The African music service uduX has teamed up with the Nigeria-based FinTech company PiggyVest to: a new fan investment vehicle called PopRev.
PopRev kicks off in mid-May 2021 and lets fans invest in artists’ music by buying shares in their work. The first round of artist investment opportunities will be announced shortly.
According to the two companies, the PopRev platform “merges elements of cryptocurrency, social networks and influencer nodes”.
Fans can track their investments via the uduX platform (online and in the app) and get real-time insights into the streaming performance of the music they have invested in.
With PopRev, investors can also invite friends to the uduX platform to hear the artists’ music, and investors have the chance to collect “real-time experiences” with these artists.
PopRev is the first music product from PiggyVest, an online savings and investment platform with over 2 million customers.
The company was originally founded as Piggybank.ng in January 2016 and renamed PiggyVest in April 2019 when it offered direct investment opportunities in addition to online savings.
uduX claims to be “the first African-owned streaming platform on which all three major record labels in the world are under contract”.
The Universal Music Group signed a license agreement with uduX in April 2019, making it the first major music company to license its catalog for this service. The company has since been licensed by Sony Music and Warner Music Group.
“It’s a way for fans to share in the success of the music they like and literally invest more in these artists.”
Chidi Okeke, uduX
Chidi Okeke, CEO of uduX, said: “We are very excited to launch this groundbreaking platform with PiggyVest, one of the greatest success stories in the African financial technology sector in the last decade.
“We have thought about new and emerging artists and the challenges they are currently facing.
“In this model we treat them like small businesses and encourage investment in them, but the important thing is that they remain in control of their masters.
Okeke added, “It’s a way for fans to share in the success of the music they like and literally invest more in those artists.
“PopRev will help grow the local music industry – revenue will flow from Nigerian and international investors to Nigerian and local artists – and that will affect the entire music ecosystem here.”
“This is a music business solution that will do justice to African artists and the local music industry and will be very attractive to our investors.”
Somto Ifezue, PiggyVest
Somto Ifezue, CEO of PiggyVest, added: “uduX is a very innovative solution platform within the music ecosystem and we are excited to be working with you.
“This is a music business solution that will do justice to African artists and the local music industry and will be very attractive to our investors.
“We believe this product will help develop a new business model for revenue generation and open the market for data-driven investments.”
“An initiative like PopRev will give many developers who have struggled through the lockdown, for example, the privilege of creating without concern about funding.”
Nigerian Afrobeats star Davido, who supports the new platform, said: “The COVID-19 and lockdown situation has shown more clearly than ever that it is unsustainable for artists to rely solely on live performances for their own purposes Fund and expand art.
“An initiative like PopRev will grant many developers who have struggled through the lockdown, for example, the privilege of creating concerns about funding. That is timely and necessary. “Music business worldwide