We’ve been writing about music finance startup BeatBread since last summer, when it worked with a group of distributors to help them offer automated advances to artists. One $34m funding round later, the company is talking about the growing ambition of the direct deals it’s doing with artists.
BeatBread says that it has agreed a “seven figure” deal with artist Elley Duhe and her management company and label Not Fit For Society. That means funding that will help Duhe stay independent for now, as her audience (20.6 million listeners and counting on Spotify) grows.
“Although we’re not against major labels, independence just felt like the way to go. After multiple major label negotiations, we felt like they didn’t fully align with our ideas and vision for Elley,” said Not Fit For Society CEO J. Hill. “For Elley, we all wanted to stay indie but still be able to make major moves. beatBread understood our overall vision and didn’t hesitate to make this a reality with us.”
BeatBread also says that it has provided financial advances to nearly 400 artists and labels since its launch.
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