For one of the first times since suspending all crowdfunding campaigns on February 3rd, PledgeMusic has issued a short official update. In recent weeks, most communications from the crowdfunder have come unofficially from co-founder and former CEO Benji Rogers.
Rogers, who had exited the company more than a year ago, returned to PledgeMusic as an unpaid adviser earlier this year. The new statement was issued as a popup on PledgeMusic.com front page.
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Short on new details, the statement signed by the PledgeMusic Board says that, “The company continues to work with outside counsel on the most appropriate next steps, and we will update you with those specifics as we get more information,” and urged artists and fans to download their data and archives respectively. “Please note that due to volume these might be slower than usual to process.”
Last week, Rogers confirmed in an open letter that the company was headed for administration, the UK equivalent of bankruptcy. That process, which included naming an administrator, could reportedly take several more weeks.