Two weeks after the closing of a $100 million institutional fundmusic funding platform beatBread has announced it is expanding its European operations, appointing music industry executive Mark Terry as director for Europe.
In his new role, Terry will lead the company’s expansion in the UK and continental Europe, focusing on developing deeper relationships with artists, managers, distributors and independent labels, beatBread said in a statement from Tuesday, December 6.
Prior to joining beatBread, Terry held positions such as Managing Director of Virgin Records UK and Atlantic Records-United Kingdom, and as co-chairman of Records of Colombia-UK, where he has worked with artists such as Daft Punk, Ed Sheeran, Calvin Harris, Massive Attack and George Ezra.
He will work closely with Matthew Tilley, head of artist and industry development at beatBread.
Since launching in November 2020, beatBread claims to have made advances to nearly 500 artists and labels across multiple genres, six continents, and a wide range of career stages, through its chordCashAI technology.
Advances offered by beatBread range from $1,000 to $2 million per artist for a limited share of existing catalog revenue, with options also available for unreleased music.
Last month, the company spear what it describes as “a network of exclusive investors” adding funding for music companies and professionals, distributors and “high net worth” individuals to its existing pool of institutional capital.
In August, beatBread form new “white label agreements” with 11 music distributors based in North America, Europe and Africa, allowing companies to use chordCashAI technology to offer automated advances.
In June, the company said it had closed its biggest deal ever, announcing a “seven-figure artist funding deal” with singer-songwriter Elley Duhe and Not Fit For Society, her management company and his independent label.
The expansion into Europe came just weeks after beatBread secured its $100 million institutional funding deal to support artist deals.
“Mark has a depth of relationships and experience that will immediately expand beatBread’s footprint, but he will also be a key contributor in the future evolution of our product offering.”
Peter Sinclair
beatBread CEO Peter Sinclair said, “We are very pleased to add such a respected and experienced leader to our team.
“Mark has a depth of relationships and experience that will immediately expand beatBread’s footprint, but he will also be a key contributor in the future evolution of our product offering, enabling us to fund a broader segment of the market with a whole even wider range of options.. We are delighted to have him on board.
Sinclair added: “We have already built a significant business in the UK and have seen growth in partnerships across the rest of Europe, but we are just getting started.”
“beatBread’s funding approach reflects the way artists think today.”
Mark Terry
Mark Terry added: “beatBread’s funding approach reflects the way artists think today. Agreements with major legacy labels correspond to the realities of a bygone era, and new structures and more flexible approaches are needed. In today’s industry, creators don’t want to and shouldn’t give up ownership and control to advance their careers,”
The executive added: “When I was introduced to the flexible and transparent financing options provided by beatBread and saw the actual amounts the company could offer, I was intrigued. But when I met the team and understood their mission, I was convinced. I couldn’t be more excited to play a role in helping the company achieve its ambitious artist empowerment goals. »
