Downtown Music Holdings has set up a new multi-million dollar fund to guidance unbiased artists and entrepreneurial company owners.
The fund will be supported by a new credit rating facility with Lender of America, and will see Downtown commit around $200 million.
Downtown’s new $200 million determination to indie artists and music business people comes amidst a global growth in the impartial artist and label sector.
Citing Midia facts, Downtown notes that independent artists now depict 31% of full streams on Spotify, and separately, that unbiased artists designed up 52% of all winners at the 2021 Grammy Awards.
The launch of Downtown’s new fund comes a 12 months immediately after it bought its owned tunes copyright catalog to Harmony for all around $400 million.
Pursuing its deal with Concord, Downtown declared that it would emphasis solely on the songs providers sector, in a prepare it mentioned at the time would aid “the incredible advancement of the unbiased tunes economy”.
The corporation suggests that the $200 million-in addition fund will be utilised throughout its distribution, publishing administration and artist and label expert services functions.
Downtown projected in April final yr that it would make above $600 million from its tunes services corporations, throughout the two documents and publishing, in 2021 by yourself.
The organization now manages extra than 23 million music assets on behalf of over 1 million artists and enterprise shoppers, from 145 nations around the world.
“Downtown’s new fund is a powerful source, empowering songs creators all above the planet.”
Randy Hua, Bank of The united states
Commenting on the launch of the new fund, Financial institution of America’s Head of the Enjoyment Industries Team Randy Hua noted right now (March 9) that, “Downtown Audio Holdings has developed a business that is very well positioned to serve the quick-escalating unbiased sector of the new music industry”.
He included: “Downtown’s new fund is a powerful resource, empowering audio creators all above the entire world. Lender of The us is delighted to aid finance this modern sector of the creative economic system.”
“This financing from Financial institution of The united states allows us to broaden our tunes solutions enterprise by giving creators and business homeowners the capacity to finance initiatives in an ecosystem exactly where the selections are frequently unpalatable.”
Andrew Bergman, Downtown
Andrew Bergman, CEO of Downtown Music Holdings, mentioned: “Empowering artists has been Downtown’s core mission from the really inception of the corporation.
“This funding from Bank of America permits us to expand our music companies small business by giving creators and business enterprise entrepreneurs the means to finance jobs in an setting the place the solutions are frequently unpalatable.
“Bank of America recognizes this require in our market, and we applaud their commitment and belief in our mission.”
“This credit history facility permits us to empower the hundreds of artists who use our services.”
Alan Goodstadt, Downtown
Downtown Tunes Holdings’ Main Financial commitment Officer Alan Goodstadt, added: “We are immensely gratified that Bank of America shares our vision of constructing monetary answers for creators in our industry.
“This credit history facility allows us to empower the countless numbers of artists who use our products and services.”Songs Business enterprise All over the world