Nigerian Streaming Platform, UduX, Partners Piggyvest to Help You Invest in Your Favourite Artistes
What is PopRev
PopRev is a product created through a collaboration between PiggyVest, a Nigerian savings & investment startup, and uduX, a Nigerian music streaming platform. It enables fans that are active members on this streaming platform to earn while they invest in their favourite artists.
Other contributors include Bugwu Aneto-Insane Okeke's Solutions, a digital music distributor and aggregator; King Smade, CEO of SMADE Group and co-founder of Afronation and YAM Carnival; Douglas Jekan's Pushing Good Music (PGM), a music curator collective; and Kamal Ajiboye's Made in Africa, a music management solution.
Subscribers to uduX will connect with music projects beyond downloading and rating by sharing in the equity generated by each piece of material.
PopRev “fuses elements of crypto-currency, social networking and influencer nodes, incentive systems, micro-investment, and real-time analytics,” according to an official statement.
PiggyVest is the project's financial partner, while the others help with everything from recruiting new talent to advising investors on how to get the most out of their money.
“PopRev aims to leverage the opportunity between musicians and people who are directly ‘invested' in their music,” says Chidi Okeke, CEO of uduX. It's all about giving and receiving. Creating memorable moments that people can relate to and cheer for always. The music industry has a history of failing to evolve, which has little to do with technological limitations. The lack of incentives in this room is the innovation issue."
Meanwhile, Mr Eazi, a famous Nigerian pop singer, wanted something similar for his latest EP, Something Else. However, since the album was released in February 2021, we cannot confirm whether he carried out his scheme.
How Will PopRev Work?
PopRev will launch on uduX in mid-May 2021, and only subscribers will be able to use the investment feature. By signing in after installing the app from the Google Playstore or App Store, users can access curated content or live streams catalogue. They can also only watch the video on the website.
Fans will be able to monitor their investments on the uduX platform and get real-time updates on how the music they've purchased is performing in streaming. They may also affect the song's success by sharing it on social media and inviting friends.
Previous Partnership Deals
Since its launch in April 2019, uduX has established strategic alliances to compete with local and international competitors such as Boomplay.
MTN is participating in one of these alliances, which is interesting. Users of uduX will now subscribe using MTN airtime in addition to debit cards, thanks to a deal that was finalized in December 2020.
By the end of 2019, uduX had signed licensing deals with Sony Music, Warner Music Group, and Universal Music Group, the world's three most prominent music labels. These agreements place the startup alongside major music outlets in the African market, such as YouTube Music, Apple Music, Audiomack, and Spotify, giving it access to local and foreign artists' catalogues.
Other streaming platforms may implement a similar feature as uduX sets an example for another revenue model for African musicians. Okeke should tell us more about how incorporating PopRev affects uduX's business model and plans after we speak with him.
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