Following the close of the $100M fund, artist financing platform beatBread is expanding its European operations under the leadership of industry veteran Mark Terry
Two weeks after raising a $100 million institutional fund, music financing platform beatBread has announced it is expanding its European business by appointing music industry executive Mark Terry as Head of Europe.
In his new role, Terry will lead the company’s expansion in the UK and continental Europe and will focus on developing deeper relationships with artists, managers, distributors and independent labels, beatBread said in a Tuesday (December 6) release.
Before joining beatBread, Terry’s roles included General Manager of Virgin Records UK and Atlantic Records-UK, and Co-President of Columbia Records-UK, where he worked with artists such as Daft Punk, Ed Sheeran, Calvin Harris and Massive Attack worked together and George Ezra.
He will work closely with Matthew Tilley, BeatBread’s Head of Artist & Industry Development.
Since launching in November 2020, beatBread says it has advanced payments to nearly 500 artists and labels across genres, six continents and a variety of career stages via its chordCashAI technology.
Advances offered through beatBread range from $1,000 to $2 million per artist for a limited share of existing catalog earnings, with options also available for unreleased music.
Last month, the company launched what it describes as “an exclusive investor network,” adding funds from music companies and professionals, distributors and high-net-worth individuals to its existing pool of institutional capital.
In August, beatBread struck new “white label agreements” with 11 music distributors in North America, Europe and Africa, allowing the companies to use chordCashAI technology to offer automated progress.
In June, the company announced it had closed its biggest deal ever, announcing a “seven-figure artist financing deal” with singer-songwriter Elley Duhe and Not Fit For Society, her management company and independent label.
The expansion into Europe comes just weeks after beatBread closed its $100 million institutional funding agreement to support deals for artists.
“Mark brings extensive relationships and experience that will immediately expand beatBread’s footprint, but he will also be a key contributor to the continued development of our product offering.”
Peter Sinclair, CEO of beatBread, said: “We are delighted to add such a respected and experienced executive to our team.
“Mark brings extensive relationships and experience that will immediately expand beatBread’s footprint, but he will also be an important contributor to the advancement of our product offering and enable us to fund a broader market segment with even broader options. We are delighted to have him on board.”
Sinclair added: “We’ve already built a significant business in the UK and seen growth in partnerships in the rest of Europe, but we’re just getting started.”
“beatBread’s approach to funding reflects the way artists think today.”
Mark Terry added: “beatBread’s approach to funding reflects the way artists think today. Outdated big label deals fit the realities of a bygone era, and new structures and more flexible approaches are needed. In today’s industry, creatives don’t want to and shouldn’t give up ownership and control to advance their careers.”
The executive added: “When I was introduced to beatBread’s flexible and transparent financing options and saw the actual amounts the company could offer, I was intrigued. But when I met with the team and understood their mission, I was hooked. I couldn’t be more excited to play a role in helping the company achieve its ambitious goals of empowering artists.”
music business worldwide
https://www.musicbusinessworldwide.com/after-closing-100m-fund-artist-funding-platform-beatbread-expands-european-business-led-by-industry-veteran-mark-terry/ Following the close of the $100M fund, artist financing platform beatBread is expanding its European operations under the leadership of industry veteran Mark Terry