Direct-to-consumer platform PledgeMusic has announced a major management revamp in the wake of CEO Dominic Pandiscia leaving the company.
Respected London-based co-founder Malcolm Dunbar has been elevated to global president and COO, where he will build on the success of the UK and European arm and “optimise the integration of the company’s global business”. Dunbar was previously president of the UK and Europe, and signed a new long-term deal in 2016.
Other changes see fellow co-founder and former SVP of artist development & customer relations Jayce Varden return to the company to run the US campaign management team, while former global head of talent relations Scott Graves also returns as president of North America.
Key members of PledgeMusic’s financial team have also departed, with a new team now in place led by Richard Vinchesi, a partner at one of Pledge’s investors, Sword, Rowe & Company. According to a company statement, he will put “in place a more rigorous infrastructure to underpin the company’s growth initiatives, which include further development of the D2C platform, a vinyl store and new advertising functionality scheduled for early 2019”.
Earlier this year, Pandiscia admitted to delays in paying artists, which he put down to a rapid expansion in the number of campaigns on the site. His replacement has not yet been announced.
The firm will also work with Nashville-based music financing firm Lyric Financial to “help expand its working capital and improve payable processing”.
“I have been a fan of PledgeMusic since its inception,” said Lyric Financial & CEO Eli Ball. “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. 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.”
The company says over 50,000 projects have launched on PledgeMusic since it started in 2009, with over $100m of artist payments distributed.
Recent successful campaigns include the likes of Orbital, The Kooks and Sophie Ellis-Bextor, while recent launches include the likes of Embrace, Sleeper and Razorlight.