Music funding platform beatBread has joined IMPALA‘s Friends program under a two-year deal.
IMPALA is a trade body that represents many of the world’s biggest independent record labels in Europe. The “Friends of IMPALA” initiative, spearheaded by the organization, aims to facilitate collaboration between companies and the independent music sector.
Participation in the ‘Friends’ program requires an annual fee, with approval by the IMPALA Board required for a one-year membership.
Members of the program include Spotify, YouTube, metadata firm AudioSalad, music business management software Reprtoir, and Spain’s SonoSuite, which provides white-label SaaS digital technology services for the music industry.
“We are delighted to welcome beatBread as Friend of IMPALA and strategic ally in our ongoing efforts to promote the interests of the independent music sector,” said Helen Smith, Executive Chair of IMPALA.
“Financial flexibility and independence for labels resonates deeply with IMPALA’s mission to improve access to finance for the sector and we look forward to working with beatBread on this. Any members interested in what beatBread offers should let us know and look out for a webinar early 2024.”
“Financial flexibility and independence for labels resonates deeply with IMPALA’s mission to improve access to finance for the sector and we look forward to working with beatBread on this.”
Helen Smith, IMPALa
Peter Sinclair, CEO of beatBread, added: “At beatBread, artists and songwriter choice and empowerment is our North Star. Music creators now have the opportunity to grow with more flexibility, control and economic upside than at any point in the history of the music industry.”
Added Sinclair: “This opportunity is uniquely available to artists who partner with independent labels, artist service companies and distributors rather than with traditional incumbents.
“We are proud to partner with IMPALA, and are excited to develop a powerful relationship to enhance the independent music ecosystem and build the future of the music industry together.”
“We are proud to partner with IMPALA, and are excited to develop a powerful relationship to enhance the independent music ecosystem and build the future of the music industry together.”
Peter Sinclair, beatBread
Since launching in November 2020, beatBread says it has paid advances to almost 500 artists and labels via its chordCashAI technology.
Advances offered through beatBread, according to the platform, range from $1,000 and up to $3 million or more per artist, with larger advances offered to artists and independent labels through the beatBread investor network.
Earlier this month, beatBread announced that it is expanding its services to songwriters via a new Songwriting Advance Division. The company is offering songwriters advances of up to $3 million against the publishing rights on their catalog or catalog plus future songs.
The latest news comes after beatBread raised $34 million in its seed round, led by fintech-focused VC firm Deciens Capital in February 2022, and another $100 million with asset manager Variant Investments in November 2022.
The company has also raised money for its advances via an “exclusive investor network” that adds funding from music companies and professionals, distributors and “high net worth” individuals.
BeatBread also launched a fractional investing platform called sliceNote earlier this year to allow qualifying investors to finance a part of an artist’s advance, in exchange for a percentage of the repayments.
Music Business Worldwide
