Public Enemy’s Fan-Funded Album Losing Investors

    Back in October, Public Enemy announced that they were signing with Sellaband, a company that allows bands to seek funding from their fans for new musical projects. Public Enemy were hoping to raise $250,000 for said album, and by a week or so after announcing the project, they had already raised $50,000. However, the album has hit a funding ceiling, as it topped out at $71,000, and has no started falling as fans fearing that the album won’t be completely funded have pulled their donations. Billboard points out that the $71,000 is way more than most bands make on Sellaband, and that Public Enemy’s expensive minimum contributions may have undone reaching the funding goal. It seems that the idea that funding might replace labels has reached a snag. Read the full story here.