental health issues, addiction or emotional and behavioural health disorders. Freephone helpline: 0800 030 6789 (24hr) / www.musicsupport.org