Hip hop legends Public Enemy have been trying to raise $250,000 through fan funded platform SellaBand, but it seems as though that amount was unrealistic! Now Public Enemy is only after $75,000 for their new album.
“We have learned that the fan funding model is still not fully developed and, as a result, a $250,000 fund raising effort, while possible, will take too long to accomplish,” explains a new post on their SellaBand page. “We now believe that a $75,000 fund raising target will fulfill the needs for a new recording project and is much more appropriate for the strength of the existing SellaBand model and the current economic climate.”
They have removed sales and marketing expenses from the budget, which I find a little strange. Public Enemy are now 74% on their way to reach the $75,000 they require. Services like SellaBand seem to be getting a huge amount of hype in the last year or so, but no one has come up with actual results. Some of these new music revenues models seem to be just all talk!