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MePlaylistTM Secures Investment from Mathew Knowles, Other Global Investors

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MePlaylistTM, an African solution to music consumption and promotion has earned the attention of global investors and partners like Mr Mathew Knowles, father of artists Beyoncé and Solange Knowles.

Mr Knowles believes MePlaylistTM offers music consumers in Africa a unique experience that is much more simplified for a continent where internet penetration and the use of smartphones is projected to experience significant growth.

“MePlaylistTM is Africa’s own answer to the popular music streaming platforms, but it takes streaming a step further by personalizing the experience for each consumer based on their consumption patterns and the technology available to them.

This and the population of Africans both on the continent and in the diaspora is why I am proud to have invested in MePlaylistTM”, he said in a statement.

With increasing mobile phone usage in Africa and the global prominence of African acts like Diamond Platinumz, Davido, Tiwa, Wizkid, Yemi Alade and Burna Boy, convenient and reliable platforms with expansive catalogues of streamable are far from the norm on the continent.

Many streaming platforms prioritize commercialization efforts in high-income countries and pay less attention to low and middle-income countries. This has created a gap between Africa’s rich musical contents and the need to reach fans through channels that make monetization and exchange of value easier and convenient.

It is solving this challenge that birthed MePlaylistTM; a music streaming platform that presents music content to users in an intuitive and data-friendly fashion, projecting African acts to the world and vice versa.

The platform comes with a unique administrative royalty distribution, multiple plan types and subscription currencies, high-quality audio, plus DDEX standards for ingesting and reporting usage. These amongst others have attracted global music stakeholders to the platform, hence making it possible to partner with music distributors globally.

According to a year-end report  from the RIAA, revenues from streaming services grew nearly 20% in 2019 to $8.8 billion, accounting for 79.5% of all recorded music revenues, which means the streaming music services’ share of total music revenues is bigger than ever.

With the global music industry now worth about $19.1 billion, the African market is still largely untapped with its 1 billion-plus mostly young population and still accounts for a mere 2% of the global recorded-music sector and less than 1% of the royalties collected.

Unfortunately for music consumers in Africa, many of whom fall between the ages of 17 and 22, streaming services though ubiquitous, are not without their challenges.

Consumers have over time complained about the high cost of subscribing to some platforms, the unresponsive and unexciting user interfaces and catalogues not as exhaustive as consumers would love. This has presented a challenge for content creators in Africa to earn suitable revenue from their work.

MePlaylistTM is a 100% African solution to music consumption and promotion. The company which was founded by Olakunle Oladehin, a seasoned entertainment industry insider, is poised to revitalize the streaming market by providing a music consumption and promotion service that will make music consumers enjoy their listening experience on an optimized app without breaking the bank or running out of options. MePlaylistTM users will also be able to curate their own playlists and get followers to enjoy new music from all over the world.

According to Olakunle, “our focus is to put our users and their music consumption habits first; our platform has been designed with the understanding that people are mobile and constantly in need of new content, so from our interface to our catalogue options, we are making the MePlaylistTM experience the best in the market”.

Olakunle further emphasised the increasing importance of user-generated content (UGC) to give more visibility to music that matters. In his words “MePlaylistTM has been designed to be an intelligent music App that applies artificial intelligence to give each user a unique experience.”

His words are echoed by Ayodeji Oyenekan the Head of Technical Innovation at MePlaylistTM who says the MePlaylistTM app has been built to make expanding the catalogue on offer and other features as seamless as possible.

“Because of the innovative app we have built, MePlaylistTM will offer artists, aggregators and other content owners the opportunity to better monetize their content and reach a wider audience.”

Mr Knowles’ Music World Entertainment Corporation is joining other global industry majors who have invested in Nigeria’s rapidly growing music industry.

Mr Michael Kay Kiladejo, Managing Partner of Music World International, and CEO of Track Record Entertainment LTD, UK, expressed optimism in the African music landscape and cited reasons for investing in MePlaylistTM. In his words “We are very confident in the technical capabilities and expansion strategies for MePlaylistTM to deliver world-class service to music lovers in Africa and beyond.

To this end, it is a timely move to be able to facilitate the availability of the iconic Music World catalogue on the MePlaylist platform, and simultaneously take advantage of access to the dynamic new market it offers to artists on the Track Record Entertainment label.”

