Music financing platform beatBread named former CD Baby and Downtown Music executive Tracy Maddux interim CEO following the death of beatBread co-founder and CEO, Peter Sinclair, the company announced on Wednesday (Nov. 19).
“Under Maddux’s interim leadership, beatBread will focus on maintaining its strong growth trajectory, advancing platform innovation, expanding partnerships, and ensuring operational excellence,” according to a beatBread press release. “He will also play an active role in the company’s search for a permanent CEO, ensuring a seamless transition and long-term continuity.”
Related
Maddux was Downtown Music’s chief commercial officer from 2020 to 2023, when he was in charge of the distribution, monetization and promotion of Downtown’s umbrella companies CD Baby, FUGA, AdRev, Curve Royalty Systems and DashGo. Prior to that, he served as CEO of CD Baby from 2010 to 2020, via Downtown’s acquisition of the company from AVL Digital. More recently, Maddux invested in and took a seat on the board of rights management platform OpenPlay. He will serve as a long-term advisor to beatBread’s board, the company said.
Sinclair, the company’s late CEO, was a former McKinsey and Green Dot industry veteran and longtime senior vp of consumer and e-commerce at Universal Music Group (UMG). He died earlier this year at the age of 50 after a brief illness.
“Peter Sinclair built beatBread on the belief that independent artists deserve access to the same financial tools as major-label acts, without sacrificing ownership or control,” said Maddux in a statement. “Having known Peter and admired his approach since beatBread’s founding, I’m deeply honored to help carry that vision forward. The company has built an exceptional foundation … and I see enormous potential.”
Earlier this year, beatBread announced it had raised $124 million from equity investors, including banking giant Citigroup and venture investors Deciens Capital and Mucker Capital, as well as loans from financiers Advantage Capital and GMO. In October, the company launched its $100 million Global Independence Fund to support indie labels and distributors, partly in response to UMG’s move to acquire Maddux’s former company, Downtown Music. That deal, which is pending regulatory approval by the European Commission, has faced opposition from several leading independent music organizations, including IMPALA, Beggars Group, IMPF, A2IM and Secretly Group.
Ishan Sachdev, general partner at beatBread’s longtime investor, Deciens, said Maddux’s experience presents “a rare combination” of industry expertise and operational discipline that beatBread needs “right now as labels continue to strive to maintain their independence in an environment that’s been impacted by Downtown’s sale to Universal.”
“Tracy shares Peter’s exceptional commitment to empowering independence, and he’ll work with beatBread’s remarkable team, to advance the company’s growth while maintaining its artist-first mission,” Sachdev said in a statement.
