@sound_wavves: Charleston musicians are challenging Spotify’s business model at rallies across the country

Artists across the country stand up to Spotify’s hyperefficient market share payouts!

The back patio at The Royal American, an uptown Charleston dive bar and music venue, serves as a hangout for those looking to sip a signature rum punch away from the bar, smoke an American Spirit between sets or play a round of cornhole.

Last Friday night, however, it served as a gathering spot for musicians protesting Spotify’s business model, which they said fails to pay artists their due.

A group of Charleston musicians — electronic artist Diaspoura (Anjali Naik), classical violinist Vivek Menon, singer Niecy Blues (Deniece Williams), drummer Chase Bunes and jazz and hip-hop-inspired producer Contour (Khari Lucas) — was responsible for the rally, one of five organized across the country. Other locations were Portland, Maine, Los Angeles, New York City and Spartanburg. The Charleston musicians started with a small gathering in the New York City subway, then decided to branch out, working with colleagues in each of the participating cities….

Spotify’s press team did not respond to requests for comment.

Because of the streaming problem, musicians rely heavily on playing live shows and selling merchandise such as T-shirts, CDs and vinyl to generate income. Most work part-time, or even full-time, jobs in addition to writing, practicing and performing.

Read Kalyn Oyer’s post on the Post and Courier site

Also read the Austin Music Census that confirms the problem with data.

@musictechsolve: Vote for Creator and Startup Licensing Education at SXSW

[From Chris Castle]

Deadline for SXSW Panel Picker is today! Please vote for my creator and startup licensing panel at SXSW.EDU. If the latest Spotify litigation shows anything it’s the importance of licensing education.

I have a workshop in the SXSW.edu track titled “TEACHING ARTIST ROYALTIES TO CREATORS AND STARTUPS.”  It follows my philosophy that we need smart artists and smart startups to work together if we all are to succeed.

The workshop has three purposes:

–A building block approach to teaching artists and songwriters about the principal royalty streams that sustain them.  This is targeted financial literacy which is as critical to artists and songwriters as balancing your checkbook.

–A licensing roadmap overlay for entrepreneurship studies.  It’s far too frequent that entrepreneurs spend more time developing their product roadmap and critical path than they do developing their licensing roadmap side by side with the product.  That way when a startup gets to launch there is less likelihood they will go into the terminal holding pattern or worse–launch without licenses.

–the importance of clean and stable metadata to both artists and startups (and mature companies) and how to accomplish this goal starting with the digital audio workstation.

The class description:

Royalty rates, royalty reporting and earnings are some of the least understood–yet most important–parts of a creator’s career or a startups nightmare. Understanding royalties is as important as understanding how to balance your checkbook.

Starting with metadata and simple revenue streams, leading to complex calculations and government run compulsory licenses and sometimes impenetrable royalty statements, the workshop gives educators core tools and building blocks to teach the subject.

I’d really appreciate your vote for the class in the SXSW Panel Picker here. To vote, you just need to sign in to PanelPicker or create a free SXSW account with your email only.

Texas Bar Section Announces Nominations are Open for the Cindi Lazzari Artist Advocate Award — Artist Rights Watch

[Thanks to Chris Castle for this post.]

We’re pleased to help get out the word that nominations are open for the Cindi Lazzari Artist Advocate Award for “heroes and heroines” involved with artist advocacy in all Texas communities.  For Texas readers, there’s info below about how to nominate.  If you’re not in Texas you may want to look into whether your community has a similar award.  If not, you might consider starting one.

If you would like to nominate someone for the award, you may use this form.

PRESS RELEASE:

The State Bar of Texas Entertainment and Sports Law Section (TESLAW) announced that nominations for the Cindi Lazzari Artist Advocate Award are open now until 11:59 pm Central Time on October 1, 2019.  The award is named for the late Cindi Lazzari, a leading Texas attorney who went far beyond the call of duty in her efforts to protect the rights of artists in the music industry.

In these challenging times for Texas musicians, TESLAW wants to hear about the exciting heroes and heroines who carry on the tradition of Cindi’s good works in all the music communities across Texas.  Nominees need not be attorneys.

