Published Oct 06, 2009From Radiohead's pay-what-you-want approach to Pearl Jam's Target sponsorship, many artists are attempting to revitalize the fledgling music industry with new business models. But Public Enemy's new approach might be one of the most outrageous yet: the legendary rap outfit are planning on asking fans to fund their new album, and are hoping to raise $250,000.
The model is designed by the Amsterdam-based SellaBand, with whom the group recently signed a deal. The plan is that for each $25 donation, fans will receive a share of the revenue from the album, as well as a numbered copy, similar to what Patrick Wolf did last year.
"SellaBand's financial engine model goes about restructuring the music business in reverse," explains Public Enemy's Chuck D [via NME]. "It starts with fans first, then the artists create from there."
Of course, this model relies on a group already having enough fans willing to invest in an album's success, so it may not a feasible approach for anyone other than the already-famous. Plus, given the industry's plummeting sales, fans (or "investors") probably shouldn't rely on there being too much revenue to share.