Munich, Germany – Sellaband, the fan-financed recordings
site that recently filed for bankruptcy protections in Holland,
announced late Wednesday that investors in Germany have agreed to acquire the
company, reported. Sellaband CEO Johan Vosmeier said he would be
stepping down, while Munich-based entrepreneur Michael Bogatzki has taken over
as head of the company.

Bogatzki told he "will continue to
advance this fantastic platform while acting in the spirit of the SellaBand
community and its founders."

"I have spoken at length with the people
who have bought and am totally convinced that they are just as
committed as we always were to build a solid future for SellaBand,"
outgoing CEO Vosmeier wrote on the company’s website.

"There is no doubt
in my mind that ‘crowdfunding’, as they call it, is a blessing for artists in
the 21st century and that this concept has the potential to cure what’s been
ailing the traditional music industry for so long."


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(DMW previous coverage)