Indigenous music streaming platform, uduX, in partnership with PiggyVest, has announced a new product called PopRev that would allow fans to invest in the music catalogues of artistes, and share in their earnings.
According to the Chief Executive Officer of uduX, Chidi Okeke, the programme would be launched in May 2021. He added, “PopRev will give artistes access to funding, with no intention of buying out their master tapes. We are creating a new artiste revenue model driven by fans’ social engagement and the new normal of ‘sharing’. We want to give investors access to metrics and the performance of their investments on demand.”
The CEO of PiggyVest, Somto Ifezue, also stated that the initiative would open up the market for more data-driven investment. He said, “This is a very innovative solutions platform within the music ecosystem and we are thrilled to work with them. This is a music business solution that builds equity for African artistes and it will be very attractive to our investors. We believe this product will help shape a new business model of revenue generation and open up the market for more data driven investment.”
Meanwhile, pop star, Davido, described the initiative as ‘timely and needful’. He said, “The COVID-19 pandemic and the subsequent lockdown made it more obvious that it is not sustainable for artistes to depend solely on live performances to fund and extend their art. An initiative like PopRev will afford a lot of creators who struggled through the lockdown the privilege to create without concerns of funding. This is timely and needful.”
Other partners on the project are MAD Solutions, led by Bugwu Aneto-Okeke; Made in Africa, led by Kamal Ajiboye; and Pushing Good Music, led by Douglas Jekan.