uduX partners with PiggyVest to develop PopRev for fans to invest in artists
uduX, Nigeria’s first indigenous music streaming platform announces a new product called PopRev that’ll allow fans to become investors in the music catalogue of artists, and share in their earnings.
uduX will launch the program in May 2021 and it will be in partnership with renowned online savings and investment platform, PiggyVest. “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,” says Chidi Okeke, CEO of uduX.
Nigerian international Afrobeats star, Davido cosigns the PopRev platform, tagging it as 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 comments.
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.
CEO of PiggyVest (Somto), says; “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.”
PopRev will also operate cohesively with a collective of trusted experts that’ll offer value added services to guide artists on how best to maximize and deploy the funds received, to level up.
One of the network of experts, King Smade, CEO of SMADE Group and co-founder of Afronation and YAM Carnival comments; “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; (i) MAD Solutions, led by Bugwu Aneto-Okeke - one of Africa’s leading digital content distributors and music aggregators with operations in Nigeria, South Africa and the U.S. (ii) Made in Africa, a 360 management solutions company led by Kamal Ajiboye that manages representation for an extensive portfolio of African music heavyweights will helm artists and image development and secure live show and partnership opportunities.
(iii) Pushing Good Music (PGM), reputed as one of Nigeria’s premiere independent music curation community led by Douglas Jekan who wears multiple hats as also Head of Music at Beat FM, a conglomerate of multiple radio stations. 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.
uduX’s PopRev will be launching in mid-May with the first set of artists to be announced shortly.
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