Crushing Crowdfunding

Apparently $2 Million is Not Enough For Queensryche; Band is Asking for Even MORE Money via Crowdfunding Campaign


Queensryche 2013 (no Tate)Yesterday we reported on Queensryche’s unique method of raising funds: like a sports franchise, they’re selling up to 20 pieces of their company to fans for $50,000 a pop and offering those fans a percentage of all future band income in return.

Does that move reek of desperation? Absolutely. But get a load of this: now they’ve got the nerve to launch a crowd-funding campaign for a new album.

Sure, to some degree it’s apples and oranges: the crowd-funding campaign offers regular fans with as little as $15 a chance to help fund their favorite band, and it gets the band money now, as opposed to however long it’s going to take all the legalese to be finished with the ownership stakes.

But it sends a horrible message to fans, namely that the band is completely fucking broke. And it sends a horrible message to any investors considering the company buy-in, namely that — again — the band is completely fucking broke. Why would I want to buy an ownership stake in a company that can’t even afford to record a new album? Even more fishy, Queensryche haven’t revealed exactly how much money they’re asking for and they’ve offered zero transparency about how that money will be spent.

I’m a bigger Queensryche fan than most and my allegiances certainly fall with this version of the band, not whatever legacy-pillaging mission Geoff Tate is spearheading these days. But this just looks horrible any way you cut it up. It’s obvious that the band’s reputation has taken a hit from a) all the public feuding, b) two versions of the band existing, c) just getting old and passing out of relevance. Now they’re feeling the effects of all of it and they’re grasping at straws. Not good; investors, steer clear!

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