Public Enemy + Sellaband = Fan funded Album?

An interesting business model and idea by Public Enemy who have partnered with the Sellaband community to invite fans to fund recording of their next album. The way it works is PE is offering a total 10,000 parts for their fans aka ‘Believers’ to buy at a value of $25.00 each to raise a total of $250,000.  Once the artist reaches their target, the money will be used to: a) fund the complete recording costs and expenses for its next album and b) fund a strategic marketing plan for the worldwide release of the SellaBand album in 2010.

Each ‘fan’ gets rewarded by receiving free downloads and other swag the artist offers, like exclusive CD’s, t-shirts, etc. It even mentions that artists might let you get a cut of their revenues.

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