Over 700 people bought shares in the band's album, in increments of US$10 or more. In less than six months the band had the US$50,000 they needed to record their second album, The Elements.
Julia Johnson, the band's vocalist, said: “We are so grateful to everyone who has shown belief in us over the past six months."
"It truly is a dream come true and we can’t wait for the fans to hear it. This is for everyone who believed. Thanks for your support.”
The deal was brokered by Sellaband, a concept thought up by former music industry managers who wanted to devise a better system for getting new artists published.
Bands post their music on the website and when enough investors, or believers as they are known on the site, pay then the band records an album.
Once published any royalties are split three ways, with one third to the band, one third to the investors and the remaining third to Sellaband for investment. To date seven bands from five countries have raised enough to publish their albums using the site.
Internet-funded British band releases album
By Iain Thomson on Aug 3, 2007 11:12AM