Downtown Music has made 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 $500m of advance capacity in the coming years.
According to a statement from Downtown, this facility is designed to enable independent artists, songwriters, labels and publishers with ready access to capital.
“Downtown is at the centre 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.”
Andrew Bergman, CEO of Downtown Music parent, Downtown Music Holdings, said: “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.”
Downtown services cover areas including distribution, publishing administration, neighbouring rights and UGC monetisation.
“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.”
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