SellaBand 2
On October 1, 2009 SellaBand launched a new model that gave artists total flexibility in their fan funding plans and did not take rights. Any artist, signed or unsigned, could use SellaBand to fund any project. The new model also incorporated the change, that artists are free to choose how much money the want to raise. The minimum funding target is € 3000,-- and the maximum funding target is € 250.000,--. Artists can also choose if they want to integrate a revenue sharing option into their funding. The minimum incentive is a download.
Artists can now choose different project objectives they want to fund:
- music recording;
- record releases (digital/physical);
- promotion and/or marketing campaigns;
- live concerts / touring / festivals;
- an exclusive fan product;
- a combination of all of the above;
On June 1, 2010 SellaBand launched a German version of SellaBand.
On August 27, 2010 SellaBand announced that the Dutch Central Bank (DCB) got in touch with SellaBand to investigate whether or not the 'withdrawal option' at SellaBand was a violation of the law on financial supervision (Wet Financieel Toezicht/ Wft). From day one the DCB stressed that they were never under the impression that SellaBand was willingly violating the law. After a couple of months of investigating they came to the conclusion that it is a violation of the WFT (article 3.5 of the WFT) and that SellaBand, since SellaBand isn´t and is not going to be a Bank, has to stop the withdrawal option. SellaBand then had stop the offer to withdraw money deposited to SellaBand from September 1, 2010 on. However, revenue earned with investments made in SellaBands artists can still be withdrawn from a SellaBand account
On August 30, 2010 SellaBand announced that the lead currency would be changed from US$ to € from the September 1st, 2010 on.
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