SELLABAND FILES FOR BANKRUPTCY

Music website Sellaband, based in The Netherlands, allowed artists to raise the money from their fans and the SellaBand community in order to record a professional album has filed for bankrupty. A court in Amsterdam has approved the bankruptcy on Monday, February 22nd, 2010.

Sellaband was one of the pioneers of the so called crowdfunding model and it's really sad to see them go. Well, let's hope this is not the end of the crowdfunding model as we know it.

Sellaband is now in talks with a possible buyer according to the statement released on their website by Johan Vosmeijer, Sellaband's CEO we interviewed back in 2008. Read our interview here.

Several other websites also reported with more news about the bankruptcy including Digital Music News, and Billboard. More news to follow.

  Sellaband.com