Firms plan to develop art investment platform
Udux is set to launch a new product called PopRev in partnership with renowned online savings and investment platform, PiggyVest.
uduX, Nigeria’s first indigenous music streaming platform, announced that PopRev would allow people to invest in catalogue of artists and share in their earnings.
The move is to enhance the bond between artists and music lovers, as fans will be able to make money, whilst supporting the artists they love.
Speaking on the initiative, Chief Executive Officer, uduX, Chidu Okeke, said: “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’. 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.”
Nigerian international Afrobeats star, Davido, said the coming PopRev platform, is timely and needful.
“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,” Davido said
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 also participate in the chance to win real-time experiences with these artists. Investors will then share in the equity that these projects generate.
Chief Executive Officer, PiggyVest, Somto, said: “uduX is a very innovative solutions platform within the music ecosystem and we’re thrilled to work with them. 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.”
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