Web site turns music fans into investors
“About 600 singers and bands listed on Sellaband have raised $150,000 from 3,000 investors since the site launched on Aug. 15. Fans are allowed to withdraw their investment or move it to another artist any time before a group reaches the $50,000 mark.
All funds are held in escrow until the threshold is reached, and the interest generated from the accounts goes to Sellaband.
Recording veterans have signed up to work with Sellaband because they think it can fill a void left by the industry consolidation that is siphoning profits back to parent companies instead of using them to develop up-and-coming talent.”
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