Nigerian star musician Mr Eazi real name Tosin Ajibade
has launched the African Music Fund Scheme;
a funding platform that will contribute to Africa’s young musicians.
According to CNN, the African Music fund is worth $20 million
and is being funded by 88mph, a company vested in growing African businesses.
With African Music Fund, Mr Eazi plans to change the game;
providing a new funding model to give support to artists who need it
to push their music and expand their catalog.
“Artists cannot go to banks to get money for their music
because financial institutions don’t understand
how to secure intellectual property,” He says. “
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,” the 29yr old explained.
How Africa Music Fund will work
depending on their current earnings and projected income
using metrics such as streaming revenue.
“For artists 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,” Mr EazI explained.
These young artists will receive money
to produce and market their music content.
After the initial advance invested,
the funds will be paid back in installments
once their music begins to bring in revenue.
Mr Eazi further adds that the Africa Funding Scheme will also help artist push their music
by connecting them with performance bookings
and also finding new markets for 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.