Music fintech business, 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, 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 catalogues, 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 customise to suit their individual needs.
beatBread’s advance agreements leave touring, publishing, sync and merchandise revenue streams untouched, and does not restrict how funds are used or dictate the choice of an artist’s marketing or distribution partners.
“More artists need access to funding, and no one should be forced to sacrifice ownership to advance their career,” said Peter Sinclair, CEO and cofounder of beatBread.
“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.