Popular Nigerian singer, Oluwatosin Ajibade known professionally as Mr Eazi is raising $20 million to invest in African music creatives.
The singer told Cable News Network how he plans to create a new funding model for the music business on the continent through the Africa Music Fund (AMF).
In his words ;
“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.”
Selected artists will be funded depending on their revenue and projected incomes, using metrics such as streaming revenue, 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.