In partnership with PiggyVest, Nigerian music platform uduX is launching a music investment vehicle called PopRev which enables artists to fund their careers.
uduX, an online music platform, has teamed up with PiggyVest to launch a music investment fund called PopRev, which will offer musicians the opportunity to raise money for their careers.
- uduX launches PopRev, a platform that allows fans to purchase music shares.
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The first round of artist investment opportunities will be announced shortly, with the launch scheduled for mid-May 2021. PopRev will allow fans to invest in artists’ music by buying shares in their works.
Fans are free to track their investments on the uduX platform (online and in-app) and to gain real-time insights on the streaming performance of the music they invested in via the PopRev platform.
Investing with PopRev allows investors to invite friends to listen to the artists’ music and investors will win experiences with these artists through the UduX platform.
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This is the first music product ever from PiggyVest, an online investment and savings platform with over 2 million customers.
Universal Music Group, the first major record company to license its catalog to the service, inked a licensing deal with uduX in April 2019. In addition, Sony Music and Warner Music Group have licensed the service.
UduX CEO Chidi Okeke said: “We’re thrilled to launch this pioneering platform in conjunction with PiggyVest, one of Africa’s biggest financial technology success stories. “In this model, we treat artists as small businesses and encourage investment in them.”
Okeke added: “For fans, this is a way to participate in the success of musicians they like, and literally become involved in those artists.”
PiggyVest CEO Somto Ifezue said: “uduX is a very innovative platform within the music ecosystem and we’re delighted to work with them. “This platform will help build financial security for African artists and to build the music industry together,”
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PiggyVest CEO Somto Ifezue said: “uduX has built their business around a new method of generating revenue, which improves equity for African artists and the local music industry.”
The Nigerian Afrobeat star Davido, who supports the PopRev platform, noted: “The COVID-19 and lockdown situation made it even more apparent why artists cannot rely exclusively on live performance to fund and extend their art.”
“The COVID and lockdown situations underscored that artists cannot depend solely on live performances to fund and extend their art,” Davido said in support of the new platform. “PopRev will allow many individuals who have struggled with the lockdown to create freely without worries about funding.”
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