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Wolf raises 100k in funding through Bandstocks
By CMU Editorial | Published on Wednesday 3 June 2009
You see, raising investment for your new album through the internet can work. The Bandstocks account for Patrick Wolf’s new self-released album ‘The Bachelor’ closed earlier this week having raised a neat £100,000 from fans and private investors. A further twenty grand has been raised through pre-sales of Mr Wolf’s new album ‘The Bachelor’, which was released on Monday.
Wolf is one of the most established artists to date to utilise a website like Bandstocks to encourage fans to invest in his music. Fans, or other speculators, could invest as little as £10 in Wolf’s self-released album, which will now get a global release, distributed in Europe by ADA, in Japan by Hostess, in Australia by Speak And Spell, and in the US via Nylon Records and Red Distribution.
30% of the profits from the album will be redistributed to those who invested in it, plus investors get a credit on the first run of the album and on the album’s website, as well as a free digital version of the long player and access to other Wolf-related exclusives. Wolf, of course, gets the freedom of working with very silent investors, allowing him complete artistic freedom on the album.
There are a number of websites offering a Bandstock style service where artists can raise funds from fans to enable them to produce and release records. Arguably such services work best for established niche artists who already enjoy a dedicated fan base who will [a] invest themselves and [b] provide the guaranteed customer base that might encourage online speculators to also put in some cash.
