Music funding platform beatBread has inked a series of new “white label agreements” with music distributors based in North America, Europe and Africa.
The news of the partnerships follows company’s recent $34 million seed round (in February) led by Fintech-focused venture capital firm, Deciens Capital.
Since launching in November 2020, beatBread claims to have made advances to almost 400 artists and labels “across multiple genres, six continents, and a broad range of career stages”.
BeatBread says that its ChordCash tech engine evaluates artists’ streaming and social data to generate advance offers which – when combined with a “streamlined” verification and documentation process – leads to advance funding landing in artists’ bank accounts within days.
The company says that it works with artists across distributors including Ingrooves, The Orchard, DistroKid, United Masters, Symphonic, Horus Music and Too Lost.
Today (August 9), beatBread has announced partnerships with an additional 11 distributors, who are now using the comapny’s chordCashAI technology to offer automated advances.
Those new partners include B Pure Sounds (UK), Catalog Masters, Family In Music (Finland), F.A.M.E. (Finding Artists Making Empires), FOMO (Future of Music Offering), Golden Path Music (Canada), KMG Distribution, The Music Federation, and Vital Music. Partnerships with M.A.D. Solutions and Digital Music Commerce & Exchange (launched as Orin Fund) sees beatBread establish partnerships in Africa for the first time.
Advances offered through beatBread range from $1,000 to as much as $2 million per artist for a limited share of existing catalog revenues, with options also available for unreleased music.
beatBread says that advances are repaid from a share of an artist’s streaming and airplay revenues, over a period of the artist’s choosing.
In June, the company reported to have closed its biggest deal yet with an artist, announcing what it said was a “seven figure artist financing deal” with singer-songwriter Elley Duhe, and Not Fit For Society, her management company and independent label.
In March, beatBread launched an Artists Advocacy Council featuring the likes of Mike Caren (Artist Partner Group) and Dave Dederer (Label owner and founding member of The Presidents of the United States of America) as founding members.
“Artists across the world are looking for alternatives to traditional label deals.”
Peter Sinclair, beatBread
beatBread CEO Peter Sinclair said: “Artists across the world are looking for alternatives to traditional label deals. They’re 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.”Music Business Worldwide