From learning that festival rosters are frequently completed prior to submissions being closed, to reading of several cases in which artists' submission statuses have been changed to "not selected" for given opportunities despite no evidence of changes in their views or audio streams...
In 2009, Sonicbids shared $3 million earned from submission fees with music promoters. As per Sonicbids' "Promoter Terms of Service," in order to list a gig opportunity, one is required to pay a one time set-up fee of $50, agree to "accept/review" electronic press kit submissions (EPKs), "promote" his/her gig listing, and provide Sonicbids with a copy of their venue contract/licensing agreement to ensure the legitimacy of their event. Further, promoters who host CD comp opportunities are required to provide a copy of the comp once it is released, licensors must notify Sonicbids of songs placements, and those hosting prize pack giveaways are to confirm their goods were distributed to their winners.
Promoters are able to easily recoup the aforementioned one-time charge by having NO restrictions placed on them in terms of what they wish to charge interested artists. While there is an increasing move toward providing more "Musicians' Friend No-Cost Listings," in my experience, eligibility for these free submissions is often restricted to US residents, and the average going rate for submissions to major events (the ones that artists more than likely created their accounts in order to have access to) is between $10 and $50.
In terms of payment, Sonicbids processes all submission fees (and covers additional expenses created by the use of their technology), and takes a varying percentage of each fee, before paying out its promoters. Promoters can also earn additional funds via "The Sonicbids Affiliate Program" by driving traffic to the site, thereby potentially increasing artist signups.
Okay, okay, so all of this sounds well and good, and fairly correct policy-wise? Wrong! Here's where all of you need to pay attention.
There is NO requirement on the part of promoters to provide Sonicbids with proof of a formal business license, references regarding their business history, or membership in an accredited business association like the Better Business Bureau. Moreover, you do not even have to have any past experience successfully working in the music industry – literally anyone can sign up. So long as you pay your fee and "appear" to abide by the terms of service (easily accomplished if you select a single Sonicbids artist per gig and provide them with a somewhat decent experience), you're good to go, as they say.
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