October 6, 2009 10:42

Public Enemy asking fans to raise $250,000 to help record new album

Chuck D and co sign a deal with fan funding engine SellaBand

Public Enemy are asking fans to help fund the recording of their next album.

The rap collective have signed a deal with fan funding engine SellaBand, and are aiming to raise $250,000 in increments of $25 in order to record and release the as-yet-untitled album. In return, fans who invest in the album will receive a share in the revenue of the album, as well as a numbered copy of it.

Speaking about the deal in a statement, Public Enemy's Chuck D hailed SellaBand's business model.

"SellaBand's financial engine model goes about restructuring the music business in reverse," he explained. "It starts with fans first, then the artists create from there. The music business is built on searching for fans and this is a brand new way for acts to create a new album with fans first, already on board."

Public Enemy are the first high profile band to sign a deal with SellaBand, which is based in Amsterdam. Under the deal, they will retain complete ownership of the album, and can also choose how fans are rewarded for funding them.