Superstar Nigeria-born artist and music executive Mr Eazi has announced the formation of the Africa Music Fund (AMF), a financial vehicle which will invest in African talent.
The fund is raising $20 million in its initial investment round, according to a press release announcing the fund.
88mph, a seed fund and accelerator which invests in mobile/web-based startups targeting Africa, has joined as lead investor.
AMF promises to provide direct financial support for African artists to expand their catalog and the fund will be open to both new and established creators, who will be awarded funding through AMF based on their demonstrated streaming revenue, and projected incomes on future recordings.
Acts applying for funding from the Africa Music Fund will be required to distribute their music through Cinch Distro, a new digital distribution platform created by emPawa Africa in partnership with New Jersey-based music technology company Vydia.
emPawa Africa was formed by Mr Eazi in 2018 with the #emPawa100, which provided grants to 100 artists from 11 African countries, helping launch African music stars such as Joeboy, Lady Donli, J.Derobie and Karun.
emPawa, which in February selected 30 emerging African artists to receive $10,000 non-repayable grants, will source and provide recommendations on content to be funded by the AMF.
“AMF will give African creatives the ability to create content without worrying about the financial burdens of production.”
“AMF will give African creatives the ability to create content without worrying about the financial burdens of production,” said Mr Eazi.
“The entire world is looking towards Africa for content. For the entertainment industry, Africa is sort of the last frontier to be explored.
“African creatives should be able to retain economic and creative control of the content and culture that they create.
“With funding from AMF they can go ahead and create, knowing that there are no strings attached — it’s just an advance on their future earnings.”Music Business Worldwide