The credit facility is intended “to fostering economic empowerment through ownership of intellectual property rights in visual, musical and sound copyrights. Artists connected to the new initiative will receive a team, infrastructure and resources comparable to major labels while retaining ownership of their music,” the statement said.
“Too often we hear of bad deals and unscrupulous individuals and/or record companies taking advantage of certain artists’ lack of business experience or knowledge,” Floyd Tyler, president and chief investment officer of Preserver Partners, shared with AfroTech. “We hope to be a reliable source of capital that will allow them to invest in their music and increase their streaming income without going into debt or giving up their ownership rights. Much of the business world is trying to take his agency away from him in exchange for the promised success. We do the opposite. It’s powerful.
According to Tyler, the partnership should leave a big impact on the Memphis music scene.
“The [credit facility] will be a game changer for some artists,” he said. “Before now, no major capital provider has committed to investing in the Memphis music scene through a model that invests in promoting its music and building its brand without taking ownership rights. “