Finance platform beatBread said on Thursday it is launching a $100 million fund to support independent labels and distributors as the indie sector faces consolidation driven by larger music companies and big investors.
The Global Independence Fund provides a pool of dedicated capital for loans to indie companies seeking to grow and remain autonomous. Labels can tap the fund to borrow against their catalogs, get financing for the advances they use to land new artists, or to cover other discretionary business needs.
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The fund comes together just months after beatBread announced it secured $124 million from equity investors and loans and that its co-founder and CEO Peter Sinclair died, both in August.
The fund aims to strengthen the indie sector following efforts by major music companies to expand their market share by bringing indie labels and distributors under their umbrella, the company said in a statement. The largest of these deals — Universal Music Group’s planned acquisition of Downtown — is facing regulatory scrutiny by Europe’s antitrust authorities with their decision on whether to allow the deal to proceed expected around the year’s end.
“For too long, independent labels have had to play by rules set by incumbents, where access to capital comes at the cost of control, and the opportunity to sign and support artists is also limited by access to capital, even when those distributors or independent labels may otherwise be in the very best position to develop, market and support a given artist,” Matthew Tilley, beatBread’s head of artist & industry development, said in a statement. “The Global Independence Fund is one element in the ongoing fight to change that.”
Labels who are also members of the indie trade groups AIM, AIM Ireland, WIN and IMPALA are offered access to OpenPlay, a technology platform for managing and monetizing music assets, and all labels who borrow from this fund are eligible for co-investments from beatBread’s funding network, the company said in a statement.
Noemi Planas, head of the international trade group for independent music companies WIN, applauded the launch of the fund for adding to artists’ options.
“The future of music should be shaped by the diversity, creativity, and resilience of independent labels and artists,” Planas said. “Expanding access and choice of funding options helps make that future a reality.”
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