Lagos based music technology company, Ejoya, launches its artist advance fund program which is aimed at providing funding to artistes. By doing this, they would be giving artistes an extra push in the growth of their careers. While in conversation with the company’s CEO, Ayoola Oni, he had this to say about the modus operandi of the funding program:
“With the Artist Advance Fund, we believe we are providing artists and independent labels access to funding in the form of a never-ending credit line, with the maximum advance amount and fee, based on the net share of income. With the fund, artists and labels will be able to choose what percentage of their monthly earning is devoted to the repayment of their advance, allowing them to structure the deal to favour them as much as possible.”
“With the artist advance fund, we will be able to offer artists just the right advance amount based on their previous streaming numbers. And unlike conventional deals, we do not require masters to be signed over before artists can access funding to take their careers to the next level. In line with everything we do, we believe this product will make our artists even more independent as they grow.”

The Ejoya artist advance fund is looking to break the norm of artistes sourcing for labels to finance their careers. It’s been evident in recent times that the need for record labels is slowly fading away, with the advent of independent artistes on the music scene since around 2019. This would definitely be cutting down the artist-label feuds hat has been a huge problem in the Nigerian music industry for a long time now. With this funding program, artistes can now thrive in independence. It’s a huge step in the right direction.
The Ejoya Artiste Advance fund launches on the 13th of August, 2020 and artistes can begin to request advance on the 20th of August.

Leave a Reply

Your email address will not be published.