Nigeria-born artist and music executive Mr Eazi have announced the establishment of the Africa Music Fund (AMF), a commercial vehicle which intends to invest in African talent. According to a press release, the fund is raising $20 million in its opening investment round.
AMF promises to provide direct financial support for African artists to expand their catalogue and the fund will be open to both new and established creators, who will be awarded funding through AMF based on their illustrated streaming revenue, and forecasted incomes on future recordings.
Acts applying for funding from the Africa Music Fund will be expected to distribute their music through Cinch Distro, a new digital distribution platform created by emPawa Africa in partnership with New Jersey-based music technology company Vydia.
Mr Eazi formed emPawa Africa in 2018 with the #emPawa100, which provided grants to 100 artists from 11 African countries, helping launch African music stars such as Joeboy, Lady Donli, J.Derobie and Karun.