PledgeMusic co-founder reveals company is about to go into administration

PledgeMusic has been in hot water since January, when they had to publicly address the backlogged payments to artists and fans.

Since going public with their repayment issues, PledgeMusic have been trying to find a third party investor to end the company's troubles.

Yesterday, PledgeMusic co-founder Benji Rodgers gave an update on the future of the company, "I went back into PledgeMusic just over three months ago as a volunteer to try and help the board and team turn around and sell the company, but I am sad to report that this effort has not met with success and that PledgeMusic will shortly be heading into administration."

Rogers' apologised for the damage caused with the backlog of payments owed to artists and fans, "I ask all of the fans to please understand the awful and near impossible situation that this has put the artists that you love and supported in, and as such I ask you to bear with them as they do their best to make any obligations to you right. I am also sorry for all of the labels, fulfillment companies and other vendors affected."

Adding more on his personal feelings towards PledgeMusic, Rogers wrote, "I would have given anything to have been able to fix Pledge. I thank my former team at DotBC and my current team at Lark42 for giving me the time to work on this and I thank all of you artists, managers, lawyers, labels and investors for bearing with my less than satisfactory answers to your absolutely valid questions."