Dave Stewart Launching a Bank for Artists

Dave Stewart

Dave Stewart Launching a Bank for Artists

Founded by Dave Stewart (of the Eurythmics), the First Artist Bank is intended to provide fair banking services for musicians and to stop musicians from signing ‘stupid deals’. Stewart was speaking about his new venture at the Reeperbahn Music Festival in Hamburg, Germany, reports The Guardian.

The new bank, which will launch in 2014, is to serve artists, creators and their fans’. Modelled on the Farmers Bank in the United States, First Artist Bank will provide managementment of digital assets and intellectual property as well as advice and regular banking services.

‘Farmers used to have problems such as droughts or their tractor breaking,’ said Stewart. ‘They all had different banks that would lend them $1,000 but take a thousand acres – sort of like the music business, where they lend you money but take the rights. So the farmers created a farmers’ bank about a hundred years ago, and it’s still one of the most successful banks today.’

Stewart is launching the bank with Michael Philipp, a former chairman and CEO of Credit Suisse Europe and an investor in geothermal energy. Credit cards issued by the bank will have an ‘art miles’ programme attached, with rewards including concert tickets, albums and theatre tickets. An important part of the bank’s ethos will be a commitment to transparency, said Stewart.

Published on 30 September 2013

comments powered by Disqus