Lagos based music technology Ejoya has recently announced the launch of the Artist Advance Fund. It is an initiative to provide services and tools to make the lives of African artists easier. The music platform since their launch has helped grow the careers of a number of artists.
Using data pulled from their content partners, the company will be able to advance up to 10 months of an artists’ monthly average whenever they need it, providing them with the necessary funding to make their moves without giving up control of their music.
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 set aside for the repayment of their advance, allowing them to structure a favorable deal. 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.Toba Adeyanju, Head Business & Music Relations.
Artists will be able to access their advances from a one-stop dashboard where their applications can be made. Repayments will be made on a monthly basis with a pre-agreed flat fee till the advance is paid off in its entirety. Like their normal operations, each advance will be dynamic with the length of repayments, the percentage of income set aside for monthly repayments differ per artist.
The Artist Advance Fund will provide artists and independent labels, access to funding in the form of credit, 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 favor them as much as possible.
Increasingly, it is becoming more obvious that artists do not require to sign to labels before accomplishing their goals. Traditionally, labels have always been seen as the source of funding for artist projects but at a high cost, products like this will go a long way to balance the scales and hopefully shift more power towards the artist.Speaking with Tomiwa Agbaje, co-founder of Elite View, an A&R and talent management company said this move by Ejoya is a step in the right direction towards creating a future where artists can pursue their independence.
Historically, artists have always been forced to look beyond the conventional means of financing to finance their music. With the artist advance fund, Ejoya hopes this practice will cease.
You can access Ejoya’s Artist Advance here and artists can begin to request advances from the 20th of August –– https://www.ejoya.co/advance