The service connects artist directly to their fans by providing experiences, offerings, and limited edition collectibles.

PledgeMusic has since been under fire after a backlog of outstanding payments to their artists built up. Yesterday (24 January), the company issued a statement accepting responsibility, "We acknowledge that many artists have and continue to experience payment delays. These delays to artists are unacceptable--not only to them but to us."

Music Week report that PledgeMusic has been experiencing problems for a while, and previously admitted to payment problems, reportedly calling in finance specialists. The statement adds, "We are evaluating a number of transactions with those potential partners, and we plan to announce details of this in the next 60 days. It is our expectation that payments will be brought current within the next 90 days."

Fans who have signed up to PledgeMusic have commented on their statement airing their personal experiences with PledgeMusic. One user, BryanYoung, commented, "Not good enough. Including phrases such as "living up to high standards" is weak. Money held in trust can not be mismanaged. You think that business can go on as usual once you've lost trust?" Another user, Musicneil66, expressed, "I have requested refunds on my current six pledges, so sad to hear artists not receiving their full pledges and us not receiving the goods, need to find a new way of getting involved with artists."

A number of artists and those working in the music industry have expressed their dissatisfaction with the company on socials, including Jesus Jones, who called for people not to get involved with their service at all, and asking followers to spread the word "so no-one else gets stiffed for their money".

UK band Tokyo Taboo didn't hold back on Twitter either, "we reached 100% of our campaign 4 days after it's launch in AUGUST. You owe us almost 2 thousand pounds. Fancy paying us?"

PledgeMusic's statement ends with an apology, "We are deeply sorry that we have not lived up to the high standards to which PledgeMusic always held itself. We are committed as a company of passionate music lovers to get things back on track as quickly as possible."

Read the full statement over at PledgeMusic.com.