beatBread expands funding options with new advance offering for songwriters11 November 2023 - Press release
Fast-growing music finance company hires experienced publishing executive to helm its publishing advance business
beatBread, the AI-driven funding platform that empowers creative talent across the world, is now offering advances for as much as $3 million to songwriters as it builds on its success in offering streaming advances to artists, distributors and independent labels over the past three years.
Advances against publishing rights will now be available to all songwriters, who will be able to customize their advance terms by adjusting the scope, term length and revenue shares to tailor funding agreements to their needs. Publishing advances with beatBread are available for both existing catalogs, as well as for catalog plus as-yet-unreleased songs.
beatBread's new songwriting advance division will be led by experienced music publishing executive Spencer LeBoff, who has joined the company from BMG Music Publishing. While at BMG, he signed and worked with writers/artists such as New West, Jason Evigan (Maroon 5, Dua Lipa), Lisa Scinta (Selena Gomez, Fifth Harmony), Cash Cash and Mazie. LeBoff, who has been appointed to the newly created position of General Manager of Publishing, previously spent time in A&R with Warner Bros Records working with artists including Dua Lipa, Bebe Rexha and Adam Lambert.
beatBread Founder & CEO Peter Sinclair commented: "We are excited to continue to expand the choices available to artists, writers and their partners on our platform. We believe creatives should have more access, more choice, more transparency and more leverage than industry incumbents have traditionally offered. Creative empowerment is our north star, and with this new initiative, we are one step closer to our goal of creating a more open and creator friendly music industry."
"We've seen significant success building partnerships on the artist side since we launched in 2020, and it's already clear that there is real demand from songwriters for our offering. Spencer is an outstanding leader, and we're excited about where this business will go, and there is much more to come."
LeBoff said: "We are providing a unique opportunity for songwriters to maximize the value of their copyrights while retaining ownership over their work. The team at beatBread have done such a great job of paving this path on the sound recording side and I'm so excited to extend it into publishing."
beatBread offers advances ranging from as little as $1,000 to more than $3 million to artists and song writers, with even larger advances offered to artists and independent labels through the beatBread investor network. beatBread advances funds on existing catalog, as well as new and unreleased music, providing growth capital for working creatives. All advances are repaid from a share of an artist or songwriter's streaming and airplay revenues, over a period of their choosing. beatBread also offers a white label platform to independent labels and distributors powered by its chordCashAI™ technology. beatBread has partnered with more than 30 independent distributors and labels, 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.