Crowdfunding platform PledgeMusic headed for bankruptcy

The direct-to-fan music crowdfunding platform PledgeMusic, which recently came under fire for withholding payments to artists, is heading for bankruptcy after plans to sell the company fell through. Zhe result of the unfulfilled payments left many musicians who had crowdfunded on the platform unable to deliver promised merchandise to those who had given them money. Now it appears those funds will instead be used to pay off the company’s creditors, Variety reports.