The Featured Artists Coalition (FAC) has teamed with funding platform BeatBread.
“The partnership represents a natural move given both organisation’s shared goal to provide artists with greater choice and ownership within the music industry,” according to a statement.
BeatBread is a music funding platform that promises to enable artists to take control of their careers without giving away ownership of their music. It closed a $34 million seed funding round last month.
Founded in 2020, BeatBread’s team of music, finance and machine learning experts have made over 300 artist advances, in increments of $1,000 to $2 million. The customisable advances are repaid through a limited share of revenues from streaming and airplay, over a period of the artist’s choosing.
Through a series of workshops, roundtables and in-person events, artists will be able to learn more about access to funding and the benefits of retaining control of their businesses. Artists who would like to join one of the upcoming, private roundtables can contact firstname.lastname@example.org for more information.
Our mission is to give more artists more choice, more control and more power in the new music industry
David Martin, CEO, FAC, said: “Providing artists with the knowledge, advice and tools to develop their careers is a fundamental tenet for the FAC. BeatBread’s platform empowers artists by providing funding, allowing greater freedom in decision-making.
“The service is a game-changer for artists, providing the capability to retain full ownership of music rights whilst providing the capital to fund future projects and progress within the industry.”
Peter Sinclair, CEO, BeatBread, said: “Our mission is to give more artists more choice, more control and more power in the new music industry. The FAC has been a tireless advocate for the rights and interests of the global artist community, and we are very honoured to support the FAC’s mission.”
In addition to its direct-to-artist funding, BeatBread also offers its chordCashAI technology and full capital-as-a-service offering to leading independent labels and distributors such as UnitedMasters, Symphonic and TooLost Records.
The business is headquartered in Utah with offices in Los Angeles, Miami, and New York.