Financial institutions don’t know how to secure intellectual property – Mr Eazi
Popular Nigerian singer Mr Eazi (born Oluwatosin Ajibade) has taken up a project of raising $20 million to invest in African music creatives.
According to Mr Eazi, the reason behind this project is to create a new funding model for the music business in Africa through the Africa Music Fund (AMF). In his words,
“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.”
Beneficiaries of this project will be funded based on their revenue and projected income. The artiste will then be able to pay back the investment from streaming revenue. He added that the initial advance will be paid back in installments as their income rises.
