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Nigerian Afrobeats star aims to raise $20m to fund the continent's musicians

6 August 2020 9:03 PM
Tags:
The Money Show
Bruce Whitfield
mr eazi
Africa Music Fund

'Mr Eazi' launched the Africa Music Fund to support the continent's creative talent. Bruce Whitfield interviews Lee Kasumba.
Musicians performing on stage. Image: Social Butterfly from Pixabay

The music industry is one of many severely impacted by Covid-19 restrictions.

The Africa Music Fund was launched to help the continent's musicians survive and, hopefully, even thrive amid the pandemic.

Mr Eazi's initiative aims to create a new funding model for the music business.

On the Africa Business Report, Bruce Whitfield finds out more from broadcaster and podcast host Lee Kasumba.

What I really like about this particular story is, we all know that the creative industry in Africa has really played a huge role in rebranding the continent - from our films to our talent like Trevor Noah, the musicians...

Lee Kasumba, Broadcaster and podcast host

She notes that Africa's banks and investors are wary of artists because they don't really understand how the music business works.

... the way that he [Mr Eazi} has done it and partnered up with the investor... they'll basically be spending money on two tiers of artists.

Lee Kasumba, Broadcaster and podcast host

The first tier will be artists who are already established and on streaming platforms and so forth... Through another company that he formed... this will be more for upcoming artists and they will be developing skills and they'll also be giving them access to international markets.

Lee Kasumba, Broadcaster and podcast host

It does something that the continent as a whole needs across all creative sectors, where there needs to be infrastructure put in place, data that can be accessed and so forth so that we can see how we can invest in the creative industry and employ an amount of young people that are involved in the industry.

Lee Kasumba, Broadcaster and podcast host

Mr Eazi himself "pretty much came from nothing" says Kasumba and now has a net worth of just over $1 million.

Him reinvesting back into the continent is a really good thing.

Lee Kasumba, Broadcaster and podcast host

Find out more about this boon for Africa's musicians below: (skip to 2:28)


This article first appeared on 702 : Nigerian Afrobeats star aims to raise $20m to fund the continent's musicians


6 August 2020 9:03 PM
Tags:
The Money Show
Bruce Whitfield
mr eazi
Africa Music Fund

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