Fintech – financial technology – has been one of the booming growth sectors for a while. Now we can start talking about ‘music fintech’ as a subset of that. One example is Los Angeles startup BeatBread, which has been talking about some of its activities working with music distributors on their programs of advances for artists.
The company’s clients include UnitedMasters, Symphonic Distribution and Horus Music, who are all using its ‘chordCashAI’ system for their automated advances options. The company says it is looking for more partners in the worlds of distribution, artist services and independent labels.
“We made a deliberate decision to focus on financial technology rather than artist services or distribution, because there are so many companies that provide great services to artists already,” said CEO Peter Sinclair.
In separate news, MBW reported that UnitedMasters has also signed a deal with startup Paperchain to use its technology to help calculate and pay its artists.