uduX, a Nigerian music streaming service has partnered with PiggyVest to developed an artists investment program called PopRev. The new product will allow fans to invest in a musician’s project and make profits based on its digital streaming performance.
According to the CEO of uduX, Chidi Okeke, PopRev intends to harness the opportunity between musicians and people who are directly ‘invested’ in their music.
“PopRev gives artists access to funding while letting them keep their masters. It’s about sharing. Creating meaningful experiences that people can connect with and root for.”Chidi Okeke, CEO of uduX
Chidi explained that it is creating a new artist 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. For the wider industry, we’re providing a leg-up to the untapped potential of musical talent in the African diaspora,” he concluded.
uduX Boss is not alone as popular Afrobeats star, Davido also believes that the PopRev platform is coming at a time when it is needed.
“An initiative like PopRev will afford a lot of creators who, for example, struggled through the lockdown, the privilege to create without concerns of funding. This is timely and needful,”Nigerian international Afrobeats star, Davido
He explained that 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.
How PopRev works
PopRev packs a thoughtfully engineered tech-stack that aggregates elements from crypto-currency, social networking, influence nodes, reward mechanisms, micro-investments, real-time analytics A.I. (Predictive Algorithms) in one simple, intuitive and user-friendly platform.
According to uduX, fans will be able to select artist projects to invest in and track their investment through its platform (online and app). They will also be able to obtain real-time insights into the streaming performance of the music they have invested in.
Investors can also decide to promote their investments using the call-to-action that’ll allow them to invite friends on to the platform to listen to the artists’ music, share on social media.
All equity generated by the artist’s project will be shared with investors. Other benefits investors could gain include chances to win real-time experiences with artists they invest in.
With the partnership, PiggyVest serves as a financial partner for the project, providing a clear path to accountability and revenue generation/allocation for artists and their investors.
PiggyVest boasts a 2million+ active investor base and helps its users save and invest billions of naira every month.
Somto, CEO of PiggyVest, expressed delight in working on the new project with uduX. He added that a music business solution that builds equity for African artists and it will be very attractive to its investors.
uduX, on its part, will leverages its knowledge and domain experience within the music industry to deliver benefits to both artists and investors.
To help it achieve its goal, uduX has also partnered with trusted experts that’ll offer value-added services to guide artists on how best to maximize and deploy the funds received, to level up.
The partners include King Smade, CEO of SMADE Group and co-founder of Afronation and YAM Carnival, MAD Solutions, Made in Africa and Pushing Good Music (PGM)
PGM reputed to have cultivated the Nigerian alternative music scene and offered artists like Odunsi the Engine, Santi, Lady Donli, Amaarae, Johnny Drille and a long list of new school giants their early push will offer A&R, curation and radio support services as part of the PopRev core team.
PopRev will redefine accessibility, experience, and ownership within the music business and disrupt the notion of ‘currency’ for all stakeholders involved.
Together, uduX and PiggyVest intends to offer a more inclusive and financial model that will shape the future of the music industry in Africa.
This means Artists are free from painful 360-contracts while investors & fans alike will be embedded in an artist’s success story.
According to both companies, the first round of artist investment opportunities via PopRev will be announced shortly.
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