UnitedMasters has announced some head-turning new finance tools for indie artists. The first tool, launched in partnership with BeatBread, enables UnitedMasters to offer qualifying artists advances ranging from $1,000 to $1 million.
UnitedMasters announced on Instagram, “We are excited to announce a new suite of financial tools for independent creators. One of the biggest roadblocks for independent artists is access to funding and financial tools. Today we are starting to bridge that gap”.
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Utah-headquartered beatBread’s ChordCash tech engine evaluates artists’ streaming and social data to generate advance offers which – when combined with a “streamlined” verification and documentation process – leads to advance funding landing in artists’ bank accounts within days. Talking about where the money for advances come from, BeatBread said it encourages accredited investors to hand the firm money to invest in artists, while suggesting that this model offers “high growth with high potential yield” for funders.
The second of UnitedMasters’ major new finance-related partnerships is with Paperchain. It uses algorithms to predict an artist’s royalty earnings based on their latest streaming data. It then pays out this money to acts in real time, via Paperchain’s digital wallet and card.