# Music Royalty Financing — Map of Content How beatBread, Duetti and RoyFi fund artists against streaming revenue. Context: Ten West (London) wants a credit facility behind its product Future Mode. > [!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 ## Diagrams Cash flow, capital ladder and test gates: [[Music Royalty Financing Diagrams.html]] ![[Music Royalty Financing Diagrams.html]] > [!question] Open question > What data does Future Mode hold: royalty statements or stream counts only? Can Ten West control the cash? ---- tags: #boat links: [[010 Venture Building]] [[Decentralized Lending]]