MePlaylistTM Founder Olakunle Oladehin believes that everyone will find their favourite kind of music on the app and anticipates that pre-launch subscription figures will shoot up significantly in the coming days as more Nigerians experience the seamless features of the MePlaylistTM app. “Whether you are looking for the next Wizkid, Burna Boy or Tiwa Savage song or your taste is more Obesere and King Sunny Ade, we have something for you on an app that makes the music more interesting for you”.

Legal and Transaction advisory services for the MePlaylistTM project was provided by leading Entertainment Law Firm in Nigeria, RBMM Solicitors. According to Demilade Olaosun, the Lead Solicitor at the Firm, it was a privilege working with the MePlaylistTM Management Team to iron out critical equity acquisition terms between the Company and Mr Mathew Knowles and his team.

Olaosun strongly believes the African Entertainment industry stands to gain a lot from this strategic collaboration and he is excited about the prospects of MePlaylistTM in shaping music consumption in Africa and across the world.


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AXA Mansard Empowers Female SMEs with Financial, Digital Skills

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AXA Mansard, a member of AXA has empowered 200 female Small and Medium Enterprises with financial literacy and digital business skills.

In collaboration with SME 100 Africa, the two-day training, which was held in Lagos, is part of AXA’s lined-up programmes to commemorate this year’s International Women’s Day.

Speaking, Olusesan Ogunyooye, Head of Marketing AXA Mansard, said the training was aimed to empower female SME owners with skills to improve business output and position them for the increasing economic opportunities available in an increasingly digital marketplace.

Ogunyooye noted that the move was in line with AXA Mansard’s sustainability agenda, explaining that the company was convinced that support for women through its inclusive protection programmes was pivotal to its purpose of acting for human progress by protecting what matters and its mission of moving from being a payer to a partner.

He further said that focusing on digital skills was important because the company realised the importance of digital skills to the growth of the SME sector in Nigeria and wants to ensure that women were empowered enough to be a consequential part of that growth.

“It’s almost trite to say that SMEs are the engine for economic growth, especially in developing countries like Nigeria, where over 45 million adults are business owners. What needs to be continually discussed is how Nigeria is going to unlock that potential for economic development and how much of that potential will be unlocked by women and for women.”

“For us at AXA Mansard, we are aware that digital will play a major role in unlocking these current opportunities and Nigeria’s economic future. So, to ensure that women are equally represented in unlocking these future potentials, that’s why we have collaborated with SME 100 Africa to support them in developing the required skills”.

“Our choice of digital and financial literacy skills is deliberate. We understand the power of the duo. We understand that helping these SMEs with the skills to attract more customers will be a faster means to empower them.

“We see that they have amazing products and services, but they need to understand how to attract value for themselves by attracting the right customers, and you will agree with me that virtually all customer segments are online in one way or another today.

“So, if we can empower them with digital business skills, we would have helped them with the heavy lifting of trying to find and attract customers”. Ogunyooye explained.

According to him, AXA Mansard believes that for the world to experience progress truly, there must be an equitable distribution of creation and access to opportunities for men and women. This quest for balance informed the SHE for Shield initiative, a women-centred inclusive protection programme of AXA Mansard.

SHE for Shield is a group of initiatives designed for the Nigerian woman. The goal is to see them grow, add value, and help them mitigate risks at every step.

According to the company, research has found that access to health care is one of the most important things to Nigerian women, regardless of their economic segment. They desire to be financially independent, secure, and respected in the community.

 


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IFC Invests in New 4DX Ventures Fund to Support Tech Startups in Africa

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IFC is investing $10.5 million in a new fund by 4DX Ventures, a New York-based venture capital firm focused on supporting early-stage African technology companies across a broad set of sectors, including fintech, e-commerce, edtech, climate tech, and health tech.

IFC’s investment in 4DX Ventures Fund III will come from IFC’s $225 million venture capital platform, which was launched last year to strengthen emerging VC ecosystems and invest in early-stage companies in Africa, the Middle East, Central Asia, and Pakistan.

Africa is among the regions least served by venture capital, receiving just 2% of global venture deal volume in the third quarter of 2023. Access to capital on the continent has been further exacerbated by a slowdown in global venture capital investment.

Tech ecosystems are nascent, or even nonexistent, outside of more established markets such as Egypt, Kenya, Nigeria, Senegal, and South Africa.

“IFC and 4DX Ventures share the commitment to supporting tech entrepreneurs with innovations that will help Africa leapfrog in critical areas such as climate, health care, fintech, e-commerce, and education,” said Walter Baddoo, Co-Founder and General Partner of 4DX Ventures.

“We look forward to partnering with IFC to help promising tech startups build transformative businesses and realize sustainable development impact on the continent.”

