Nigerian music superstar Mr Eazi has announced the formation of the Africa Music Fund (AMF), a groundbreaking financial vehicle which will invest in African creatives with the goal of helping them establish economic and creative freedom.
The formation of AMF comes amidst a Gold Rush on African content, with companies worldwide seeking to tap into the vast well of African talent in music, movies and other artforms. Annual digital revenue for music in Africa is forecasted to reach US$521 million in 2020, and increase by an average of 12.5% year-on-year through 2025, according to Statista. Projected market volume for 2025 is US$942 million.
Mr Eazi was inspired to create AMF after seeing the financial hardship many artists were experiencing as touring revenues dried up this spring with the spread of Covid-19.