Hip Hop pioneers Public Enemy are striking back at people who say the internet is killing the
music record business and asking fans to invest in their new record.
As the first major act to use the fan-led investment site SellaBand, PE are hoping to raise $250,000 (about £157,000) in increments of $25. Much-like Patrick Wolf's recent experiment with BandStocks and Idlewild's fan-clublike-funding of Post-Electric Blues; Chuck D and co are offering "investors" an exclusive, numbered copy of the album. Plus should sales go well, fans/investors will also share in the revenues from this album.
Public Enemy front man Chuck D. made the following statement:
“SellaBand's financial engine model goes about restructuring the music business in reverse. It starts with fans first, then the artists create from there. The music business is built on searching for fans and this is a brand new way for acts to coming to create a new album with fans first, already on board.”
If you fancy investing, get your A&R chequebook out here.
DiScuss: Will you be splashing your cash? Are you in a band considering this method of funding? What do you think about this new way for acts to raise money? Is it all a bit paying for the chicken rather than the eggs? I'm really really curious whether these models will work (this one sounds like one of the better options) and I'm planning a full investigation into it so if you have any thoughts or questions, post them below or email sean AT thenameofthiswebsite.com.