Nigerian singer, Oluwatosin Ajibade, otherwise known as Mr Eazi, will soon be launching a N7.8 billion Africa Music Fund (AMF) to support emerging and existing artistes across Africa.
Through the AMF, the 29-year-old music star said he will be creating a new funding model for the music business on the continent.
In an interview with CNN, Mr Eazi said one of his primary motivations for funding music is to provide financial support for artistes, which he believes will expand their catalog.
He said, “Many investors and financial institutions don’t understand the business of music and as a result, are unable to properly fund musicians.
“Artists cannot go to banks to get money for their music because financial institutions don’t understand how to secure intellectual property. They get it for physical properties but not for music. So, because not a lot of people understand the music business, there is no finance product for musicians.”
Mr Eazi explained that selected artistes will be given funding depending on their revenue and projected incomes, using metrics such as streaming revenue.
“For artistes who already have footprints in the industry, we will just do our research. We can check how much they are earning or likely to earn from their streaming revenue, for example,” he told CNN.
The Doyin singer added that artistes will be given funds upfront based on their revenue to expand their music content. “The initial advance invested in an artiste’s music will be paid back in installments as the artist’s earnings start to rise,” he stated.
Mr. Eazi, who founded emPawa, a talent initiative launched to nurture and support up-and-coming artistes in Africa, said the N7.8 billion AMF will also create access to a larger audience for music artistes by helping them find and book shows. as well as distribute their music.
“Let’s say we have a two-year contract with someone. In those two years, we will be their representative, helping them manage their music, and as they grow we will be deducting the initial investment from their earnings,” he explained.
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