Dave Stewart is an excellent example of a musician not simply adjusting to changing times but taking an active role in those changes. Stewart's latest move is a plan to launch First Artist Bank to supply not only funding but IP management and consulting as well. We're not talking Kanye West interview dreams. Stewart's partner in the endeavor is Michael Phillip, a former banking executive at Credit Suisse and Deutsche Bank. First Artist Bank is planned to launch early next year.
First Artist Ventures already has an impressive portfolio with First Artist Bank taking things to a new level. According to The Guardian, Stewart stated that First Artist Bank will:
supply funding and management of digital assets and intellectual property, as well as advice - so people don't sign stupid deals."
It's designed not just for musicians but for all creative types:
It's a global creative community bank...It's in particular a bank for artists, creators and their fans..The bank's credit cards will have an 'art miles' points scheme, with rewards including tickets to Glastonbury, albums and theatre tickets."
Advisory - FAB works closely with artists to help them understand their brand, create new revenue streams, attract financial backing, and engage directly with the fans.
Banking - FAB is built to serve the global artist community and has tailored a full suite of banking services to meet the unique demands [of] our clients.
Funding - FAB is building a funding exchange where artists can meet and collaborate with multiple funding sources from crowd financing and brand sponsorships to traditional bank loans and institutional investors.
Reporting - FAB works with its partners to understand their businesses and deliver accurate, engaging, easy to use reporting that is accessible however and whenever the client needs it.
Check the site for a whole bunch of Vimeo videos on these topics that they apparently don't want anybody else embedding.
Big innovative move. I look forward to seeing how this plays out.