Donation Campaign Saves Paste, For Now
Struggling music magazine in talks with potential investors.
In the two months since it launched the â€śSave Pasteâ€ť campaign, ailing Decatur, Georgia-based music magazine Paste has raised more than $250,000 from approximately 10,000 donationsâ€”enough to keep the magazine in business.
â€śWe've published two issues since the campaign began, sent a third to the printer and are seeing advertising pick up for the fall and expect to be around for a long time,â€ť publisher Nick Purdy wrote in an e-mail to FOLIO:. The campaign officially closes this month, he said.
In May, Paste said it was cash-strapped and in crisis as ad dollars declined dramatically. Through the first week, the campaign raised $166,000. At the time, Paste said it needed an additional $134,000â€”or a total $300,000â€”to â€śtake care of bills that spiraled up during the ad slump.â€ť
Paste said it implemented several cost-cutting measures, including a 20 percent pay cut, leasing out office space and eliminating all "non-essential travel."
Paste hopes to reinstate salaries before the end of the year, Purdy said.
In addition to the campaign, Purdy said Paste is talking with investors â€śwho want to get involved and help accelerate our growth.â€ť