# Music Royalty Financing — Map of Content How beatBread, Duetti and RoyFi fund artists against streaming revenue. Context: Tenwest (London) wants a credit facility behind Future Mode. Utopia supports the underwriting work. - Future Mode is a music distributor. It already sits in front of the cash. - It funds advances from its own balance sheet today. The book is about 30 artists. - Source primer: Royalty Financing Primer, Utopia, Nov 2026. > [!abstract] Core claim > These companies are specialty-finance businesses, not music businesses. Small equity builds the underwriting engine. Large debt funds the deals. Most of the headline "raise" is debt. ## Notes 1. [[Royalty Financing Is Specialty Finance]]: the first principles 2. [[Competitor Teardown - beatBread Duetti RoyFi]]: what each company did 3. [[Critical Assumptions and Non-Negotiables]]: what must hold, what can break 4. [[Ten West Future Mode - Test Plan]]: the steps to test it 5. [[Royalty Advance Deal Mechanics]]: statement split, deal life, levers 6. [[beatBread vs Future Mode Deal Terms]]: two real deals side by side, and the yield gap 7. [[Create Release Grow Artist Model]]: the artist loop, and where funding goes in 8. [[Services Improve Creditworthiness]]: why services can earn better terms 9. [[Revenue-Based Financing Analogues]]: Shopify Capital, MNT-Halan and the shared pattern ## Diagrams Cash flow, capital ladder and test gates: [[Music Royalty Financing Diagrams.html]] ![[Music Royalty Financing Diagrams.html]] > [!question] Open question > Future Mode holds 10 years of label-side statement data. Is it clean enough to back-test a valuation model? Can it ring-fence funded receipts for a lender? ---- tags: #boat links: [[010 Venture Building]] [[Decentralized Lending]]