When music streaming began, it was hailed as the next big disruption in the music industry. The streaming industry threatened to cut out traditional record labels and many pundits after that have predicted that the equity model “could explode as the future of music ” but it did not.
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And now, equity investment channels where fans can back their favourite artiste is being implemented as well, it may signal what fate awaits struggling artistes and the fans who invest in them early enough.
This model is being tested by Nigeria’s first locally launched music streaming service, uduX, which has developed a new product called ‘PopRev’ in partnership with PiggyVest.
PopRev is a model that will allow music fans to invest in their favourite musician’s artistic releases. Fans will not just be able to back their favourites with their money, they will also be able to make profits based on the project’s digital streaming performance.
This innovation will ensure that fans can be directly involved and more instrumental to the financial success of their music icons. Fans will also be able to track their investment through uduX’ PopRev platform available both on web and mobile apps.
These Fan/Investors will have real-time insights into the streaming performance of the music they invested in and they can also invite other people (music marketing) to listen to the artist’s music on uduX.
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The initiative has the vision to help the overall development of musical artists by making their music even more valuable investments with the use of technological tools.
With over 2 million active customers, PiggyVest, as the financial partner for the product, opens up PopRev to a slew of ready investors who are comfortable with offering artists a chance to get more money while giving the fans a chance to play a part in a musician’s success story.
Afrobeats artiste, Davido, was quick enough to recognise the PopRev initiative will afford a lot of music creators who struggled with a steady income during the lockdowns with opportunities to create without concerns of funding. PopRev will allow artistes to retain ownership of their masters while access to funding.
Somto Ifezue, CEO of PiggyVest said that the new business model of revenue generation in the music industry will open up the market for more data-driven investment.
Chidi Okeke, uduX’s CEO also emphasized that they are solving the growth and investment problem in the music industry with innovation by providing a direct channel to incentives.
The collaboration between uduX and PiggyVest will also be riding on the back of partners such as MAD Solutions, a digital content distributor; Pushing Good Music (PGM), a music curation community led by Douglas Jekan, head of music at Beat FM; and Made in Africa, a management company.
The company has revealed that the first round of artiste investment opportunities which will be available to fans/investors via PopRev will be announced soon.
Featured Image Source: Indy100
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