Previous recipients of the Lazzari Award include Juan Tejeda (musician, arts administrator and activist), Robin Shivers (artist manager and founder of the Health Alliance for Austin Musicians), Texas Accountants and Lawyers for the Arts, SIMS Foundation, Nikki Rowling (co-founder of Austin Music Foundation and author of the Austin Music Census), Casey Monahan (the first head of the Governor’s Music Office) and Margaret Moser (the journalist and long-time music editor for the Austin Chronicle).

Nominations for the 2019 Lazzari Award will be accepted through October 1, 2019 and should be sent by e-mail only to law@amyemitchell.com. The nomination email should include (1) the nominee’s name and contact information; (2) a one-page statement as to why the nominating individual believes the nominee should receive the award; and (3) a biography of the nominee.

TESLAW will present the Cindi Lazzari Artist Advocate Award at the annual Entertainment Law Institute, to be held in Austin November 20-22, 2019.

For further information, please see TESLAW’s web page at http://teslaw.org/awards/cindi-lazzari-artist-advocate-award/

via Texas Bar Section Announces Nominations are Open for the Cindi Lazzari Artist Advocate Award — Artist Rights Watch

@Hypebot Posts Claim Forms for PledgeMusic Bankruptcy

Thanks to the good work by Bruce Houghton at Hypebot, we now have the form you need to file if you are owed money by PledgeMusic (which of course Pledge didn’t bother to post) and an email address to send it to.

This is good for fans who pledged but believe their money never got to the artist, the artists who are owed money by Pledge and of course the vendors who are owed money for goods they made or services rendered for Pledge campaigns (like Bandwear that is apparently owned $200,000).

Here’s the info from Hypebot:

“On the subject of filing a claim for monies due, Insolvency Examiner Erica Baker wrote:

“If you are owed money by the company then you should arrange for a Proof of Debt form to be submitted as soon as possible – I will ask the case officer to send you a form.”

While lacking a firm deadline, the form is fairly straightforward. Any artist, label or fan affected should fill out the form and send it in with any receipts or proof asap. Download it here.

UPDATE: The form can be returned via email to Sultana.Begum@insolvency.gov.uk

We’d love to hear from artists and others their experiences with the Insolvency Service.”

We would love to hear, too, so if you want to leave a comment and we will post them.

You can read the full Hypebot post here.

How to Contact the Court in PledgeMusic Case

PledgeMusic had posted this information on their website when we checked today:

As a result of the making of the order, the Official Receiver becomes liquidator of the company. Any enquiries should be forwarded to LondonB.OR@insolvency.gov.uk, quoting reference LQD5671373.

We gather that what that means is that if you are (1) an artist who is owed money by PledgeMusic, (2) a fan who gave money to an artist who you think did not receive your money from PledgeMusic, or (3) a vendor who didn’t get paid because PledgeMusic didn’t pay your artist, then you should write to that email address which we assume is for the “Official Receiver” who is now in charge of running the case.  (OK, that does sound like a character out of Harry Potter, but that’s how it is.)

We also assume because Pledge didn’t say that there is a deadline for submitting your claim there probably is one.  That’s probably why PledgeMusic didn’t say what the deadline was, a fact they almost certainly know very well.  Because if you fail to get your claim in on time, there’s more for them in the pot.  Ponzi to the very end.

You should take legal advice about what you should say and how to handle it, but if you can’t afford a lawyer you could say in your email that you think you are owed money, how much and why, and ask them what you should do about it.  It probably wouldn’t hurt to tell them what you have done to try to collect your money from Pledge and the approximate or exact dates you tried to get their attention.

And be sure to tell the Official Receiver if you think Pledge breached its obligations to you or otherwise did you wrong, threatened you, or any other bad stuff.

The Official Receiver probably frequently deals with people who are owed money and have no lawyer so don’t be shy about it.  The Insolvency Service (who actually appoints the Official Receiver) also responded to Chris Castle on Twitter:

Insolvency Service 1

We will keep you posted with more information as we find out.

Guest Post: “Spotify Untold (“Spotify Inifrån”) the Corporate Bio Book is a View Into Daniel Ek’s State of Mind

By Chris Castle

Ever heard the expression, “you’re making my argument?”

You may have seen the book reviews of “Spotify Untold” (or in Swedish “Spotify Inifrån”). The book is currently only available in Swedish and has not been released in the US, but in a new marketing twist the authors are on a book tour in the US promoting their book in Swedish to an English language audience.  Must be nice.

