P.E. Announces New LP Using Revolutionary Funding Method
Â Pioneering Hip-Hop group Public Enemy will introduce a new concept into the music business using technology that will allow fans to finance and share proceeds from their upcoming album.
P.E. is the first major group in the world to utilize SellaBand.com’s technology to raise $250,000 from fans in increments of $25.
Fans will received an exclusive numbered copy of the album in addition into sharing in the revenues generated from the group’s upcoming untitled album.
"SellaBand's financial engine model goes about restructuring the music business in reverse," PE frontman Chuck D said in a statement released today (October 6). "It starts with fans first, then the artists create from there. The music business is built on searching for fans and this is a brand new way for acts to create a new album with fans first, already on board."
The announcement of the Public Enemy partnership marks SellaBand.com’s entry into the United States market, according to the company’s CEO, Johan Vosmeijer.
"Working with Public Enemy is an incredibly exciting way to take the European success we’ve built over the past three years and offer it to stateside bands," Vosmeijer added. SellaBand is based in Amsterdam.
The company has coordinated recording sessions for 34 acts, who have had over $3,000,000 invested into their projects via the SellaBand fan funding engine.