PledgeMusic has completed its deal to acquire Set.fm, first announced in March.
Set.fm Founder and CEO Matt Peterson (pictured inset) will add the title of PledgeMusic GM, Austin, reporting to Pledge CEO, Dominic Pandiscia.
The Set.fm platform allows artists to instantly capture, promote and sell recordings of their live performances.
Launched by Peterson in 2012, the free service joins recently acquired NoiseTrade in the PledgeMusic family of companies, which has a growing base of more than 3 million ‘highly active music super-fans’.
“The alignment of Set.fm with NoiseTrade into PledgeMusic creates a singular ecosystem where artists of every level of development can create content and use that content to grow and manage their fan base,” said Pandiscia.
“Our ultimate goal is helping artists and labels generate significant revenue while delivering a great experience for super-fans, and having Matt lead our efforts in one of the most thriving music towns on the map is very exciting.”
Peterson previously held positions with Saffron Digital, Samsung Telecommunications America and AT&T Mobility.
“Set.fm exists to change the way that artists and fans interact, a philosophy at the very core of what makes PledgeMusic so special,” added Peterson.
“Combining our expertise in creating high-value live content with PledgeMusic’s best-of-breed platform for directly engaging fans will create a richer experience for all involved.“
New York investment company Magna Entertainment acquired a ‘major position’ in PledgeMusic earlier this year, and led recruitment of Pandiscia as CEO.
Pledge’s last publicly-available full year accounts, from 2013, show revenues of £853,100 but a net loss of £2.36m, with annual administrative expenses of £3.15m
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