The writers not only seemed to have missed the streaming gentrification part, which is of great consequence to artists, songwriters, and especially MP/TV composers–but those groups are pretty clearly not the authors’ audience.  They are also peddling a ghoulish yarn about Steve Jobs that gives far more insight into Daniel Ek’s midnight of the soul than anything else.  A simple fact check should have made one inquire further in my view.

If their interview with Variety is any indicator, the story line of “Spotify Untold” revolves around (1) music is a commodity (with no discussion of Spotify’s role in the commoditization of what is now openly called “streaming friendly music” not unlike “radio friendly” music–both equally loathed by artists whose name does not begin with “Justin”; and (2) Daniel Ek is a heroic genius (despite the resemblance to Damian in his teen pictures they are also handing out–he thankfully shaves his head).

But most importantly (3) Ek was pursued by Steve Jobs, the evil giant whose company he just happens to have filed a competition complaint against who was aided by the equally evil Sony and Universal as they were all in on it to keep our hero from entering the fabled land of Wall Street.  Yes, a yarn straight out of Norse mythology as retold by Freud; perhaps a little too much so.

But the book may also be a corporatized version of Joseph Campbell’s hero’s journey from The Hero With A Thousand Faces aka Star Wars).  You can plug Daniel Ek into the hero’s role pretty easily:
campbell heros journey

As reported in Variety:

Barely a page into the book “Spotify Untold,” Swedish authors Jonas Leijonhufvud…and Sven Carlsson paint an odd scene. The year is 2010 and Spotify co-founder and CEO Daniel Ek [the hero] is facing a succession of obstacles [the Threshold Guardians] gaining entry into the U.S. market [the region of supernatural wonder] — or, more specifically, infiltrating the tightly-networked and often nepotistic to a fault music industry. [Unwelcoming of the stranger from Asgard, so unlike Silicon Valley.]  As stress sets in [Challenges and Temptations], Ek becomes convinced that Apple’s Steve Jobs is calling his phone just to breathe deeply on the other end of the line, he purportedly confesses to a colleague[a Helper].

There’s a saying, “don’t speak ill of the dead.”  That’s probably a bit superstitious for the authors, but is good advice.  It’s unbecoming and Spotify should denounce it, although it’s highly unlikely that they will given their fatal attraction to PR disasters.

There’s also a saying, “don’t mock the afflicted,” so before you laugh hysterically at the story, realize that Steve Jobs caring enough about Daniel Ek to do such a thing (which assumes Steve knew Daniel Ek existed) was something that was very important to Daniel Ek.  Or in a word–is Daniel Ek more Loki than Thor?

What is really objectively and factually odd about the authors’ 2010 Steve Jobs story about heavy breathing voicemails is that Steve got a liver transplant in 2009 and was very, very sick throughout 2010–the year they say these voicemails occurred.

Steve left Apple for good in August 2011 and passed in October 2011. It is implausible to me that he was even paying attention to Daniel Ek in 2010, assuming that Steve even knew or cared who Daniel Ek was. Aside from the fact that at that time Spotify was small potatoes, Steve had many more important things on his mind like staying alive. Plus, in my experience if Steve was going to leave you a testy voicemail, you knew exactly who it was. Exactly.

I for one think that the entire anecdote simply does not scan and is unsubstantiated by the authors’ own admission. Bizarre. Freudian. Not to mention a crass and thoughtless smear against a man who really did change the world. Who can’t defend himself because he is dead.

Variety reports that the authors were not able to confirm this rather insulting and perverse allegation.  But don’t let that stop anyone from publishing gossip.

What Variety does report is this statement from the authors:

To us, Ek’s claim is as a reflection of how paranoid and anxious he must have felt in 2010, when Spotify was being denied access to the U.S. market, in large part due to pressure from Apple. The major record companies seem to have been quite loyal to the iTunes Music Store, and to Jobs personally….Because Spotify was hindered by Steve Jobs [it’s called competition], it forced the company to sweeten its deals with the record companies [also called competition]….Spotify is challenging Apple on a legal level right now.We address Spotify’s constant struggle with Apple in our book. If Ek were to talk about such sensitive topics in book form, [Spotify would] do it in their own way with full control.

