Maddux succeeds Peter Sinclair, beatBread’s late co-founder and CEO. BeatBread said that Sinclair’s “vision for a fairer and more transparent music industry remains central to the company’s purpose”.
Tracy Maddux has also been appointed as a long-term advisor to the beatBreadboard and will lead the company on an interim basis while a global search for a new permanent leader continues.
Maddux brings decades of leadership experience at “the intersection of music, technology, and finance,” the company said on Wednesday (November 19). According to the announcement, he will guide beatBread “through its next phase of growth while continuing the company’s mission of expanding financial freedom and creative independence for artists worldwide”.
Maddux’s appointment follows beatBread’s announcement last month of a $100 million Global Independence Fund, designed, according to the firm, “to provide independent artists and labels the resources to compete with the majors without giving up control”.
The launch of the indie music fund arrived two months after beatBread secured $124 million in credit and equity capital.
As CEO of CD Baby from 2010 to 2020, Maddux “led the company’s growth into one of the world’s largest distributors for independent artists, building lasting relationships across the artist and label community,” said beatBread on Wednesday.
As Chief Commercial Officer of Downtown Music Holdings, he subsequently “helped drive commercial strategy across Downtown’s global music services portfolio,” the announcement noted.
In addition to his executive leadership roles, Maddux has been an active investor and advisor in the music technology sector. Earlier this year, he led a multi-million-dollar investment round in rights management platform OpenPlay, joining its Board of Directors to help scale data-driven tools for the independent sector.
Under Maddux’s interim leadership, beatBread says it will focus on “maintaining its strong growth trajectory, advancing platform innovation, expanding partnerships, and ensuring operational excellence.”
He will also play an active role in the company’s search for a permanent CEO, “ensuring a seamless transition and long-term continuity”.
“beatBread has strong momentum, and appointing Tracy Maddux as Interim CEO ensures that continues while we identify the right long-term leader to build on Peter Sinclair’s legacy.”
Ishan Sachdev, beatBread
Ishan Sachdev, General Partner at beatBread’s lead investor Deciens, said: “beatBread has strong momentum, and appointing Tracy Maddux as Interim CEO ensures that continues while we identify the right long-term leader to build on Peter Sinclair’s legacy.
“With his time at CD Baby and Downtown, he brings a rare combination of deep industry expertise and operational discipline, and he’s earned credibility with artists and labels over many years. That’s particularly important right now as labels continue to strive to maintain their independence in an environment that’s been impacted by Downtown’s sale to Universal.
“Tracy shares Peter’s exceptional commitment to empowering independence, and he’ll work with beatBread’s remarkable team, to advance the company’s growth while maintaining its artist-first mission.”
“Peter Sinclair built beatBread on the belief that independent artists deserve access to the same financial tools as major-label acts, without sacrificing ownership or control.”
Tracy Maddux
Added Maddux: “Peter Sinclair built beatBread on the belief that independent artists deserve access to the same financial tools as major-label acts, without sacrificing ownership or control.
“Having known Peter and admired his approach since beatBread’s founding, I’m deeply honored to help carry that vision forward. The company has built an exceptional foundation, with talented people, innovative technology, and growing trust across the industry, and I see enormous potential to expand that impact globally.”Music Business Worldwide
