AI-driven music funding platform beatBread has appointed Troy Skabelund as Chief Monetary Officer.
Skabelund has held varied finance management roles in a collection of tech companies over current years, after greater than a decade spent in key finance roles throughout the digital and interactive divisions of The Walt Disney Firm.
At beatBread, Skabelund will oversee all monetary technique and operations — together with capital efforts, monetary reporting, monetary planning & evaluation, compliance, and threat administration.
He’ll report back to John Haller, beatBread’s COO and co-Founder, and be based mostly on the firm’s Utah workplaces. beatBread’s different workplace places embody Los Angeles, New York, Miami and London.
Since launching in November 2020, beatBread says it has paid advances to nearly 500 artists and labels throughout a number of genres, six continents, and a broad vary of profession levels, by way of its chordCashAI know-how.
Advances supplied by way of beatBread, in keeping with the platform, vary from $1,000 and as much as $3 million or extra per artist, with bigger advances supplied to artists and unbiased labels by way of the beatBread investor community.
beatBread advances funds on current catalog, in addition to new and unreleased music. The corporate notes that “advance agreements depart touring, publishing, synch, and merchandise income streams untouched”.
beatBread additionally presents a white label platform to unbiased labels and distributors powered by its chordCashAI know-how. beatBread has partnered with greater than 20 unbiased distributors and labels, together with Symphonic Distribution, UnitedMasters and Too Misplaced Data.
In 2023, beatBread launched sliceNote, a platform to allow fractional investing in unbiased musicians and labels. Certified buyers can spend money on fractions of as little as 1% of any given deal and might be a part of music corporations and insiders in a consortium to take a position $1000 to $1 million in any artist or unbiased label.
“We’re planning for and including vital scale on the firm as we develop our attain and proceed to ship towards our mission to empower artists and the unbiased ecosystem as a complete.”
John Haller, beatBread
John Haller stated: “We’re planning for and including vital scale on the firm as we develop our attain and proceed to ship towards our mission to empower artists and the unbiased ecosystem as a complete.
“Troy has deep administration expertise throughout many various giant, fast-moving organizations, and his understanding of finance’s function in progress is essential as we transfer ahead. We’re excited and lucky to have him be a part of the group.”
“For the final 20 years at Disney and elsewhere, I’ve helped to develop progressive companies and produce their content material to the world. Now I’m grateful and excited for the chance at beatBread to assist music artists in the identical method.”
Troy Skabelund stated: “For the final 20 years at Disney and elsewhere, I’ve helped to develop progressive companies and produce their content material to the world.
“Now I’m grateful and excited for the chance at beatBread to assist music artists in the identical method. From the very first conversations I had with the beatBread group, it was evident that there was one thing essential taking place right here that would actually remodel the music trade over the long-term.”
In March 2022, beatBread launched an Artists Advocacy Council that includes the likes of Mike Caren (Artist Associate Group) and Dave Dederer (Label proprietor and founding member of The Presidents of america of America) as founding members.Music Enterprise Worldwide