Music financing platform\u00a0beatBread has deployed over $100 million across 1,700 funding agreements since its founding in 2020.<\/p>\n
The platform announced Tuesday (December 9) that it has extended advances to artists and labels in 42<\/b> countries.<\/p>\n
The catalog of music tied to these deals has accumulated 67.6 billion<\/b> streams since inception, with 13.6 billion<\/b> streams linked to agreements signed this year alone.<\/p>\n
beatBread offers advances on existing catalogs and new and unreleased music, offering growth capital for working artists and songwriters. Repayment occurs from a share of an artist\u2019s streaming and airplay revenues, over a period determined by the artist.<\/p>\n
\n\u201cbeatBread has always believed that artists should never have to choose between access to capital and control of their work.\u201d<\/p>\n
Tracy Maddux, beatbread<\/span><\/p><\/blockquote>\n
beatBread Interim CEO Tracy<\/b> Maddux<\/b> said: \u201cbeatBread has always believed that artists should never have to choose between access to capital and control of their work.\u201d<\/p>\n
\u201cThese milestones aren\u2019t just big numbers, but proof that our work is more important than ever as independence continues to be under threat. Our responsibility as a team is to keep building and to keep expanding access for the independent music community that Peter championed from the very beginning.\u201d<\/p>\n
Maddux was appointed interim CEO less than a month ago. He previously served as CEO of CD<\/b> Baby<\/b> and Chief Commercial Officer at Downtown Music Holdings<\/b>.<\/p>\n
<\/div> <\/div> <\/p>\nMaddux succeeded Peter<\/b> Sinclair<\/b>, beatBread\u2019s late co-founder and CEO.<\/p>\n
The $100 million milestone comes almost two months since beatBread announced that it launched a new fund that will deploy $100 million <\/b>to labels and distributors seeking alternatives to traditional industry financing.<\/p>\n
The\u00a0Global Independence Fund<\/b>\u00a0(GIF) represents an expansion of beatBread\u2019s existing business model, which provides capital to independent music operations.<\/p>\n
The company established the fund in partnership with several trade organizations representing independent labels, including\u00a0AIM<\/b><\/a>, AIM Ireland, WIN\u00a0<\/b>and\u00a0<\/b>IMPALA<\/b><\/a>.<\/b><\/b><\/p>\n
<\/div> <\/div> <\/p>\nbeatBread previously\u00a0raised\u00a0<\/a>$34 million\u00a0<\/b>in a seed round in 2022, before\u00a0closing a\u00a0$100 million<\/b>\u00a0institutional fund<\/a>\u00a0later that year.<\/p>\n
In 2022, beatBread\u00a0launched<\/a>\u00a0an \u201cexclusive investor network\u201d that brought funding from music companies, distributors, and \u2018high-net-worth\u2019 individuals into its existing institutional capital pool.<\/p>\n
In 2023, the company\u00a0launched<\/a>\u00a0multi-million dollar advances specifically for songwriters, and added publishing administration services through\u00a0partnerships<\/a>\u00a0with\u00a0Kobalt<\/b><\/a>\u00a0and\u00a0AMRA<\/b><\/a>\u00a0last year.<\/p>\n