Sellaband, the once beloved Dutch music startup that lets fans invest in their favorite bands filed for bankruptcy yesterday and today the Dutch court approved the request. (see picture below)
The Sellaband website says it is down for maintenance, but on their support pages they admit they are in the deadpool.
Sellaband allowed artists to raise the money from their fans and the SellaBand community in order to record a professional album. Since its launch in August 2006, SellaBand has coordinated recording sessions for 34 artists or acts who had their albums funded by their fans with over USD $3,000,000 invested so far. Late last year the company announced that it’ll be funding the next album from Public Enemy frontman Chuck D.
The question for many Sellaband devotees is what will happens to the money “believers” (investors) and artists balances? Also what are the consequences for artists who are well on their way to the required sum to create their new album.
i thought they were doing pretty well, hind promoting her album on national televison in Holland, thought they would get enough attention to survive..
:(
How did they manage to screw this one up? They must have had plenty interest from all investments plus a percentage of the investments. Seems like miss management and not a faulty business model to me.
I had so many hopes! I was working so hard to get investors. We had raised about $1,200 for my new Album. What now? How did sellaband lose all the money that wasn't theirs?
The supportpages are community based so there isn't really any official confirmation yet. They link to the same sources you are referencing.
To bad, nice idea.
@maastrix
Agree, pretty difficoult to mess up. Maybe it's more complex than that.
To bad, nice idea.
@maastrix
Agree, pretty difficoult to mess up. Maybe it's more complex than that.
I'm sorry to hear that.. I also wonder what they did with the money.. but I'm guessing a press release will follow soon.
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Very sorry to hear, always liked sellaband
Good question. I would also like to know what went wrong and why. Shit happens, but I really think this is a very good workable idea
dear thanks for this news,
do you know where i can find the curator email address?
Thanks in advance
dear thanks for this news,
do you know where i can find the curator email address?
Thanks in advance
dear thanks for this news,
do you know where i can find the curator email address?
Thanks in advance
Sellaband was far out the most absurdistic soap I've ever seen :D :D :D
Oh oh…. what about my money I invested in artists there? shiiiiiiiiiiiiiiiiiiiiiit
well, if I'm honest I can't say I'm surprised. They 'revamped' their website and it was a disaster and they were unable to restore the old one, that should have rang alarm bells and to a certain extent it did for me, I asked them to post all the unsold CD's I had 'believed' in. What was once limited edition looks like very limited edition in a few years!
It was a great concept that just didn't materialise, they chopped and changed their business model so many times and I saw quite soon that i had lost my investment when it was apparent that there was no marketing budget for the acts. It's all very well having a few thousand CDs but the idea is to sell them and artists are not always the best at that, they're musicians FFS.
So, RIP Sellaband, it was nice knowing you… now, anyone want a Lunic CD?? nice price, nice price!
I`m not surprised. What you don't know is that they were nearly bankrupt two years ago…. and were only saved when they got that investment money (what was it, $5 million?).
No-one will invest in a new entity if they know anything of Sellaband's history. It will need a complete name-change and also country change.
Sellaband were run very badly in too many ways. A shame as it's a great idea. Now maybe you know a little of what it's been like for Mandyleigh and most probably alot of the other artists… http://www.mandyleigh.com/sellaband/
Now we know why they couldn't be arsed responding to her (still haven't replied) and other artists lately.
btw you can download Mandyleigh Storm's (ex Sellaband album) for free now: http://www.mandyleigh.com
Funded by the decent people of Sellaband (RIP). Produced by Mick Glossop (Van Morrison, Frank Zappa etc). Recorded LIVE in london with 1 – 4 takes per song… no cheating.
it's a real shame. the model itself was quite innovative – but nobody buys CDs anymore, so that was surely a factor.
From a personal view I have to say, its a shame that this great idea did not work out and none of the investors taught them how to deal with (other peoples) money.
As a professional I think its a disaster that there is no official statement for the situation now. I think everybody who invested into a CD wants to know whats going on and feels a bit betrayed now.
I saw a comment about Sellaband last month on Crowdfundingcentral.com. There will be a mad rush to crowdfunding but significant obstacles exist in this immature market. There will be a whole raft of innovation, digestion and maturity before we see real winners emerge. Best to have a strategy in place and not put all your eggs in one basket.
they seem to be back, check out http://www.sellaband.com
What a scary time for the artists who have made some cash from their fans and are working on creating their album. I really hope things work out alright for them. I mean, it’s not their fault the company went under.
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