STEM TAPS $250M CREDIT LINE FOR ARTISTS

Stem—which extends distribution, royalty services, financial tools and other functions to help artists exercise more control over the business behind their music—will be able to tap into a $250m credit facility for advance money via a new partnership with investment firm Victory Park Capital.

In addition to advances for yet-to-be-released music, artists will have the option to take advances against previously released albums and songs, presenting a range of opportunities to support their growth. Among the acts who've accessed the advance product are Brent Faiyaz and his team at Colture, Justine Skye and the Tampa-based band Set It Off.

“This funding from VPC enables us to close two major gaps we see artists consistently facing,” said Stem CEO Milana Lewis. “The first gap is access to capital for those who are not yet ready to sell their catalog but want to leverage it for cash. The second is investment in future music by those who are exiting the major-label system and have their catalog committed but have the opportunity to become independent. Addressing these pain points in a way that allows the client to set their own terms is incredibly exciting.”

Of course, if you say "stem" or, for that matter, "seed" or "music" to the folks around here, they'll start telling you how, back in the day, they used Jimi Hendrix’s Electric Ladyland to clean their weed.