Direct-to-fan firm PledgeMusic has announced a number of executive rejigs after confirming that CEO Dominic Pandiscia is no longer working for the company. Pandiscia joined Pledge in 2016 having previously headed up Universal Music’s Caroline division in the US and, according to Hypebot, actually “resigned some time ago” from his PledgeMusic role.
Among the executive rejigs that have occurred in the wake of Pandiscia’s departure is the promotion of co-founder Malcolm Dunbar to the role of Global President and COO. Two former execs have also returned to the business, Jayce Varden and Scott Graves, the latter to take on the job of President for the North American region.
Pandiscia’s departure and the executive changes follow various reports earlier this year that a number of artists had experienced delays in receiving monies from Pledge after completing crowd-funding and pre-order campaigns on the platform. In June, Pandiscia told Hypebot that the payment delays were the result of “growing pains”, saying that the company’s payment systems hadn’t kept up with increased usage of its platform.
Alluding to those issues today, Pledge also confirmed that a “new financial team has been put in place under the leadership of Richard Vinchesi, a partner at Sword, Rowe & Company, one of PledgeMusic’s larger investors. The in-coming financial team is putting in place a more rigorous infrastructure to underpin the company’s growth initiatives, which include further development of the direct-to-consumer platform, a vinyl store and new advertising functionality scheduled for early 2019”.
Further seeking to reassure those artists and partners who have experienced payment issues this year, Pledge’s statement went on: “The company is committed to improving its financial resources and processes. To that end, PledgeMusic has established a commitment from Lyric Financial, the leader in music financing. The Nashville-based company is working with PledgeMusic to help expand its working capital and improve payable processing”.
Confirming that tie up, Lyric Financial boss Eli Ball then added: “I have been a fan of PledgeMusic since its inception. PledgeMusic plays a fundamental role in the global music industry. Not only do they provide a critical funding tool for artists, but also, a home for over three million music fans to engage with their favourite artists and to discover new artists. It is this dual role that makes PledgeMusic such a key tool for all artists, big or small”.
He went on: “I am excited about the moves the company is making to reorganise in order to better serve the artist and fan communities. Lyric Financial is proud to be a partner with PledgeMusic. We look forward to supporting them as they continue to grow their world-class platform”.
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