On Friday, Angels Like Rebels, a new platform that is dedicated to empowering musical artists through crowdfunding and crowd-marketing, announced that more than 30,000 fans have pledged over $500,000 towards 22 selected musicians just one week after launching on November 5th.
“Our goal is to empower artists by changing the way record deals are signed and funded, to make the music industry a fairer place for people who create music. We are happy that our mission resonates with so many fans.”
The first funding round will continue until November 22nd. The 22 artists were selected by the company from over 600 applicants. Every angel who contributes over $50 to artists through the company’s platform will be invited to select artists for future funding rounds. Artists in the current round represent many different genres of music – from “conscious hip-hop” to “alt-pop with a nerdy soul”. The company makes a point of not boxing its artists into traditional genre definitions.
Artists funded through the platform commit to release two albums with Angels Like Rebels label within 3 years. Unlike traditional record label deals, artists keep 70% of net profits and maintain full artistic control over their music. Fans also benefit from the success of artists they fund by enrolling in crowd-marketing campaign to promote their music and sharing 20 percent of net royalties for 3 years.
Andrei Volgin, Angels Like Rebel’s chairman, added:
“For the past two decades the music industry blames fans for its problems. We see fans as a solution.”
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