The first thing I thought of when reading the story of “Spotify Untold” was that very competition claim that Spotify is pursuing in Europe right now.  That claim appears to have been scripted–Spotify pursued it with the Obama competition authorities a few years ago.  And then of course there was the New York and Connecticut state competition claim that curiously came out the same time as Apple Music launched in the US, apparently manipulated by Spotify’s very own Clintonista lobbying operative who was a political ally of Eric Schneiderman the former (ahem) New York Attorney General.  (Spotify tried to drag Universal into that one, too–so this is a movie script that Spotify pulls down every so often for a polish and sometimes changes the supporting characters.)

While the authors claim that they spoke to many Spotify executives but not Ek, the book still has curious timing–as does the authors’ disclaimer that the book is not connected to Spotify directly, the plausible deniability that is the hallmark of black bag operations.

And if you believe as I do that Daniel Ek actually hates the major labels (read the Spotify DPO filing an you’ll get the idea), it’s only natural that he would try to twist Sony and Universal into the story.  He just didn’t know that his major label negotiation experience was garden variety stuff and not unusual in any way.  They didn’t get stock in iTunes so they damn well would in everything that came after iTunes.  Daniel Ek was not singled out–rather, he opted in.

I would be very curious to know why the authors of “Spotify Inifrån” came away from their research thinking that the major labels were “quite loyal” to iTunes and to Steve Jobs.  While that may have been true of certain executives, the reason that the labels required licensees to sell in Windows Media DRM (i.e., the format nobody wanted) was because they wanted to encourage competition with iTunes.

The labels eventually ended that failed policy after Steve called them out and suggested that they drop the DRM part (about which I strongly agreed in one of the first posts on MusicTechPolicy in 2006).  Even after the labels dropped that failed idea, record companies large and small did not want a single digital retailer dominating the online market.  So the idea that they colluded with Steve Jobs and Apple to make life difficult for a poor little hacker boy from Sweden is so inconsistent with reality to be laughable.

In fact, one could argue that were it not for Steve asking for more competition with iTunes Music Store (and in fairness, sell more iPods and later iPhones), there may never have been a Spotify at all.  What that does not include is the accelerating failing belief in one of Spotify’s major selling point–the free service converts users from piracy to a paid service.  That didn’t happen at anything like the rates that Spotify sold,  nobody believes it anymore and it was unbelievable in the first place. But exactly what you’d expect a hacker to say.

And here’s some other research that got left out:  Spotify’s psychographic data profiling is largely based on the work of Dr. Michael Kosinski, whose work also inspired the techniques of Cambridge Analytica and the Internet Research Agency.  See Kosinski et al, The Song Is You: Preferences for Musical Attribute Dimensions Reflect Personality (2016).  More on this influence another time.

So why would these authors be slinging this unlikely brew?  It’s possible that the book is an answer to “Spotify Teardown,” funded by a grant and published (in English) earlier in 2019 with a much less mythological and much more recognizable approach to a Spotify reality according to an NPR review:

[“Spotify Teardown”] argues that Spotify isn’t a media company per se – and…asserts that it’s structurally much closer to a Facebook or Google, particularly in its digital business model.  Indeed, Spotify was never really so much a music company as an Internet brand. “Spotify’s business model never benefited all musicians in the same manner but rather appeared — and still appears — highly skewed toward major stars and record labels, establishing a winner-takes-all market familiar from the traditional media industries.”

You won’t find that in a corporate bio.  That sounds like the streaming gentrification reality and definitely wasn’t written by anyone named Justin.  So while I don’t know what motivated the “Spotify Inifrån” authors, I do think that there’s a definite whiff of Astroturf in a book that tells a story that fits almost perfectly with the hero’s journey that Spotify would like to be telling competition authorities.  I think the authors are aware of this, hence their disclaimers.

And I’m still waiting for the last leg of Daniel Ek’s hero’s arc, the transformation and atonement.  Which is the part that makes the hero a hero.  As the authors tell us, “[Spotify] would probably rather tell their story themselves than have us do it for them, but I think they understand our role as journalists.”

I just bet they do.

But look–credit where credit’s due.  Ek used the music to make himself rich and he changed the economics of the music industry to keep making himself even richer.  He gets million dollar performance bonuses when he doesn’t meet his performance targets.  There are a growing number of niche and cultural artists who hate him. He’s also changed the way that fans interact with music online through the use of personality traits and data profiling instead of genre or artist based selection.  And he invented “streaming friendly music” to the great joy of elevator operators everywhere.

