Business Idea: Provide musicians a platform to reach out to their fan base to financially contribute to upcoming recordings or other musical projects. Header






Business Idea: Provide musicians a platform to reach out to their fan base to financially contribute to upcoming recordings or other musical projects.


  10 months ago (Wed, Aug 16, 2023 at 03:25 PM)


Business Idea: Provide musicians a platform to reach out to their fan base to financially contribute to upcoming recordings or other musical projects.

Pitch: Musicians often have creative ideas for recordings or similar projects but can’t raise the money to move forward. When their fans hear that they’ve passed on an album or a creative new approach to offering their music, they often react by saying or thinking to themselves, “Man— I wish there had been a way that I could have helped.”

Now there is. PledgeMusic is a Kickstarter-type Web site that allows musicians to design fund-raising campaigns to raise money for their next projects. Each fund-raising campaign is accompanied by a video pitch from the artist, explaining the project he or she has in mind. The page for the campaign includes a running tally of the amount of money that’s been raised and how much is needed to complete the campaign. A campaign must reach its goal before monies are collected. In exchange for their contributions, the artists provide pledgers gifts or amenities rather than any ownership interest in the initiative. Gifts vary based on the amount of the pledge. For example, in early 2011, a campaign was launched by the Monarchs, an alternative-rock and blues-rock band, to produce its first album. The video appeal was made by Celeste Griffin, the band’s folksy lead vocalist. The following is a sample of the amenities or prizes the band offered its pledgers, based on the amount of their pledges: $10—project download; $30— signed CD; $100—two backstage passes; $250—your name in album credits; $750—day in recording studio; $1,000—write a song for you. In the written appeal, Celeste explained that the band planned to record its first album in July 2011 under the supervision of Mike McCarthy, the producer of artists such as Spoon and Patty Griffin. Celeste emphasized how much she’s grown as an artist, and how much the ability to cut an album would mean to the band and its future. She also mentioned that the band has committed to donating a percentage of the money raised to Laps for Cystic Fibrosis, a nonprofit organization dedicated to cystic fibrosis research. Donating a portion of the money raised from pledgers to charity is a practice that PledgeMusic strongly encourages.

When the Monarchs’ campaign reached its goal, its PledgeMusic page read “Monarchs:—it’s a record!!! All pledgers will receive exclusive periodic updates on how the record is made and will be the first to receive a complimentary download of the album.”

For its part, PledgeMusic does not take any ownership interest in the projects that are funded through its Web site, charging a flat 15 percent fee on all money collected.

Company: PledgeMusic

Web: www.pledgemusic.com

Twitter: PledgeMusic

Facebook: PledgeMusic 




Reference: Entrepreneurship   













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