Top Nigerian act, Oluwatosin Ajibade popularly known as Mr Eazi, has announced plans for his fans to be able to buy shares on his songs.
The 29-year-old in a tweet said he was going to try an experiment where his fans will own equity on his yet-to-be-released song as they stream on Wednesday.
He wrote on Twitter;
“Gonna try an experiment on my next release where you guys the fans will be able to buy shares on my song! Meaning you will own an equity % on the song! As u stream & give me $ some goes back to you!”
Mr Eazi revealed in another tweet that due to his fans, he has been top five most streamed African artists since 2016. He wrote;
“I have consistently since 2016 been Top 5 most streamed African Artists & thats 100% due to my fans.”
Gonna try an experiment on my next release where you guys the fans will be able to buy shares on My song! Meaning you will own an equity % on the song! As u stream & give me $ some goes back to You!!!
— Uncle Njobvu (@mreazi) December 9, 2020
Mr Eazi is one of the top innovative acts in Nigeria, as he had earlier this year raised $20 million to invest in African music creatives.
The singer told CNN how he plans to create a new funding model for the music business on the continent through the Africa Music Fund (AMF).
According to Mr. Eazi one of his primary motivations for funding music on the continent is to provide financial support for artists to expand their catalog, as many investors don’t understand the business of music. He said;
“Artists cannot go to banks to get money for their music because financial institutions don’t understand how to secure intellectual property. They get it for physical properties but not for music. So, because not a lot of people understand the music business, there is no finance product for musicians.”
Selected artists will be given funding depending on their revenue and projected incomes, using metrics such as streaming revenue, the initial advance invested in an artist’s music will be paid back in installments as the artist’s earnings start to rise, he added.