@AIM_UK Guidance on PledgeMusic Situation

[Editor Charlie sez:  The fantastic Association of Independent Music in the UK has issued guidance for artists and labels caught up in the PledgeMusic debacle.  We are big AIM fans and appreciate their efforts.  Note that the UK Music trade association has taken the lead on briefing Members of Parliament on the PledgeMusic situation and has written a comprehensive guidance for artists and labels from a UK perspective.]

PLEDGEMUSIC STATEMENT – AIM GUIDANCE

[May 22, 2019]

As has been reported widely in the music news, PledgeMusic hasn’t been able to make payments for some time now and is now reportedly in the process of going into administration or will be wound up as insolvent.

At The Great Escape Festival last week, AIM’s Head of Legal and Business Affairs, Gee Davy attended a lunch hosted by UK Music for Board members alongside Kevin Brennan, MP for Cardiff West, who is a huge supporter of music and the industry and later was with the Rt Hon Lord Bassam, the Opposition Chief Whip, at Marika Hackman’s show at the Fender stage. Both were informed of the situation around PledgeMusic and the likely impact on musicians and music SMEs and they considered it to be a serious matter and suggested they would raise the matter within Parliament. Since then UK Music has also publicly called on the government to investigate the collapse of PledgeMusic and that they be referred to the UK’s Competition and Markets Authority.

This is a terrible situation for all involved and AIM is very worried about the far reaching potential financial and reputational impact on the independent music community.  We hope this guidance will be of help. If you would like to speak to one of the AIM team after reading the attachment, please don’t hesitate to call the AIM office on: +44 (0) 20 3771 0400 where we will try to help you further.