ARTSPLIT, a pioneering alternative investment platform, has launched MusicSplit, its latest offering that allows for investment in music projects.
Onyinye Anyaegbu, ARTSPLIT’s Executive Director for Technology and Communications, disclosed this in a statement on Wednesday in Lagos.
Anyaegbu said MusicSplit would allow music lovers to own fractions of any trending Afrobeat music and earn monthly royalties to their ARTSPLIT wallet.
She noted that users on ARTSPLIT would have access to previously unavailable royalty assets when they buy splits and invest in favourite artistes upcoming projects.
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“It is a win for all; your Fav gets the required funding to create great music for your enjoyment and you earn passive income and high-yielding returns from the projects streaming revenues.
“Our goal has always been to provide a platform that democratises access to investment in African art and artistes through co-ownership and technology while elevating their global standing.
“Too often, ideas are not appropriately valued, such as music. With MusicSplit, creators can offer a percentage of their upcoming projects for users to invest in and directly fund it.
“Users on the ARTSPLIT app benefit from access to a high-yielding asset class while artists benefit from debt-free funding while maintaining artistic freedom.
“As a result, we have moved closer to our goal of providing alternative investments opportunities for everyone,” she said.
Anyaegbu noted that ARTSPLIT’s maiden online auction would feature continental playlist of top Nigerian music star, King Perryy.
She said that the auction would kick off on the app from Jan. 24 to Feb. 10 2023.
According to her, King Perryy stands out as one of the country’s most distinctive and ambitious young acts.
“The creator of what he calls the “Continental Sound,” the former seminary student and would-be Catholic priest fuses the melodies and rhythms of today’s Afrobeats with pan-African influences and reggae/dancehall.
“This is to create deeply resonant songs that transcend cultures and borders.
“With a run of successful singles (“Man on Duty,” “Work ‘N’ Grind”) to his credit and over 70 million streams on digital platforms, he released his debut album, “Citizen of the World”, in 2021.
“This Auction comes shortly after a tripartite agreement between ARTSPLIT and music service companies M.A.D Solutions and ENGAGE to enable fans invest in the success of their favourite musicians,” she said.
According to her, MusicSplit involved taking the estimated value of a music project (Eps, LPs, and Albums) and dividing it into 100,000 units (or Splits) to allow users and music lovers to finance it and profit from their investments.
She said by presenting MusicSplit, ARTSPLIT intends to further elevate African music worldwide while ensuring artistes freedom with alternative investment options.
“To find out more about MusicSplit on ARTSPLIT, please visit www.artsplit.com/MusicSplit or contact [email protected],” she said.