Music Fintech Co BeatBread To Advance $1 Million For Artist Advancement
July 21, 2021 at 1:20 AM (PT)
Music Fintech Company BEATBREAD 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 helps music creators access funding without sacrificing ownership.
In addition to offering funding for existing music catalogs, BEATBREAD 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 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.
BEATBREAD CEO and co-Founder PETER SINCLAIR said, “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.”
He 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.”