'Save Paste' Campaign Raises $150,000 in First Week
Paste magazine, known for creative approaches like its 2008 "Radiohead experiment" where readers could pay what they wanted for a one-year subscription, is now looking for a bailout from its readership with its new "Save Paste" campaign. And, according to the magazine, readers have already responded with more than $150,000 in contributions during the campaign's first week.
Like many magazines, the economic downturn has had a profound effect on advertising revenue, and last month was a particularly difficult one for the independent magazine.
In a note to readers at pastemagazine.com, the Paste team writes, "The economy has taken its toll on Paste, and we need your help to continue. … We are turning to our readers to help bridge the gap. Even a small contribution can make a big difference."
An e-mail sent to readers this week from Paste's staff reported that $148,000 had already been raised. "That was the minimum that we needed to keep us going into the summer; we never expected to hit this goal so quickly."
The e-mail goes on to disclose that the magazine needs a total of $300,000 "to take care of bills that spiraled up during the ad slump."
Readers are being asked to make contributions via PayPal or a credit card.
Donors gain access to a number of downloadable, rare MP3s submitted by music artists as part of the Save Paste campaign. Currently more than 100 artists and labels have made songs available.
Contributors making donations of $350 or more receive lifetime subscriptions to Paste.