“If there’s a better way to do it, find it”. Nigeria’s phenomenal Mr. Eazi may have done just that with a brave new leap into Africa’s future.
He was born as Olawatusin Oluwole Ajibade, he is popularly known by his stage name Mr. Eazi.
The meteoric fame he has achieved has come by the way of his R&B Singer, Songwriter, Stage Performance talents, and there’s one more feather to go into his hat.
Mr.Eazi has put his money where his mouth is by changing the business model for African music creatives by a personal commitment that has seen him raise $20 million into a dream.
As the lead investor for 88mph, his links to the new and emerging Africa Music Fund (AMF), Mr. Eazi wants to flip the script especially when it comes to African music talent.
He says artists cannot go to banks to get money for their music because financial institutions don’t understand how to secure intellectual property.
He believes the stress of securing finance is one of the missing keys to the financial empowerment of the African musical artists.
The fund opens doors and expanding the artist’s catalog, therefore giving the consumer more power of choice to buy, according to Mr. Eazi.
He said this is achieved through interlocking mechanisms grounded in sound financial strategy involving the AMF, artists and the audiences.
The financial solution offers that 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 instalments as the artist’s earnings start to rise, he added.
However, Music analyst, Toye Sokunbi notes with a dose of caution that the key to an artist’s success also comes in the form of vigilance of the process.
Mr Eazi expounded further: “Many artists don’t have the same accessibility to important data that music distributors have about their music. They don’t necessarily tell you the exact way they are marketing your music or give artists access to data they can use to maximize revenue for their content. This information imbalance means artists are largely oblivious of much of the audience data farmed from their content”.
Mr. Eazi says all artists he funds will have access to information about their content and earning in real-time. “With our tech platform you can see how much you earn in real-time, you can also see how much you owe and how that is being deducted,” he said.