beatBread Expands Reach With New Strategic Partnerships09 August 2022 - Press release
beatBread (www.beatBread.com), the pioneering music funding platform that enables artists to access growth capital while maintaining control of their careers and ownership of their music, has rapidly expanded its reach by completing a series of white label agreements with fast growing music distributors across the world.
Eleven new partners are now utilizing beatBread’s chordCashAI™ technology to offer an automated advance experience that enable artists to choose their own terms and retain ownership of their music.
Services powered by chordCashAI™ have now been launched by 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) will see beatBread establish partnerships in Africa for the first time.
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.
“Our chordCashAI technology allows distribution and artist service companies to provide significant financial support to their artists without incurring the risk or operational complexity associated with large scale financing programs. We give partners end-to-end “capital as a service”, whether they need funding or not. Well-capitalized clients can put their own capital to work within our system, while others can access our significant capital pools without tying themselves to more restrictive financial terms associated with bank, private equity or joint ventures with larger music entities.
The chordCashAI™ engine utilizes unique machine learning and AI automation developed by beatBread COO, John Haller and his team of data scientists. chordCashAITM provides white label partners with a custom-branded digital interface that their artists can use to customize their own advance terms and receive funding in as little as a week, and full “end to end” financing services.
Advances offered through beatBread’s direct-to-artist platform, as well as advances through white label partners powered by chordCashAI™ technology range from as little as $1,000 to as much as $2M per artist for a limited share of existing catalog revenues, with options also available for unreleased music. 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, and do not place any restrictions around how funds are used. Clients who whitelabel the chordCashAI™ technology can leverage beatBread’s capital, or put their own capital to use within the chordCash system.
Since launch in November 2020, beatBread has put eight figures of capital to work across nearly 500 advances, on 6 continents, and a wide variety of genres.