Celebrated Nigerian musician Mr. Eazi is raising $20 million in funds to invest in young talented musicians in Africa.

The Africa Music Fund (AMF), according to Mr. Eazi, will be a funding model for the music business in Africa and the lead investor is 88mph, a company that provides capital for African businesses.

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Mr. Eazi said the fund will provide financial support for artist to expand their catalog.

“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,” he explained.

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He told CNN that “Selected artists will be given funding depending on their revenue and projected incomes, using metrics such as streaming revenue”.

Artists will be given funds upfront based on their revenue to expand their music content. 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.

Mr. Eazi said he wants to contribute to creating a music industry where Africans are the owners of their own content and intellectual property.

SOURCE: AfricaCelebrities.Com

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