Two Nigerian tech companies, uduX and PiggyVest, partnered to launch PopRev, an artist investment vehicle. This will allow music fans to invest in their favourite artists’ music portfolio by buying shares in particular songs. They can also track the real-time streaming insights and general performance of songs they’ve invested in, on uduX platforms.
The investment platform, according to the companies, “fuses elements of crypto-currency, social networking, and influencer nodes” and will be launched in Mid 2021, while the first round of artist investments will be announced later.
PiggyVest, a FinTech company that offers online savings and investment products, will now include PopRev as a product to its over 2million users.
uduX CEO, Chidi Okeke said: “We’re thrilled to be launching this groundbreaking platform with PiggyVest, one of the biggest success stories of the African financial tech sector of the last decade.
“We’ve been thinking about new and upcoming artists and the challenges they currently face. In this model we treat them like small businesses and encourage investment in them, but importantly they retain control of their masters.”
“PopRev will help grow the local music industry – it will see revenues flowing to Nigerian and local artists from both Nigerian and international investors – and that will feed back to the entire music ecosystem here.”
Somto Ifezue, CEO of PiggyVest, added: “uduX are a very innovative solutions platform within the music eco-system and we’re thrilled to work with them. This is a music business solution that builds equity for African artists and the local music industry and that will be very attractive to our investors.”
“We believe this product will help shape a new business model of revenue generation and open up the market for more data-driven investment.”