Public Enemy Loses Investors For Fan-Bunded Album on Sellaband

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Last October, Public Enemy announced plans to use music platform Sellaband — which allows fans to invest in their favorite artists — to round up $250,000 to produce an album and marketing plan backed by their fan base. The initial plan aimed to reach the $250,000 goal by the end of 2009, but when December rolled around, the group’s investments had only totaled $71,000. Because the total sum was so short of the intended goal, some investors made the decision to back out, bringing the grand total back down to $67,400.

Billboard Biz speculates that the group’s failure to reach their goal might have been the result of a few miscalculations. The first issue lies in the pricing options set up for fans. Investors had a few choices of donation packages with $75, $100 and $250 price tags that would award them with merchandise such as free CDs and limited edition Public Enemy t-shirts. Smaller investment options might have encouraged more donations, as a free t-shirt and CD is understandably not worth $250.

Source: The BoomBox 

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