PledgeMusic Announces Management Changes, Promises to Better Serve Artists
Following CEO Dominic Pandiscia's departure, the crowdfunding platform has implemented a new financial team and more.
PledgeMusic confirmed the departure of former CEO Dominic Pandiscia on Tuesday (Oct. 9), as well as replacements of several key members of the finance team over recent months.
Pandiscia's resignation was first reported last week, ending a two-and-a-half year tenure with the company. The crowdfunding platform did not reveal specific reasons for his leaving, but PledgeMusic has struggled with some issues as of late, including problems paying some of its bigger artists in a timely manner. Those difficulties were blamed on rapid growth and changes in payment methods.
Among the staffing shifts, other recent senior management developments include co-founder Malcolm Dunbar's elevation to global president and COO, co-founder Jayce Varden's return and Scott Graves' rejoining as president of the North American territory. The new financial team has been implemented under the leadership of Richard Vinchesi, a partner at Sword, Rowe & Company, one of PledgeMusic's larger investors. Under his supervision, a more rigorous infrastructure will be implemented to support PledgeMusic's growth initiatives, which include include further development of the D-to-C platform, a Vinyl Store and new advertising functionality scheduled for early 2019.
PledgeMusic said in a press release it "is committed to improving its financial resources and processes" and has also established a commitment from Lyric Financial, a leader in music financing. The Nashville-based company will work with PledgeMusic to help expand its working capital and improve payable processing.
Lyric Financial Founder and CEO Eli Ball said in a statement, "I have been a fan of PledgeMusic since its inception. PledgeMusic plays a fundamental role in the global music industry. Not only do they provide a critical funding tool for artists, but also, a home for over three million music fans to engage with their favorite artists and to discover new artists. It is this dual role that makes PledgeMusic such a key tool for all artists, big or small. I am excited about the moves the company is making to reorganize in order to better serve the artist and fan communities. Lyric Financial is proud to be a partner with PledgeMusic. We look forward to supporting them as they continue to grow their world-class platform."
PledgeMusic also announced several new initiatives launched over the past six months aimed at better serving its artists. The company says in the coming weeks artists can expect more a user-friendly backend and additional tools to better manage their campaigns, such as an upgraded payment system, real time analysis of campaigns and greater transparency.
Since PledgeMusic started in 2009, it has launched more than 50,000 projects on the site and paid out more than $100 million to thousands of artists.