Udux, Nigeria-based streaming service, has partnered PiggyVest, FinTech company, to launch PopRev, a platform that will allow investors to buy shares in the music of their chosen artistes.
According to MBW, PopRev is to debut in mid-May 2021, with the first investment call to be announced shortly.
The companies were quoted as saying the platform fuses elements of crypto-currency, social networking, and influencer nodes while allowing fans to obtain real-time insights into the streaming performance of the music they invest in.
The firms also said the uduX platform, which would work both online and in-app, will also let investors invite friends to listen to the artistes’ music while all investors stand a chance to win “real-time experiences” with these musicians.
On the forthcoming product, Chidi Okeke, CEO of uduX, said: “We’re thrilled to be launching this groundbreaking platform with PiggyVest, one of the biggest success stories of the African financial tech sector of the last decade.
“We’ve been thinking of new and upcoming artists and the challenges they currently face. In this model, we treat them like small businesses and encourage investment in them, but importantly they retain control of their masters.
“For fans, it’s a way of sharing in the success of the music they like, and literally becoming invested in those artists.
“PopRev will help grow the local music industry – it will see revenues flowing to Nigerian and local artists from both Nigerian and international investors – and that will feedback to the entire music ecosystem here.”
On his part, Somto Ifezue, CEO of PiggyVest, said: “uduX is an 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 the local music industry and that 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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