February 24, 2010 07:30:25 GMT
Public Enemy, who hope to raise 250,000 dollars for their upcoming album, could only receive $67,000 after a few investors backed out of the project
Rap legends Public Enemy are struggling to raise funds from fans to pay for their upcoming album after donations stalled at $71,000 - leaving them thousands short of their $250,000 goal. The hip-hop group announced plans to turn devotees into investors in September 2009 after teaming up with SellaBand, an online fan-funding engine, which gives supporters the chance to help finance their idols in exchange for albums, meet-and-greets and even a cut of the profits.
Public Enemy pulled in $50,000 within a month from fans donating a minimum of $25 each - but by December 2009, the sum had only climbed to $71,000. Donations have since ground to a halt and the band has even lost a few investors, leaving them with just over $67,000, reports Billboard.biz.
The figure is more than any other artist has managed to raise through the SellaBand website, but still falls short of their target. As WENN went to press, it was not known whether Public Enemy will press ahead with plans for a new album - their first since 2007 - if they fail to raise the full $250,000.