The idea behind SellaBand.com is great, get your fans to fund and profit share in your upcoming recording projects! The social aspect of the site makes it fun, easy, and relativily simple for regular music fans to become actual record moguls! The site is endored by Public Enemy who are currently raising $250,000 from their fans for their next major record label release. In exchange for the funds, they are offering their “Believers” (investor fans) a 33% share in the project collectively.  So for a small $25 investment, you can own a part of the next Public Enemy project and actually make money off the release!

I looked into the site a little and it looks very sound, the site acts as an escrow service, meaning the site holds all funds from the users until the goal is reached. Then they take a 10% cut, which is modest, and then slowly release the funds to the artist for the project. In this way they can control how the money is spent as they only pay legitimate invoices that directly promote the project at hand.

In all I give the site an A+ for the idea, now the only thing is for them to gather more user/fans/investors so that projects can reach goals on a regular basis. At this point it appears they only have about 5,000 active users that invest in the projects…but using viral marketing and neat widgets they should be able to quickly rise to a top tool for artists and investors alike.  Now click the link above and join up! And don’t forget to invest in the next Coast 2 Coast Feature Album!!