Nigerian music streaming platform, MePlaylistTM, has secured investment from several investors, including Mathew Knowles – the father and former manager of Beyoncé and Solange Knowles. MePlaylist, the music streaming firm seeks to monetise the growing consumption of Nigerian music through online platforms following the rise in internet penetration and the use of smartphones.
Founded by Olakunle Oladehim, MePlaylistTM intends to bridge the gap in the streaming business in Nigeria and Africa with the new investment.
According to the music startup in a statement sent to Nairametrics, the African market is still largely untapped with its 1 billion-plus mostly young population but still accounts for a mere 2% of the global recorded-music sector and less than 1% of the royalties collected.
While speaking on the investment in MePlaylist, Knowles, the founder of Music World Entertainment Corporation, said, “MePlaylist 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 MePlaylist.”
Artistes like Davido, Tiwa, Wizkid, Yemi Alade, Burna Boy, Olamide, Diamond Platinumz, and new arts like Fireboy and Joe boy are driving the use of internet in Nigeria and Africa, making the streaming business viable on the continent.
According to him, several artistes are beginning to release their albums and singles on platforms with paywall, ignoring the usual hardcover album, “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,” Ayodeji Oyenekan, the Head of Technical Innovation at MePlaylistTM said.
With Music World Entertainment Corporation joining the likes of Music World International and Track Record Entertainment LTD, UK, MePlaylist will have to rival Spotify and Apple music for the streaming consumer base.
Meanwhile, Oladehin said, “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.”
He added that, “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.”