beatBread secures new $100 million fund to further empower artist independence

22 November 2022 - Press release

New institutional financing will allow the music funding platform to expand artist access to capital across all career stages
 

beatBread (www.beatBread.com), the music funding platform, has finalized a $100 million institutional funding agreement with Variant Investments, a $2.2B alternative asset fund with offices in Portland, New York and Chicago. 

The extended financial firepower will enable beatBread to offer multi-million dollar deals to some of the world’s biggest artists, while continuing to fund developing artists in earlier stages of their careers.

“Our initial artist fund powered more than five hundred advances to artists and independent labels, keeping ownership in the hands of artists and creators,” said beatBread CEO Peter Sinclair. “Now we’re scaling our capital sources to fund the next 1000 deals, and expanding the size of our advances in the process. Major label deals are no longer the only option for artists seeking to fund their careers. Our mission is to empower artists and independent labels with better economic terms and the freedom to choose their own partners and maintain creative control.”

Since launching in November 2020, beatBread has used its chordCash AI™  technology to make financial advances to more than 500 artists and labels across multiple genres, six continents, and a broad range of career stages. 

Last month, beatBread launched an exclusive invite-only investor network made up of music companies, distributors and high net worth individuals who augment beatBread’s institutional capital to give artists more leverage, and provide independent labels and distributors the financial capacity to compete for major artist deals. “With the combined power of beatBread’s own institutional funding and our investor network, beatBread is a truly viable funding alternative for a full range of working artists today, ranging from musicians outside the top 100,000 in the world, through to top 10 artists who are in active talks with major labels,” Sinclair added.

Advances offered through beatBread range from as little as $1,000 to more than $2 million per artist, with even larger advances through the beatBread investor network.  beatBread advances funds on existing catalog, as well as new and unreleased music, to provide growth capital for working artists. All advances are repaid from a share of an artist’s streaming and airplay revenues, over a period of the artist’s choosing. Advance agreements leave touring, publishing, synch, and merchandise revenue streams untouched; do not place restrictions around how funds are used; and leave the choice of marketing and distribution partners in the artist’s own hands.

beatBread also offers a white label platform to independent labels and distributors powered by its chordCashAI™ technology. beatBread has partnered with more than 20 independent distributors and labels, including Symphonic Distribution, UnitedMasters and Too Lost Records, allowing independent labels, distributors and artist service companies to provide deeper financial support to their artists, under their own brand and inside their own digital experiences.