Sellaband raises $5 million …
April 8, 2008 3:58 pm
We read about Sellaband raising $5 million in venture capital money today.? Quite an accomplishment.? They have a very unique business model for promoting artists whereby the “crowd” donates cash, actually $10 a peice in real cold hard cash, to the band of their preference and once the band has 5,000 donations, or $50,000 in donations, the cash is pooled together and the $50,000 is used to produce a limited run of an album.? We are impressed.? This is quite a profound and creative business model and it will take the pain out of capital raising begging at the doorsteps of record companies for a deal.? Sellaband’s business model is yet another example of crowd sourcing content (in this case, money, votes, and reviews) and using the power of the crowd to outperform that which would traditionally be accomplished by a smaller group of individuals, like a bunch of grumpy old record execs.? Right on….AudioMicro wishes Sellaband much continued success.
