Facebook R&B crooner Mario has been relatively quiet on the music front for…
- Posted on Apr 12th 2010 6:45AM by Chris Mugan
Then based in Holland, Sellaband achieved something of a coup when the hip-hop stars came to them to fund their recording through shares offered to members. Yet the site filed for bankruptcy in February, as Spinner reported, when Public Enemy had only received pledges for $71,000 (£46,000), well short of their $250,000 (£162,000) target.
On Monday, April 12, Public Enemy announced they now aim to raise $75,000 (£48,600). In a statement on Sellaband, the group said, "We have learned that the fan-funding model is still not fully developed and, as a result, a $250,000 fund-raising effort, while possible, will take too long to accomplish."
They added, "We also have reached the conclusion that we will no longer include expenses for sales and marketing in our fund-raising budget and goals." So far, Chuck D and cohorts have raised exactly $55,700 (£36,117) -- that's 74 percent of their goal.
Sellaband was sold in February to new owners based in Munich, Germany. The new chief executive, Michael Bogatzki, said in a statement to Sellaband users, "We will continue to advance this fantastic platform while acting in the spirit of the Sellaband community and its founders."