NEW YORK (CelebrityAccess) — Music services provider Downtown Music Holdings announced the launch of a new investment fund aimed at supporting independent artists and businesses.
The fund, which has been capitalized with an initial investment of $200 million, is supported by a new credit facility with Bank of America. The fund will be leveraged across Downtown’s distribution, publishing administration and artist and label services operations.
“Empowering artists has been Downtown’s core mission from the very inception of the company,” said Andrew Bergman, CEO of Downtown Music Holdings. “This financing from Bank of America enables us to expand our music services business by giving creators and business owners the ability to finance projects in an environment where the options are often unpalatable. Bank of America recognizes this need in our industry, and we applaud their commitment and belief in our mission.”
“We are immensely gratified that Bank of America shares our vision of building financial solutions for creators in our industry. This credit facility enables us to empower the thousands of artists who use our services,” added Downtown Music Holdings’ Chief Investment Officer Alan Goodstadt.
