MePlaylist attracts investments from Mathew Knowles and other Global Investors

MePlaylist TM app, an African start-up for music streaming and promotion has earned the attention of global investors and partners that include Mathew Knowles, father of pop stars Beyoncé and Solange.

His Music World Entertainment Corporation has joined other global industry majors to invest in Nigeria’s rapidly growing music industry. The Corporation has expanded and diversified over the last two decades into one of the world’s leading music and entertainment conglomerates, with record sales exceeding 300 million worldwide. Under his management, Destiny’s Child became a global phenomenon. Knowles believes MePlaylist TM offers music consumers in Africa a unique experience for a continent where internet penetration and the use of smartphones is projected to experience significant growth.

Another investor, 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 MePlaylist TM: “We are confident in the technical capabilities and expansion strategies for MePlaylist TM 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.”

According to a year-end report from the Recording Industry Association of America (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 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 complained about the high cost of subscribing to some platforms, the unresponsive and unexciting user interfaces and catalogues that are not as exhaustive as consumers would like. It has presented a challenge for content creators in Africa to earn suitable revenue from their work.

With increasing mobile phone usage in Africa, convenient and reliable platforms with expansive catalogues to stream are far from the norm; as many streaming platforms prioritize commercialization efforts in high-income countries and pay less attention to low and middle-income countries. This notwithstanding the global prominence of African acts such as Diamond Platnumz, Davido, Tiwa, Wizkid, Yemi Alade and Burna Boy. Africa’s rich musical contents need to reach more fans within the continent through channels that make monetization and exchange of value easier and convenient.

Olakunle Oladehin, MePlaylist TM founder 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.

Wizkid

MePlaylist TM users will also be able to curate their own playlists and get followers to enjoy new music from all over the world.

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 MePlaylist TM experience the best in the market”. He added further, the increasing importance of user-generated content (UGC) “MePlaylist TM has been designed to be an intelligent music App that applies artificial intelligence to give each user a unique experience. 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.”

MePlaylist TM Founder 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 app.

About Meplaylist

MePlaylist TM is a subscription and ads based On-Demand music streaming application, creating an intuitive and unique media to access unlimited music. The app collects data about user tastes and preferences to create custom-curated playlists for users to listen to.

MePlaylist TM is available on the Google Play Store and all Web Browser services and is home to an entire streaming catalogue of new music, curated playlists, music and more.

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