For all his idiosyncrasies, Steve is largely revered and recognized as someone who really did change the world. Or as Daniel Ek tweeted when Jobs passed in 2011–after supposedly being harassed by Steve:

“Thank you Steve. You were a true inspiration in so many parts of my life, both personal and professional. My hat off to our time’s Da Vinci.”

Exactly.  That Danny is a complex little man.

Remember those Mac/PC ads?  You could just as easily run the same ad campaign for Spotify/Apple Music with only a few tweaks.   And when it comes to marketing, what should be keeping Ek up at night is not devising sick stories he can tell about Steve Jobs but rather very justified fear of what will happen when Apple turns its marketing team loose on Spotify.  He ain’t seen nothing yet.

If you think this is paranoid, watch this video from the distinguished journalist Sharyl Attkisson.  Let’s just say I don’t put anything past these guys.

 

Google Exec’s Called YouTube “A Pirate Site”. There’s Your Value Gap.

Sometimes we just have to look at a little bit of history to put things into perspective. It’s hard for us to believe that there is even a debate about The Value Gap for recorded music. Check this out as reported by AOL News in 2010.

Google had an internal meeting on competing with YouTube, and its executives were highly critical of YouTube: “A large part of their traffic is pirated content.” YouTube is a “rogue enabler of content theft.” “YouTube’s business model is completely sustained by pirated content.” “… it’s a video Grokster.” “I can’t believe you’re recommending buying YouTube . . . they’re 80% illegal pirated content.”

The whole damning article is right here, titled “Viacom vs. YouTube/Google: A Piracy Case in Their Own Words” and it’s well worth the full read.

In the end, it’s the DMCA that protected Google and it’s the DMCA that needs to be fixed. It’s that type of fix that the EU’s Article 13 sought to address. It would be nice to address those issues here, in the USA, where Google and YouTube are based.

 

Attorney Chris Castle Talks About What is Happening at Pledgemusic on the Music Biz Weekly Podcast and Reading List

What are the chances that PledgeMusic will just disappear into the night, never file bankruptcy/administration, never pay back the artists, fans and vendors and never disclose how much money they owe the artists?  The less they talk about Pledge’s misdeeds, the more likely that Pledge is simply never pursued by anyone and the statute of limitations will run.

What PledgeMusic should do is voluntarily publish their financials and bank statements from the beginning until today so that all the artists and consumers can tell what what in the world was going on and be able to compare it to what they were told by Pledge and who was on the board when the problems first arrived.  It would also be nice if they published all their board minutes (assuming they have any).

If that seems aggressive–understand this:  The longer Pledge is allowed to delay (and they’ve managed to delay for nearly a year) the more likely it is that they will say the books were “lost” and no one will ever know.

No government is looking into what happened as far as we know, and nobody else can afford to pursue them.  We agree with UK Music that called for a government investigation into the apparent shenanigans at Pledge as Billboard reported:

Following the news that PledgeMusic had declared bankruptcy, Michael Dugher, ceo of umbrella organization UK Music, demanded a government investigation into the troubled UK-based crowdfunding platform.

On Thursday (May 9), Dugher wrote a letter to small business and consumer minister Kelly Tolhurst, imploring her to look into PledgeMusic’s “speculated collapse” as the company heads into administration, and refer the case to the UK’s Competition and Markets Authority (CMA). “As a consequence, creators who used PledgeMusic’s services are likely to lose money if it goes into administration without resolving its outstanding debts,” he writes.

“Emerging musicians often rely on crowdfunding platforms to raise capital to support album recording costs, music video costs and other capital expenditures,” he adds. “Musicians should be able to trust crowdfunding platforms to fulfill their obligation of delivering money pledged by fans and supporters.”

UK Music Letter

 

Pledge Music Reading List:

Guest Post by Iain Baker of @jesusjonesband on the PledgeMusic Situation (MusicTechPolicy)

Guest Post by Iain Baker of @jesusjonesband: An update on the PledgeMusic Debacle (MusicTechPolicy)

Guest Post by Hattie Webb: The day I broke into the PledgeMusic office (@hrdwebb) (MusicTechPolicy)

Crowdfunding Site PledgeMusic Was an Antidote to Music Biz Middlemen—Until It Cheated Artists Out of Millions (Pitchfork)

PledgeMusic’s Failed Promise Leaves Artists in Limbo and the Future of Music Crowdfunding in Jeopardy (Billboard)

Paste Media Group Acquires NoiseTrade From Embattled Crowdfunding Platform PledgeMusic (Billboard)

Where Was the Board? Some Thoughts on Potential Legal Issues in Pledge Music “Administration” Bankruptcy (MusicTechPolicy)

Another Loose End: PledgeMusic’s Non Profit Messaging But For Profit Motive (ArtistRightsWatch)

 

Pledge Music Fiasco is Weirder Than You Think PT II: Who is behind Panama company Dolan Services Inc?

