Nigerian music superstar and entrepreneur Oluwatosin Ajibade has secured $20 million for investment in up-and-coming African artistes.
The Africa Music Fund (AMF) as it is called is about $20 million and would be used to help some of Africa’s promising music stars. Majority of the fund for AMF project is raised by 88mph as lead investor and others.
With the AMF, Mr Eazi told CNN he wants to create a new funding model for music business in Africa. This fund would help promising music talents to expand their catalog.
Mr Eazi added that traditional banks and other financial institutions doesn’t understand the music business hence their hesitation to invest.
“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,” he explained.
Previously, the ‘Surrender’ crooner and founder of emPawa Africa has used to invest in talents across Africa that has brought the rise of stars like Joeboy, J. Derobie etc.
Artistes who get selected who be given funding depending on their capacity and future projections for growth.
“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,” he explained.