Direct-to-fan e-commerce platform PledgeMusic is acquiring two digital businesses – NoiseTrade and Set.fm – in a move which it says will help artists to “reach their commercial objectives”.
Combined with Pledge’s existing audience, the UK-born company suggests that the double acquisition will result in an active user base of more than 3 million people.
“In bringing our three companies together under a single roof we are building a unique platform that adaptively supports the full lifecycle of recordings, tours and the constantly-changing forms of artistic output,” stated PledgeMusic Founder and CEO Benji Rogers (pictured).
“It is our shared belief that PledgeMusic now offers musicians at all stages of their careers the most robust home to bring their visions to life and reach their commercial objectives. Revaluing music for fans equals revenue for artists and the ecosystem we’ve created makes me more optimistic than ever about the future business of making music.”
- NoiseTrade is said to ‘help artists and labels connect with fans through the exchange of free music for data’
- Set.fm’s technology platform, meanwhile, ‘allows musicians to capture and instantly sell live performance recordings’.
“The PledgeMusic, Set.fm, and NoiseTrade platforms are cut from the same cloth,” said NoiseTrade founder and president Derek Webb.
“We are all founded and run by artists and exist to empower musicians and facilitate meaningful connections between creators and their tribes. Aligning our massive combined reach around one vision represents the start of something unprecedented. The fuse has been lit on the reconstruction of the music business.”
“We’re thrilled to be uniting our market-leading live-event recording software and sales platform with PledgeMusic and NoiseTrade,” said Set.fm CEO Matt Peterson.
“The combined network-effect of the three services will uniquely empower artists to be successful at all stages of their creative process, while rewarding and engaging fans with the products and experiences they want most from the performers they love.”
New York-based investor Magna Entertainment recently acquired a ‘major position’ in PledgeMusic, with Sword Rowe & Company now being named as a co-investor and advisor.
According to Pledge Music filings uncovered by Music Ally, the firm’s full accounts for FY 2013 showed revenues of £853,100 but a net loss of £2.36m, with annual administrative expenses of £3.15m.Music Business Worldwide
