BeatBread has appointed technology-focused finance leader Troy Skabelund as chief financial officer.
The AI-driven funding platform for music enables artists and labels to access growth capital while maintaining ownership and control.
Skabelund has held finance leadership roles in a series of tech-based businesses over recent years, after more than a decade spent in key finance roles within the digital and interactive divisions of The Walt Disney Company.
At BeatBread, Skabelund will oversee all financial strategy and operations, including capital efforts, financial reporting, financial planning & analysis, compliance and risk management. He will report to John Haller, BeatBread’s COO and co-founder, and be based at the company’s Utah offices.
BeatBread’s other office locations include Los Angeles, New York, Miami and London.
John Haller said: “We’re planning for and adding significant scale at the company as we expand our reach and continue to deliver against our mission to empower artists and the independent ecosystem as a whole. Troy has deep management experience across many different large, fast-moving organisations, and his understanding of finance’s role in growth is important as we move forward. We’re excited and fortunate to have him join the team.”
We’re planning for and adding significant scale at the company as we expand our reach
Troy Skabelund said: “For the last two decades at Disney and elsewhere, I have helped to grow innovative businesses and bring their content to the world. Now I am grateful and excited for the opportunity at BeatBread to help music artists in the same way. From the very first conversations I had with the BeatBread team, it was evident that there was something important happening here that could really transform the music industry over the long-term.”
Advances offered through BeatBread range from $1,000 and up to $3 million or more per artist, with even larger advances offered to artists and independent labels through the BeatBread investor network.
BeatBread advances funds on existing catalogue, 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.
BeatBread also offers a white label platform to independent labels and distributors powered by its chordCashAI technology. It 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.
In 2023, BeatBread launched SliceNote, a powerful new platform to enable fractional investing in independent musicians and labels.