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Public Enemy Hooks Up With 'Crowdfunding' Site
Hip-hop innovators will raise $250K through Dutch site Sellaband
By Harry Kimball
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Posted Oct 7, 09 4:50 PM CDT
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(Newser)
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Hip-hoppers Public Enemy, one of the first groups to release on mp3, is entering the brave new world of crowdfunding. The group has partnered with Dutch site SellABand to raise the $250,000 necessary to record a new album entirely through $25 donations from fans. The payout? Donors—or “believers,” in SellABand parlance—will get at least a copy of the finished product. But they could also get a cut of sales, TechCrunch reports.
The site takes a 10% cut for the service, but other agreements are murkier. It started as a way to raise a relatively modest $50,000 to bankroll the production efforts of unknowns, who could craft a revenue-sharing plan themselves. Public Enemy appears to be using a new custom plan designed to appeal to mainstream artists, who can raise as much as they want—and spend it how they want.