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Public Enemy Ask Fans To Fund Their Next Album
The hip-hop act are selling shares in their next album to help raise $250,000 to cover recording and promotional costs.
Public Enemy's next record will be financed by their fans, the hip-hop act have announced. Chuck D's crew have turned to an independent Dutch website to raise $250,000 (£157,000) for recording and promoting their 13th studio album.
On Tuesday, the group began selling $25 (£15) shares in the as-yet untitled, as-yet unrecorded album. By selling 10,000 shares, Public Enemy hope to cover “complete recording costs and expenses … [and] fund a strategic marketing plan for [its] worldwide release … in 2010”.
To achieve this, they are using the Amsterdam-based website Sellaband. Public Enemy are Sellaband's first major client. Until now, their most successful act is Dutch singer-songwriter Inge M, who has raised £18,000.
Public Enemy's plans recall the most recent album by Patrick Wolf, which was also funded by fans. Wolf raised £100,000 using the UK service Bandstocks, offering those who purchased shares a copy of the album, special extras and some of the profits.
“SellaBand's financial engine model goes about restructuring the music business in reverse,” Chuck D said. “It starts with fans first, then the artists create from there. The music business is built on searching for fans and this is a brand new way for acts to create a new album with fans already on board.”
Public Enemy's last album was 2007's How You Sell Soul to a Soulless People Who Sold Their Soul.