Nigerian music streaming service uduX has partnered with online savings platform PiggyVest to develop a new product called PopRev.
PopRev allows music lovers to invest in their favourite musician’s project and make profits based on their digital streaming performance.
Fans can track their investment through the uduX platform; giving them real-time insights into their investment. Fans can also invite other people to listen to the artist’s music on the platform.
uduX CEO Chidi Okeke (pictured) says: ‘The music industry has continuously failed to innovate, and this has nothing to do with a lack of technology. The problem with innovation in this space is the lack of incentives.’
He adds: ‘We’re creating a new artist revenue model driven by fans’ social engagement and the new normal of “sharing”. For the wider industry, we’re providing a leg-up to the untapped potential of musical talent in the African diaspora.’
Afrobeats superstar Davido has given PopRev his stamp of approval hailing the platform as timely and necessary for creators.