Entertainment
Mr Eazi seeks $20m funding to provide support for burgeoning African artistes
‘Supernova’ crooner, Oluwatosin Ajibade aka Mr Eazi is seeking the princely sum of $20 million dollars to create a new funding model for the music business on the continent of Africa.
Speaking with CNN on Friday, Mr Eazi said that he is seeking the funding through the Africa Music Fund (AMF), with the lead investor being 88mph, which will afford burgeoning musicians in Africa the opportunity to expand their music catalogue.
He said that the move will also present musicians the opportunity to create access to a larger audience for music acts by helping them find and book shows as well as distribute their music.
READ ALSO: COPYRIGHT INFRINGEMENT: Mr Eazi apologises to Zaaki Azzay, promises to pay up
According to Mr Eazi, one of his primary motivations for funding music is to provide financial support for artists to expand their catalogue because many investors and financial institutions don’t understand the business of music and as a result, are unable to properly fund musicians.
He further told CNN during the interview that when the fund is secured selected artists will be given funding depending on their revenue and projected incomes, 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,” he explained.
“Artists will be given funds upfront based on their revenue to expand their music content. The initial advance invested in an artist’s music will be paid back in installments as the artist’s earnings start to rise,” he added.
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