Independent labels and artists fund beatBread reaches $100 million

Music funding platform beatBread has just closed a $100 million institutional fund with asset manager Variant Investments to do so, MBW reports. Launched in November 2020, the company has made over 500 advances to artists and labels, ranging from $1,000 to as much as $2 million per artist for a limited share of revenues on catalog, and, if the artist chooses, on new unreleased music. These advances are repaid from a share of an artist’s streaming and airplay revenues, over a period of the artist’s choosing.