Music funding platform beatBread has formed an advisory board of five senior executives from the music, technology, and finance industries.
The board, announced on Thursday (November 12), will advise CEO Andreea Gleeson and beatBread‘s executive leadership team on long-term strategy, product development, market positioning, and go-to-market priorities.
Its members are Scott Sellwood, Director of Music Business Development at Meta; Johan Ahlström, co-founder and former CEO of Kobalt Capital; Oana Ruxandra, Founder and CEO of PopHatch and former Chief Digital Officer at Warner Music Group; Jeremy Sirota, Chief Commercial Officer at Suno and former CEO of Merlin; and Adam Parness, former Global Head of Music Publishing at Spotify.
“Independent artists, songwriters and music companies are building increasingly sophisticated businesses, but the financial tools available to them haven’t always kept pace,” said Gleeson.
“We’re focused on changing that. Scott, Johan, Oana, Jeremy and Adam collectively bring a wealth of expertise spanning music, technology and finance.
“They’ve each played an important role in shaping the industry we know today, and I’m excited to have their experience and perspectives to help us think through what’s next for beatBread and the independent music economy.”
Photo credit: beatBread
“Independent artists, songwriters and music companies are building increasingly sophisticated businesses, but the financial tools available to them haven’t always kept pace.”
Andreea Gleeson
The board will meet regularly with Gleeson and the executive team, including at an annual strategy summit focused on industry trends, growth opportunities, product investment, and go-to-market strategy.
According to beatBread, the former TuneCore CEO’s early priorities include expanding the company outside the United States, deepening its distributor and label partnerships, and building on its underwriting capabilities.
Sellwood co-founded content rights management platform Source3, which Facebook acquired in 2017, and is now Director of Music Business Development at Meta.
“Technology has opened up opportunities for artists and music companies that simply didn’t exist a decade ago, and fundamentally changed how music is created, distributed and monetized,” said Sellwood.
“But the financial infrastructure supporting that growth still has a lot of catching up to do, and beatBread can help bridge that gap. I’m looking forward to working with Andreea and the team as they continue to innovate and create more flexibility and choice in this space.”
“Technology has opened up opportunities for artists and music companies that simply didn’t exist a decade ago, and fundamentally changed how music is created, distributed and monetized.”
Scott Sellwood
Ahlström co-founded music-rights investment firm Kobalt Capital in 2010 and, as CEO, led the sales of its two funds for a combined total of around USD $1.4 billion.
“Music rights have become an established asset class over the past decade, attracting significant institutional capital,” said Ahlström. “Most of that money has gone to large catalogs, however, and independent artists and smaller rights holders have found it much more difficult accessing the same investment capital to fund their growth.
“beatBread uses technology and data to make music financing more accessible and flexible, and it’s exciting to be part of this next phase of growth that can take the offer to more people on the frontlines of the exciting things happening in music right now.”
“Most of that money has gone to large catalogs, however, and independent artists and smaller rights holders have found it much more difficult accessing the same investment capital to fund their growth.”
She was a quantitative portfolio manager at BlackRock before entering music and serves on the boards of Revolve and The Metropolitan Opera.
“Artists today run businesses,” said Ruxandra. “They build their audiences, sell to their fans and own their work. The funding behind them should understand that, and beatBread’s does.
“Artists get capital to invest in their own growth and keep ownership and control of what they’ve built. I’m excited to work with Andreea and the team on how capital and technology can back the next generation of artist entrepreneurs.”
“Artists get capital to invest in their own growth and keep ownership and control of what they’ve built.”
Oana Ruxandra
Sirota is Chief Commercial Officer at AI music company Suno, a role he took up in February, and is a former CEO of Merlin, the digital licensing partner for independent labels and distributors.
“Independent music has become one of the most dynamic forces in the industry, thanks to improved access to technology, distribution and global audiences,” said Sirota.
“But building a business that lasts on your own terms also takes capital. beatBread gives artists and rights holders more ways to fund their ambitions, and I’m excited to work with Andreea and the team on what comes next for the independent music economy.”
“Independent music has become one of the most dynamic forces in the industry, thanks to improved access to technology, distribution and global audiences.”
Jeremy Sirota
Parness was Global Head of Music Publishing at Spotify from 2017 to 2019 and now runs Adam Parness Music Consulting.
He previously led Amazon‘s global music publishing work during the launch of Prime Music, and ran publisher licensing at Pandora.
“The music sector has grown and changed in many ways, but access to financing for songwriters and independent rights holders hasn’t evolved so quickly,” said Parness. “There is a real opportunity to rethink how we recognize the value of music and give creators more options to invest in their careers and businesses. beatBread is bringing a fresh approach to that challenge, and I’m looking forward to contributing to its continued evolution alongside their outstanding team.”
“There is a real opportunity to rethink how we recognize the value of music and give creators more options to invest in their careers and businesses.”
Adam Parness
Since launching in 2020, beatBread says it has funded more than 2,000 clients across six continents, with deals ranging from $1,000 to more than $10 million.
The company prices and structures its offers using proprietary underwriting technology called chordCashAI, and is backed by investors including Citi, Deciens Capital, Mucker Capital, and Advantage Capital, alongside lending partners such as GMO.Music Business Worldwide
