Symphonic Distribution, UnitedMasters and Horus Music among platforms to utilize chordCashAITM technology to offer flexible financing for independent music
LOS ANGELES, Aug. 18, 2021 /PRNewswire/ -- beatBread, the pioneering music fintech company, has completed a series of agreements with key music industry partners to power dedicated artist advance programs. These leading music distribution platforms, independent labels and artist services companies will leverage beatBread's chordCashAI™ technology to empower independent musicians by expanding artist access to capital.
UnitedMasters, Symphonic Distribution, Horus Music, Indie Amplify, SyncVault, Soundplate and Too Lost are now offering automated advance tools that enable their clients to choose their own terms and retain ownership of their music.
The new partnerships form part of beatBread's first wave of agreements with distributors, artist service companies and independent labels, with the company set to launch a second wave of partners in the early fall.
beatBread CEO Peter Sinclair said, "Our chordCashAI™ technology platform allows independent labels and artist service companies to provide deeper financial support to their artists and further democratize the music industry. Everything we do is designed to be turnkey for our partners. We made a deliberate decision to focus on financial technology rather than artist services or distribution, because there are so many companies that provide great services to artists already. Our bet is that if we can empower the companies that serve independent artists, more artists will be able to choose the services that are the best fit for their needs. As a result, the world will get better music and more of it".
The chordCashAI™ engine utilizes groundbreaking machine learning and AI automation, designed and developed in-house by beatBread COO, John Haller, and beatBread's team of skilled data scientists. The technology framework provides partners with a simple, easy to understand custom-branded digital interface that their artists can use to customize their own advance terms and receive funding in as little as 24 hours.
Advances offered through services powered by chordCashAI™ technology range from as little as $1,000 to as much as $1M 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. Funding for chordCashAI™ advances is provided by beatBead, unless partners wish to provide their own capital.
Since launch in November 2020, beatBread has funded well over 100 artists across multiple genres, 5 continents, and a broad range of career stages.
beatBread advisors include Philip Wild, an artist-side music lawyer and former SVP of Business Affairs at EMI, Colin Finkelstein, former COO of EMI North America and CEO of music management firm COFINK, Vibs Abhishek, former Chief Data Scientist at Sequoia Capital and Professor at UC Irvine, and Kei Henderson, Artist Manager and Founder of innovative artist services company SinceThe80s.
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beatBread is a pioneering music and finance company that is empowering artists to take control of their careers without giving away ownership of their music or their decision-making power. Founded in 2020, beatBread brings together a team with deep experience in music, finance, artificial intelligence and machine learning to create new opportunities for artists and their managers. beatBread provides independent and unsigned artists with financial advances that are repaid through a limited share of revenues from streaming and airplay, over a period of the artist's choosing. The business is headquartered in Utah with offices in Los Angeles, Miami and New York. For more details, visit www.beatbread.com.
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