Music funding platform beatBread last week announced that it is now offering to advance money to songwriters recoupable against future income generated by their song rights. It expands the beatBread offering which to date has been targeted at artists and labels, with money advanced on future recording income.
The company said that it will offer advances of up to $3 million to songwriters depending on the value of their publishing. That can be secured entirely on existing songs, or a combination of new and existing works. Writers "will be able to customise their advance terms by adjusting the scope, term length and revenue shares to tailor funding agreements to their needs".
Says beatBread Founder and CEO Peter Sinclair: "We are excited to continue to expand the choices available to artists, writers and their partners on our platform. 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".
The firm's new songwriter division will be led by Spencer LeBoff, previously with BMG, who takes on the newly created role of General Manager Of Publishing.