Get the latest gossip

Concord in Advanced Talks to Acquire Stem

Concord is in advanced talks to acquire digital distributor Stem. The purchase would help Concord's ambitions to expand its frontline music business.

Stem, which raised $40 million in three fundraising rounds from 2017 to 2022, has been looking for a strategic investor since at least last year to give it access to more funding for artist advances after losing a series of stars to major labels. In 2023, Stem secured a$250 million credit facility from Victory Park Capital to expand its advance check product, which has funded projects by Brent Faiyaz and Justine Skye. That line of credit was “restrictive,” a source with knowledge of the company tells Billboard, because it was doled out on a deal-by-deal basis, requiring each artist’s project to recoup its own advance.

Get the Android app