In a bid to allow fans to become investors in the music catalogue of artists and share in their earnings, Nigeria’s first indigenous music streaming platform, uduX is set to launch PopRev in collaboration with PiggyVest, online savings and investment platform.
Set to launch in May, PopRev will enhance the connection that exists between the artists and music lovers, as fans will be able to make money whilst supporting their prefered artists.
“PopRev will give artists access to funding, with no intention of buying out their masters. We’re creating a new artist revenue model driven by fans’ social engagement and the new normal of ‘sharing’, said Chidi Okeke, CEO, uduX.
According to Okeke, the platform will give investors access to performance
metrics of their investments on-demand. Industry wide, PopRev will provide access to untapped potential of musical talent in the African diaspora.
PiggyVest as the financial partner will provide a clear path to accountability, revenue generation and allocation for investors. Through the uduX platform (online and app), investors will be able to track their investment and obtain real-time insights into the streaming performance of the music they have invested in.
There will also be call-to-actions that’ll allow them to invite friends on to the platform to listen to the artists’ music, share on social media and participate in the chance to win real-time experiences with these artists. That way, investors will share in the equity that these projects generate.
“This is a music business solution that builds equity for African artists 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,” said Somto Ifezue, CEO, PiggyVest stating that uduX is a very innovative solution platform within the music ecosystem.
PopRev will also operate cohesively with a collective of trusted experts that will offer value added services to guide artists on how best to maximize and deploy the funds received.
One of the network of experts, King Smade, CEO of SMADE Group and co-founder of Afronation and YAM Carnival said, “I am excited because PopRev will empower more and new artists to create at the highest level so we can export and represent the continent’s culture globally.”
Other strategic partners are MAD Solutions, led by Bugwu Aneto-Okeke; Made in Africa, a 360 management solutions company led by Kamal Ajiboye; Pushing Good Music (PGM), one of Nigeria’s premiere independent music curation community led by Douglas Jekan.
“The COVID-19 and lockdown situation made it more obvious than ever that it is not sustainable for artists 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,” said David Adeleke (Davdo), Nigerian international Afrobeats star, in support of the PopRev platform.