'MR. EAZI IS MAKING MUSIC IN AFRICA EASY' AS HE SETS UP HIS $20 MILLION FUND

Oluwatosin Ajibade also known in the music scene as Mr. Eazi, said in an interview that, he is raising a colossal $20 million dollars to help boost the African Music Creatives. The lead investor is 88mph, a company that provides capital for African businesses

He says one of his main motivating factor for setting up the fund is to provide financial aid for artists to expand their catalog. He alludes to the fact that, banks are not willing to support African Artists because they do not actually understand the music industry in its entirety.
 
Selected artists will be given funding depending on their revenue and projected incomes, using metrics such as streaming revenue, Mr. Eazi told CNN. 

He continued to say that, artists who deeply rooted in the industry will be given money upfront, and they will be paid in installment. 

The 'leg over hit maker'  who has more than five million monthly listeners on Spotify says the AMF will also create access to a larger audience for music acts by helping them find and book shows as well as distribute their music.

 “Let’s say we have a two-year contract with someone. In those two years, we will be their representative, helping them manage their music, and as they grow we will be deducting the initial investment from their earnings,” he explained.

“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,” he told CNN.

However, 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.

In his ending remarks, he told the host that, he will be fulfilled to look back and say that, he was able to help establish something that will build African artist.

source; 
 CNN