4DX’s new fund will invest in companies with tech solutions that can improve productivity, efficiency and competitiveness across Africa. The firm’s first two funds invested in companies such as Egypt-based e-commerce platform MaxAB, an IFC portfolio company; Ghana-based health tech firm mPharma; and Kenya-based B2B e-commerce platform Wasoko, formerly known as Sokowatch.

“By supporting the development of tech ecosystems in emerging markets, IFC’s venture capital platform aims to improve access to key services, boost business competitiveness, and promote job creation through digital transformation,” said Mohamed Gouled, Vice President of Industries at IFC.

“Our investment in venture funds such as 4DX Ventures will help African entrepreneurs access more financing and resources they need to scale tech innovations and bolster sustainable growth across the continent.

In addition to providing capital, IFC will work with 4DX Ventures to implement their environmental and social management system.


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Climate Action Africa Announces CAAF24

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Climate Action Africa (CAA) has announced the inaugural convening of the Climate Action Africa Forum (CAAF24). This international event brings together stakeholders from across the world who drive thought leadership insights on how to encourage collaboration, catalyse actionable solutions, and urge governments, businesses, and individuals to invest in climate-smart initiatives.

The climate-focused event was announced at last week’s Friday international press conference held at the prestigious Transcorp Hilton Abuja. This marks a significant milestone in Africa’s journey towards a sustainable future. A precursor to the upcoming Climate Action Africa Forum scheduled for June 17-19, 2024, at the Landmark Events Centre in Lagos, Nigeria, this press conference brought together leaders, experts, and stakeholders from across the globe. The gathering’s main goal was to discuss the urgent need for sustainable development plans and climate-smart investments in Africa.

Framed by the theme “Green Economies, Brighter Futures: Innovating and Investing in Africa’s Climate-Smart Development,” the international press conference became a vibrant platform for insightful discussions, strategic collaborations, and impactful engagements. It convened an esteemed gathering of leaders, experts, and stakeholders to explore solutions for Africa’s pressing environmental challenges.

The event kicked off with a welcome address by the Executive Director and Co-founder of Climate Action Africa, Grace Mbah, who having announced the commencement of event registration as April 2nd, 2024, made the call for tech-driven solutions and innovations in the fields of emissions reduction, transportation, agriculture, energy, circularity and building and construction to apply to participate in the deal room.

Providing insights to attendees on how innovative approaches and collaborative action is at the heart of CAAF24, she extended an opportunity to like minded organisations who would like to partner by hosting side events and finally, a call for volunteers from across the continent.

“It’s no news that the world stands at a critical juncture, where decisive action is imperative to mitigate the adverse impacts of climate change. Against this backdrop, CAAF24 serves as a pivotal platform for key stakeholders to engage in meaningful discourse, and forge collaborative pathways towards a greener, more sustainable future.

The essence of CAAF lies in its commitment to shaping a climate-resilient Africa through co-creation, innovation, and sustainable investment. Through this initiative, we aim to catalyse solutions that enhance the sustainability and prosperity of the continent’s natural resources, people, and economies,” Grace stated.

During the International Press Conference, distinguished speakers and thought leaders emphasised the urgent need for collective action in tackling Africa’s climate challenges.

They delved into critical topics like renewable energy, sustainable agriculture, biodiversity conservation, and climate finance, offering practical insights and inspiring initiatives.

Jummai Vandu, representing the National Council on Climate Change, expressed optimism about the initiative’s outcomes. “Today’s discussions,” she said, “underscore the urgency of our collective efforts to combat climate change. The National Council believes working together is key to driving meaningful action and creating a more sustainable future for Africa and beyond.”

With the International Press Conference complete, the stage is set for CAAF24. Stakeholders will converge to translate ideas into action, forge partnerships, and drive progress towards a climate-smart Africa.

Mrs. Taiwo Fashipe, Head of Media for the Presidential CNG Initiative (P-CNGi), echoed similar sentiments, stating: “The theme of this year’s Climate Action Africa Forum aligns with our goals, vision, and mission at the Presidential CNG Initiative.

“We look forward to using this platform to advance interest in and investment in greener and cleaner energy sources like CNG.”

Standing at a crucial juncture in Africa’s quest for sustainable development, CAAF24, convened by Climate Action Africa in partnership with the National Council on Climate Change, Channels Media Group, and Founder Institute, emerges as a beacon.

It brings together the private and public sectors, guiding the continent towards a future marked by resilience, prosperity, and environmental stewardship.

 


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