'Save Paste' Campaign Raises $166,000
But $134,000 still needed to pay bills 'that piled up during ad slump.'
Paste's fundraising campaign to save itself appears to be off to a nice start.
The ailing music magazine, which launched its â€śSave Pasteâ€ť last week, said in an e-mail that it has raised $166,000 so far. â€śThe response has been phenomenal,â€ť Josh Jackson, Pasteâ€™s editor, wrote. â€śThat was the minimum that we needed to keep us going into the summer; we never expected to hit this goal so quickly.â€ť
To continue publishing beyond that, the Decatur, Georgia-based title needs another $134,000â€”or a total $300,000â€”to â€śtake care of bills that spiraled up during the ad slump.â€ť
Jackson said 12 different readers have donated $500. "But it's really been a ton of $10 and $25 donations that have made the difference," he said.
Paste said last week that it has implemented several cost-cutting measures, including a 20 percent pay cut, leasing out office space and eliminating all "non-essential travel." Its monthly circulation is about 180,000.
â€śMost of our debt will be paid out of revenues when the economy starts to rebound and advertisers return,â€ť Jackson wrote. â€śWe're halfway to that goal and more confident than ever that Paste will make it.â€ť