It’s been awfully quiet over at Pledge Music.  After declaring in May they were going into administration (UK equivalent of bankruptcy) I can find no reporting that indicates Pledge has even started the process.

Here is the current website notice. Completely lacking in specifics. Nothing about administration. Maybe this is normal. Maybe it’s not. I will say that publicly available documents indicate the financial history of Pledge Music is extraordinarily complex.  And if I were an administrator or creditor I would have a lot of questions. This could be the reason for the delay.

My colleague here at the Trichordist, David Lowery published this extensive overview of the Pledge Music fiasco two months ago. In the article he goes beyond the SEC charges against one of Pledge Music’s current owners and looks into the strange structure of the company; the multiple sub companies; the related entities; the offshore “panama papers” shell companies; and an SPIV (special purpose investment vehicle).  Quite a complex structure for a company of its size.

Go read the piece: The Pledge Music Fiasco is Weirder Than You Think.

I’ve been looking at another loose end with Pledge Music.  Who was the original investor that funded the company?  Here is an excerpt of an April 2015 interview that Benji Roger (Co-founder of Pledge Music) did with Andrew Warner of Mixergy.

Andrew: Where did you find the angel investors who funded this and allowed you to actually bring it to fruition.

Benji: It was somebody I knew. I basically pitched them the idea and I said, “Who should I send this to?” I sent out, I think, five business plans originally and I said, “Who would you send this to? Who do you think this is a good idea for?” One guy wrote back and he was like, “I love this. This reminds me of how Obama was elected.”

Andrew: Who was the guy?

Benji: He was just a friend. He’s a private guy. He doesn’t want to–

Andrew: He doesn’t want–can you tell us what he does for a living that he can suddenly do this? Is he a musician? Is he an entrepreneur?

Benji: No. He’s in a totally other space. He’s in a totally other space. He’s a very private lad. I don’t want to–

Andrew: But you can’t even say what his background is?

Benji: No. He went to business school.

Andrew: That’s it?

Benji: That’s what I will say.

Andrew: Is it his dad’s money? His parents money?

Benji: No. It’s his.

Interesting.  Go to the UK website where UK companies file required corporate documents. Look up Pledge Music LTD. By process of elimination (all the other original investors are listed by real name) it seems the silent investor is represented by an anonymous Panamanian company called Dolan Services Inc. This is from the 2010 Shareholder list.

Here is one installment of the money coming into the company. This document was filed March 25th 2009.  

Notice the share amount matches Dolan Services Inc.  So it’s reasonable to conclude this is the “silent” investor, and clearly the source of the startup capital for Pledge Music. So who is Dolan Services? An archive of the Panamanian Corporate registry seems to provide an answer. Notice the company was formed approximately 3 months before Pledge Music declared the investment and shortly after Pledge incorporated. And this seems to be the company’s only investment.

So It’s these folks right?

 

Probably wrong.  These corporate officers are listed on hundreds if not thousands of Panamanian companies.  This is a classic shell company registration operation. Just drill down on one of the officers.

He is listed on all of theses companies as an officer. This is only a partial list. Hundreds of companies.

I’m using this archive of the Panamanian companies because I can’t seem to find Dolan Services in the Panamanian registry any longer.  It’s possible that I’m not searching properly as I do not speak Spanish. Strange. (Any help here is appreciated).

Dolan Services Inc. continues to be listed as the largest Shareholder in Pledge Music until late 2015.  Then the filings at the UK Company House become a mess.  At one point UK officials target Pledge Music with a form of “delisting.” Probably for not filing proper paperwork. But as far as I can tell Dolan Services seems to disappear from the Pledge Music financial documents after 2016. I could be wrong. Like I said the filings are a mess.

I don’t know what any of this means.  And I’m not implying anything, other than the fact Pledge Music was originally funded by an anonymous Panama registered company that seems to have disappeared.

PLEASE CORRECT ME IF I AM WRONG. Leave comment if you have more information.