Midge Ure and Bob Geldof have denied that Band Aid is "over", but confirmed that new music by the charity supergroup is not something they will be working on in the near future.
Reports had suggested that Band Aid was going to cease to exist, but Ure has since explained that there are other ways in which to raise money in the current climate - such as social media.
He said that, while a new version of Do They Know It's Christmas? is not currently on the cards, this does not mean the charity will stop its work.
The Scottish musician saide: "I was asked if we were doing a new record and I said that maybe a record or concert wasn't the medium these days and that social media might be more influential than a record.
"(I said) nothing about Band Aid being over!"
He added, of his remarks from the Q Awards earlier this week: "I also mentioned Bastille's efforts helping the Band Aid trust generate £3m on Band Aid 30 when I presented their Q Award."
He had previously been quoted as saying: "I'm not sure music is the answer to it now. Thirty-one years ago we did the Band Aid thing, it was the vehicle that people understood - you didn't have video games, you didn't have mobile phones and you didn't have all of the distractions that you have today.
"Music was the be all and end all. So we used the medium at its peak. We used the power that music had at its peak. So maybe right now, the answer wouldn't be a concert or a record - but I don't know what the answer is."
Geldof - who founded Band Aid with Ure in 1984 - additionally hinted that, while there may not be a new record in the near future, there is still a possibility that there might be one again at some point.
The charity will also continue with its work, he said, in response to claims that Band Aid would be coming to an end because its latest musical incarnation in 2014 was not as successful as the previous versions.
Geldof (pictured) said: "What Midge meant (I think) was that there wouldn't be another Band Aid record.
"Band Aid 30 was hugely successful and raised millions of pounds for the Ebola-affected peoples of West Africa, but more importantly perhaps triggered popular demand for government action throughout the world which resulted in a massive influx of humanitarian efforts - experts, doctors, nurses, supplies and a full research into the virus so that it hopefully may not happen again.
"The Band Aid Trust which still, after 31 years, administers all Band Aid/Live Aid monies will continue on a daily basis until such monies are exhausted. Midge has been and remains an invaluable trustee."
Ure and Geldof kick-started the Band Aid movement in the mid-80s in order to raise money for Ethiopian anti-famine efforts.
The original single hit the Christmas number one spot that year and topped the charts for five weeks. The song included vocals from the likes of U2's Bono, Phil Collins, George Michael, Paul Weller and Sting.
At the time, it raised more than $24m after selling more than two million copies worldwide.
A second version was recorded five years later, and was then followed by Band Aid 20 in 2004 and Band Aid 30 in 2014.
The latest incarnation, Band Aid 30 in 2014, was recorded in order to help the plight of Africa's Ebola victims.
The 2004 version, with the likes of Bono, Coldplay's Chris Martin, Joss Stone, Robbie Williams, Will Young and Dizzee Rascal on vocals, was a success like the first version, sitting at the top of the charts for a total of four weeks.
The 2014 reboot - starring Rita Ora, One Direction, Ellie Goulding, Olly Murs and Sam Smith - failed to have as long-lasting success as the others, with just one week at the top of the charts.
It did, however, raise more than £1m in the space of minutes after the single was debuted on The X Factor.