New York-based investment firm Magna Entertainment recent revealed that Russell Rieger became a director of PledgeMusic in early January. This announcement comes just two years after the firm gave $3 million investment to the website.
Rieger is one of three directors of PledgeMusic, which includes founder Benji Rogers and Magna executive Jason Sason. It was also noted that a number of former PledgeMusic directors stepped down in September 2015. These were Dave Hackett, Angus Donaldson, Jayce Varden, and Mike Skeet.
Sharing his thoughts about Magna and Rieger, Sason commented:
“Magna is the ideal business partner for artists, creative executives and businesses looking for innovative thinking, creative brand positioning and a fresh approach to traditional industries. Given the immense changes in consumer behavior, advertising and technology, we believe there are incredible opportunities for investors and entrepreneurs who are able to combine creative sensibilities with business acumen. Russell brings a wide and effective network of partners and strategic insight to the ventures Magna invests in, adding immediate value and growth potential.”
Rieger then added:
“The opportunity at Magna is tremendously exciting and I’m extremely grateful to Joshua for fostering an entrepreneurial climate which allows us to both invest in and develop companies that challenge existing methodologies and common assumptions.
“Content has never been more in demand, nor more accessible through an abundance of new platforms. We bring a new perspective to investments in the space, but also communicate the needs of investors and the financial community to the corridors of the entertainment industry. We see ourselves as a bridge that is uniting both approaches and perspectives.”