POPREV: WHAT IT MEANS FOR FANS?
Poprev is an initiative of uduX and PiggyVest, which allows fans on the streaming platform to invest in a musician’s project and make profits based on digital streaming performance. It is an initiative of UduX, a Nigerian music streaming platform, and PiggyVest, a Nigerian online savings and investment platform with more than 2 million customers.
The idea behind Poprev is revolutionary and redefines accessibility, experiences and ownership within the Nigerian music industry.
It is a thoughtfully engineered tech that fuses social networking, real–time analytics, influence nodes, micro–investments, and reward mechanisms into one user–friendly platform. It changes the interaction of fans with music projects from just streaming and rating to sharing in the equity it generates. This will make fans more instrumental to the financial success of their favourite artists. Fans will be able to track their investments through uduX platform, both online and via mobile app.
This gives real–time insight into how the music they choose to invest in is doing. By deciding to invest in a musical work, the fans are not just listeners or supporters of the artist, but also investors who collectively play a crucial role in the success (including financial) of the music. As investors, they also earn from the revenue that is made through the app. Fans can also invite other people to listen to the artist’s music on the uduX.
This encourages fans to actively promote the music and artist, as the more streams the music gets, the higher the revenue generated for the investing fanbase. PiggyVest, which has helped and encouraged its millions of users to save and invest their money, will play a crucial role in making Poprev work. It is the financial partner for the project and will be responsible for providing a clear path to accountability and revenue generation/allocation for artists and their investors.
PiggyVest believes that Poprev will provide a viable investment opportunity to its users, help shape a new business model of revenue generation and open up the market for a more data–driven investment. Poprev serves as PiggyVest’s first–ever music product.
Other contributors include King Smade, CEO of SMADE Group and Co–founder, Afronation and YAM Carnival; digital music distributor and aggregator, MAD Solutions led by Bugwu Aneto–Okeke; Kamal Ajiboye’s Made in Africa, a music management solution; and music curator community, Pushing Good Music (PGM) led by Douglas Jekan.
Together, they intend to help with the overall development of the artist and make the music a more valuable investment. This will provide more value–added services for the artists, and also the fans.Poprev intends to harness the opportunity between musicians and people who are directly ‘invested’ in their music.
It’s about sharing and creating meaningful experiences that people can connect with and root for. It also gives artists access to funding without the regular exchange of ownership of masters. Investing fans will have access to metrics and the performance of their investments when they need to. This is indeed a welcome development.
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