African subscription-based streaming service, uduX, has reportedly entered into a partnership agreement with PiggyVest, a Nigeria-based FinTech company, for the launch of PopRev, a new fan investment vehicle. Set to be rolled out in mid-May 2021, PopRev will allow fans to invest in artists’ music by purchasing shares in their works.
The first round of opportunities of artist investment will be announced shortly.
According to uduX CEO, Chidi Okeke, the company is excited to roll out this groundbreaking platform with PiggyVest, which is one of the greatest success stories of the African fintech sector for the last decade. Okeke further stated that the company has been thinking about upcoming and new artists and the challenges that are presently faced by them.
In this model, uduX treats artists like small enterprises and encourages investment in them. However, it is important to note that they maintain control of their masters, added Okeke.
As per reliable sources, PopRev will also enable investors to invite friends to the uduX platform for listening to the artists’ music. The platform also offers investors the chance of winning real-time experiences with these artists. PopRev comprises the first ever music solution from PiggyVest, which is an online investment and savings platform with more than 2 million consumers.
Back in April 2019, Universal Music Group had signed a licensing agreement with uduX, becoming the first prominent music company for licensing its catalog to the service. Since then, the company has been licensed by Warner Music Group and Sony Music.
PiggyVest CEO, Somto Ifezue, stated that the company is excited to work with uduX, which is a very innovative products platform within the music eco-system. Ifezue also stated that this is a music enterprise solution that raises equity for African artists and the local music industry and that will be very attractive for investors.
The company believes that this product will open up the market for more data driven investment and help in shaping a new business model of revenue generation, added Ifezue.