Music funding programme beatBread offers new advances of up to $3 million for songwriters
Those with advances will pay it back through streaming and airplay revenue.
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Utah-based indie artist and label music funding platform beatBread is now offering advances of up to $3 million to songwriters via a new Songwriting Advance Division.
As of today, songwriters will now be eligible for advances of up to three million dollars against the publishing rights on their catalogue or catalogue plus future songs.
Like other advances given to independent artists, songwriters will have the ability to customise the scope, term length and size of repayments for the advances, which is completed through streaming and airplay revenues that are earned.
The company has announced that they are bringing in music publisher and former BMG executive Spencer LeBoff, who has worked with the likes of Dua Lipa and songwriters for Selena Gomez and Maroon 5, as the new General Manager of Publishing.
“We are providing a unique opportunity for songwriters to maximise the value of their copyrights while retaining ownership over their work,” LeBoff said in a statement. “The team at beatBread have done such a great job of paving this path on the sound recording side and I’m so excited to extend it into publishing.”
“We are excited to continue to expand the choices available to artists, writers and their partners on our platform.” beatBread Founder & CEO Peter Sinclair explained in a statement.
“We believe creatives should have more access, more choice, more transparency and more leverage than industry incumbents have traditionally offered. Creative empowerment is our north star, and with this new initiative, we are one step closer to our goal of creating a more open and creator-friendly music industry.
According to beatBread, the company distributed around 500 advances across multiple genres and continents as of late last year.
For more information you can head to beatBread.
