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Business News Deals Labels & Publishers Management & Funding
beatBread announces new distributor partners
By Andy Malt | Published on Wednesday 10 August 2022
Music funding platform beatBread has announced a load of partnerships with music distributors and other music industry service providers around the world, expanding the reach of its financing offer.
Through the partnerships, those other distributors and service providers will be able to allow artists to access upfront finance to fund music projects, that is then paid back out of future royalties. The partners will use beatBread’s proprietary chordCashAI technology to identify what funding can be offered to any one artist and other deal terms. They can also choose to tap beatBread funds to actually provide the finance, or advance the cash themselves.
Under beatBread’s existing system, advances offered to artists range from $1000 to $2 million. Those monies are paid back out of future streaming and airplay royalties, with the artist’s other revenue streams like live and merchandise not affected by any deal.
“Artists across the world are looking for alternatives to traditional label deals”, says beatBread CEO Peter Sinclair. “[It’s] still right for some artists, but a growing number of artists are not well served by the old model. And those that would be well served by a traditional label sometimes can get more leverage by obtaining less restrictive funding first, so they can hold out for bigger and better deals. More choice means a better music industry for artists”.
“Our chordCashAI technology allows distribution and artist service companies to provide significant financial support to their artists without incurring the risk or operational complexity associated with large scale financing programmes”, he adds.
“We give partners end-to-end ‘capital as a service’, whether they need funding or not. Well-capitalised clients can put their own capital to work within our system, while others can access our significant capital pools without tying themselves to more restrictive financial terms associated with bank, private equity or joint ventures with larger music entities”.
The company already announced a partnership with Family In Music earlier this year. Newly announced partners are B Pure Sounds, Catalog Masters, Finding Artists Making Empires, Future Of Music Offering, Golden Path Music, KMG Distribution, The Music Federation, Vital Music, MAD Solutions and Digital Music Commerce & Exchange.
