NEW YORK, NY — May 9, 2024 | Downtown Music (Downtown), the world's leading service provider to the global music industry, today announced a significant expansion in its capacity to support the independent music community in partnership with Bank of America. Initially established in 2022 with $200 million of capacity to provide artists and rights holders with advances in exchange for a short-term share of future royalties, the partnership now equips Downtown with an additional $500 million of advance capacity in the coming years. This facility is designed to enable independent artists, songwriters, labels and publishers all over the world with ready access to the capital they need to finance their work and grow their businesses on their own terms.
“Downtown is at the center of a major shift in the music industry where creators and the businesses that support them are completely aligned,” said Downtown Music CEO Pieter van Rijn. “Our clients depend on us for the resources they need to bring their work to life and retain ownership and control of their work. Flexible financing solutions like this are another essential way we can support artists and grow the industry as a whole.”
Said Andrew Bergman, the CEO of Downtown Music parent, Downtown Music Holdings, “Bank of America's collaboration with Downtown Music is a testament to their commitment to innovation and their understanding of the value of the music ecosystem and we are grateful for their continued partnership.”
As the largest service provider to the global music industry, Downtown provides services across multiple rights types, allowing it to extend creative financing solutions to a wide range of artists and rights holders. From distribution and publishing administration to neighboring rights and UGC monetization, Downtown's ability to customize and combine services empowers it to meet the diverse needs of artists and music companies around the world.
“Bank of America is pleased to work with Downtown Music to expand their Credit Facility in support of their strategic initiatives,” said Randy Hua, head of the Entertainment Industries Group at Bank of America. “Through the expanded facility, Downtown’s support of independent musicians and creators is a critical benefit to the music industry as a whole.”
