LOS ANGELES, July 20, 2021 /PRNewswire/ -- beatBread, the pioneering music fintech business, is stepping up its support of music talent through the activation of agreements that allow the company to provide financial advances of up to $1 million for an individual artist for the first time.
The company, founded last year by experienced finance, music and AI technology executives, helps music creators access funding without sacrificing ownership.
As well as offering funding for existing music catalogs, beatBread uniquely allows artists to secure funding for unreleased music. The advances, which range from $1,000 to $1 million, are repaid from a share of an artist's streaming and airplay revenues, over a period of the artist's choosing. beatBread uses its groundbreaking chordCashAI™ artificial intelligence technology to translate hard data into straightforward agreements that artists can adjust and customize to suit their individual needs.
beatBread's advance agreements leave touring, publishing, synch and merchandise revenue streams untouched. beatBread does not restrict how funds are used or dictate the choice of an artist's marketing or distribution partners.
Peter Sinclair, CEO and co-Founder of beatBread commented: "More artists need access to funding, and no one should be forced to sacrifice ownership to advance their careers. Our advances allow artists to retain ownership and choose best-in-class marketing and distribution partners rather than those who simply offer the biggest check. Artist freedom and choice leads to better music, and more of it."
Sinclair added, "While we're happy to offer six and seven figure advances to artists who have built a big audience, funding for emerging artists is arguably more important to our mission. A $1,000, $5,000 or $50,000 advance is a tool that talented artists can use to grow their careers and build leverage for the future."
Since launch in November 2020, beatBread has funded over 100 artists across multiple genres, 4 continents, and a broad range of career stages. In addition to individual artists, beatBread has partnered with independent labels and artist service companies to better empower more artists.
beatBread advisors include Philip Wild, an artist-side music lawyer and SVP of Business Affairs at EMI, Colin Finkelstein, former COO of EMI North America and CEO of music management firm COFINK, Vibs Abhishek, former Chief Data Scientist at Sequoia Capital and Professor at UC Irvine, and Kei Henderson, Artist Manager and Founder of innovative artist services company SinceThe80s.
For more details, contact:
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beatBread is a pioneering music and finance company that is empowering artists to take control of their careers without giving away ownership of their music or their decision-making power. Founded in 2020, beatBread brings together a team with deep experience in music, finance, artificial intelligence and machine learning to create new opportunities for artists and their managers. beatBread provides independent and unsigned artists with financial advances that are repaid through a limited share of revenues from streaming and airplay, over a period of the artist's choosing. The business is headquartered in Utah with offices in Los Angeles, Miami and New York. For more details, visit www.beatbread.com.