Former Eurythmics man Dave Stewart has announced plans to launch a new bank designed specifically for musicians and other artists.
‘First Artist Bank’ was unveiled by Stewart at Reeperbahn with the aim to ensure that artists “don’t do stupid deals”.
Set to launch early next year, the bank will supply funding, management of digital assets and intellectual property as well as advice, according to Stewart.
The musician, producer and songwriter said that the idea is based on the success of the Farmers Bank in the US: “Farmers used to have problems such as droughts or their tractor breaking. 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 [to your music].
“So the farmers created a farmers’ bank about a hundred years ago, and it’s still one of the most successful banks today.”
Stewart will take the role of co-chairman of the bank alongside project partner Michael Philipp – former chairman and CEO of Credit Suisse Europe, Middle East and Africa, and a former senior executive at Deutsche Bank.
The First Artist Bank will cater for artists in film, television and theatre as well as music.
“It’s a bank for artists, creators and their fans,” said Stewart, adding that the bank’s credit carts will include a points scheme with rewards including Glastonbury tickets, albums and theatre tickets