Donate To Your Favorite Musicians: IOUmusic

IOUmusic has been at work on their crowdfunding website for quite sometime now but have finally released it to the public on the Tuesday June 6th. I really dig their idea of getting fans to directly donate money to their favorite artists to show their support. This gives artists a better perspective on who their die-hard fans really are. The only problem I have with this site is their demand of 10% of every users donation. If you want to monetize your site, try some innovative advertising, but how could you be a site trying to fully “help” the artist if you are going to continue to take a percentage of the money they rightfully deserve like every other music promotion out there today? Along with this, IOU does not guarantee that your artist gets the money being as they do not have direct contact to every possible artist and must search for them to deliver the money. If that is the case the promise you a full refund on your attempted donation. Well, go see for yourselves!

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2 responses to “Donate To Your Favorite Musicians: IOUmusic

  1. Hey guys, thanks for the mention (I am one of the co-founders).

    I understand your comment on the 10% and thinking long term we do have a plan for advertising and sponsorships tied into the site. But it will take some time to reach the point of being of interest to any advertisers.

    Until then we will have costs to cover. Going even longer term thinking though I hope we can a) reduce our take and b) ensure more money via artists using a service likes ours stays with the artist – in part by helping develop and support other companies also serving the needs of musicians – ideally those giving them more control and more of the $$.

    Just saw this link that shows some breakdowns on where the money goes, I know we can improve upon the model represented there:

    The Music Industry’s Funny Money
    http://www.theroot.com/views/how-much-do-you-musicians-really-make?page=0,0#

    Thanks again, and I`ll be signing up to see what you guys are up to.

    All the best

  2. Yeah i definitely understand. Something has to pay the bills. I appreciate your interest in our model as well. I look forward to seeing the overall development of your site and hope we can discuss ideas in the near future.

    Best Wishes

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