Music financing platform beatBread has appointed music trade veteran Tracy Maddux as Interim Chief Government Officer.
Maddux succeeds Peter Sinclair, beatBread’s late co-founder and CEO. BeatBread stated that Sinclair’s “imaginative and prescient for a fairer and extra clear music trade stays central to the corporate’s objective”.
Tracy Maddux has additionally been appointed as a long-term advisor to the beatBreadboard and can lead the corporate on an interim foundation whereas a world seek for a brand new everlasting chief continues.
Maddux brings many years of management expertise at “the intersection of music, know-how, and finance,” the corporate stated on Wednesday (November 19). Based on the announcement, he’ll information beatBread “by way of its subsequent section of development whereas persevering with the corporate’s mission of increasing monetary freedom and artistic independence for artists worldwide”.
Maddux’s appointment follows beatBread’s announcement final month of a $100 million International Independence Fund, designed, in response to the agency, “to offer impartial artists and labels the sources to compete with the majors with out giving up management”.
The launch of the indie music fund arrived two months after beatBread secured $124 million in credit score and fairness capital.
As CEO of CD Child from 2010 to 2020, Maddux “led the corporate’s development into one of many world’s largest distributors for impartial artists, constructing lasting relationships throughout the artist and label group,” stated beatBread on Wednesday.
As Chief Business Officer of Downtown Music Holdings, he subsequently “helped drive business technique throughout Downtown’s international music companies portfolio,” the announcement famous.
Along with his govt management roles, Maddux has been an energetic investor and advisor within the music know-how sector. Earlier this yr, he led a multi-million-dollar funding spherical in rights administration platform OpenPlay, becoming a member of its Board of Administrators to assist scale data-driven instruments for the impartial sector.
Beneath Maddux’s interim management, beatBread says it would give attention to “sustaining its sturdy development trajectory, advancing platform innovation, increasing partnerships, and making certain operational excellence.”
He may even play an energetic function within the firm’s seek for a everlasting CEO, “making certain a seamless transition and long-term continuity”.
“beatBread has sturdy momentum, and appointing Tracy Maddux as Interim CEO ensures that continues whereas we establish the best long-term chief to construct on Peter Sinclair’s legacy.”
Ishan Sachdev, beatBread
Ishan Sachdev, Common Companion at beatBread’s lead investor Deciens, stated: “beatBread has sturdy momentum, and appointing Tracy Maddux as Interim CEO ensures that continues whereas we establish the best long-term chief to construct on Peter Sinclair’s legacy.
“Along with his time at CD Child and Downtown, he brings a uncommon mixture of deep trade experience and operational self-discipline, and he’s earned credibility with artists and labels over a few years. That’s significantly essential proper now as labels proceed to attempt to keep up their independence in an setting that’s been impacted by Downtown’s sale to Common.
“Tracy shares Peter’s distinctive dedication to empowering independence, and he’ll work with beatBread’s exceptional group, to advance the corporate’s development whereas sustaining its artist-first mission.”
“Peter Sinclair constructed beatBread on the idea that impartial artists deserve entry to the identical monetary instruments as major-label acts, with out sacrificing possession or management.”
Tracy Maddux
Added Maddux: “Peter Sinclair constructed beatBread on the idea that impartial artists deserve entry to the identical monetary instruments as major-label acts, with out sacrificing possession or management.
“Having identified Peter and admired his strategy since beatBread’s founding, I’m deeply honored to assist carry that imaginative and prescient ahead. The corporate has constructed an distinctive basis, with gifted folks, progressive know-how, and rising belief throughout the trade, and I see monumental potential to develop that influence globally.”Music Enterprise Worldwide
