Nigerian Afrobeats star, Oluwatosin Ajibade, popularly known as Mr Eazi, announced an experimental plan for his music fans and investors to buy shares in his songs.
Mr. Eazi disclosed this in a social media statement on Wednesday. He added that investors will own equity in his songs and earn income on streaming revenue.
He disclosed that he has been in the list of top 5 most streamed African artist since 2016 and tweeted:
“Gonna try an experiment on my next release where you guys the fans will be able to buy shares on My song! Meaning you will own an equity % on the song! As u stream & give me $, some goes back to You! I have consistently since 2016 been Top 5 most streamed African Artists & that’s 100% due to my fans!! I love you guys!! And it’s time to get you in on the equity side.
“Imagine you had a % of my last song with Nicki or my new single “LENTO” with Jbalvin!!! As u stream u make it a hit, some of the $ comes to you! But, most importantly you are a true part of the Global Smash Hit you helped create.
Why this matters: If Mr. Eazi is successful with his equity sharing plan, it will give Nigerian investors an indirect means to invest and earn in foreign exchange in Nigerian Entertainment, and reducing barriers to entry for Nigerian music investments.
What you should know
- It was reported in July that Mr Eaziraised $20 million for his Africa Music Fund (AMF) to invest in the careers of African music talents.
- He explained that his intention was to create a new platform to fund the music entertainment ecosystem in Africa, adding that the entertainment ecosystem is not understood by instuitional investors in Africa and leads to limits in funding the industry.
#14thHeadies: Fireboy, Omah Lay, Bad Boy Tims win first-ever award [See list of winners]
The 2021 Headies Awards is virtual (of course) this year with great performances from BBNaija 2020 winner, Laycon, alongside, DJ Neptuneand Joeboy, Fireboy DML, the Cavemen and many others.
The Headies is one of the most anticipated & glamourous music award ceremonies many looked forward to. From all the glitz & glam from the special red carpet reception, the memorable appearances from performing artiste to announcing the winners, attendees were definitelyprepared for an interesting indulgence of undiluted entertainment.
The Headies celebrates the best in music with incredible and historic wins. Some of your faves celebrities, like Wizkid, Falz, Pheelz, Simi and Mayorkun, picked up golden statues for performances in the year’s best music.
Bovi and Nancy Isime hosted the ceremony, which kicked off on Sunday night.
Fireboy DML secured several awards, including bigs wins for Best Pop Album and Best R&B single.
For a full list of the winners, see below.
Producer of The Year
Pheelz – Billionaire by Teni
Best Vocal Performance (Female)
Niniola – Addicted
Best Vocal Performance (Male)
Praiz – Under The Sky
Best Street Hop Artiste
Mayorkun – Geng
Rookie of The Year
Bad Boy Tims – MJ
Best Pop Single
Nobody – DJ Neptune feat Joe Boy and Mr Eazi
Ladipoe and Simi – Know you
Best Alternative song
Moelogo – I wonder
Best Rap Single
Falz – Bop Daddy feat. MS Banks
Best R&B Album
Fireboy DML – Tears, laughter and goosebumps
Best Alternative Album
Roots – The Cavemen
Viewers Choice Award
Songwriter of the Year
Simi – Duduke
Best Pop Award
Fireboy – Apollo
Lyricist on The Roll
Ilbliss Goretti – Country
African Artiste Recognition Award
Headies Hall of Fame
King Sunny Ade
Universal Music Group to expand operations in Nigeria
Universal Music Group has announced an African expansion to include Nigeria and a few other countries in the continent.
Global Music publishing giant, Universal Music Group, has announced plans to expand operations in Africa in countries such as Nigeria, Ghana and Kenya in 2021.
This was disclosed by the group’s regional CEO, Sipho Dlamini, in a Bloomberg report on Monday. The CEO also revealed that Universal Music had opened an office in Ivory Coast to tap into the francophone music scene.
“We are thinking long term and looking to build lasting infrastructure in order to support African talent for years to come,” Dlamini said. “We want to expand the possibilities for that talent to reach new audiences around the world.”
Bloomberg disclosed that the recorded music revenues in Africa and the Middle East had totalled $100 million in 2019.
“There has never been a more exciting time for African music around the world, as it continues to influence and inspire culture and creativity, while reaching a wider audience globally each day through streaming,” Dlamini said.
The CEO added that Universal Music was also working with major African Telco operators including g MTN Group Ltd, Vodacom Group Ltd, and Orange SA in a bid to boost its operations in the continent.
What you should know
- The plan to expand operations does not come as a surprise, as Nigerian musicians recorded success in 2020 due to streaming.
- It was reported last month that David Adedeji Adeleke, better known as Davido, revealed that his third studio album had surpassed 213.2 million streams across all platforms in a month.
- Nigerian Afrobeats star, Oluwatosin Ajibade, popularly known as Mr Eazi, announced an experimental plan for his music fans and investors to buy shares in his songs.
- It was reported in July that Mr Eazi raised $20 million for his Africa Music Fund (AMF) to invest in the careers of African music talents.
Lil Wayne sued by former manager for more than $20M over past earnings
Lil Wayne has been sued by his former manager Ronald Sweeney for more than $20 million over past earnings.
According to court documents obtained by TMZ, Lil Wayne hired Sweeney in 2005 to help him negotiate his contract with Birdman’s Cash Money over their years-long legal dispute, which was ultimately settled back in 2018 with Sweeney’s help.
However, the lawyer says he was not fully compensated for his work in the Cash Money deal.
According to Sweeney, the rapper asked him to fire his then-manager Cortez Bryant, paving the way for him to take over the manager role at the rapper’s request.
The suit claims Wayne raised his commission fees from 10 percent to 17 percent, but Bryant and rapper/music executive Mack Maine “conspired to drive a wedge between the rapper and Sweeney.”
The attorney says the efforts paid off, as Lil Wayne fired him in September 2018.
This lawsuit comes about two years after Lil Wayne sued Sweeney for $20 million, claiming his ex-attorney/manager was unfairly charging him 10 percent for every deal he helped close, which is much higher than the industry standard of 5 percent.