Beyoncé and Solange Knowles’ father, Mr Mathew Knowles, MBA, PhD, has invested into MePlaylist.com, a subscription and ads based On-Demand music streaming application founded by Olakunle Oladehin, a US-based Nigerian entrepreneur.
Mr Mathew Knowles’ invested into MePlaylist.com through his company Music World Entertainment Corporation joined Mr Michael Kay Kiladejo, Managing Partner of Music World International, and CEO of Track Record Entertainment LTD, UK to invest in MePlaylistTM.
“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”, Knowles said in a statement.
MePlaylist.com presents music by African acts to the world and vice versa with unique royalty distribution models, multiple plan types and subscription currencies. The platform prioritizes commercialization efforts for African arts and as well reduces the gap artists and fans.
African consumers have also been left behind due to the high cost of subscribing to some platforms, other platforms have unresponsive and unexciting user interfaces and their catalogues are 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 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”.
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.
Artists on the platform include Diamond, Wizkid, Burna Boy or Tiwa Savage, Obesere and King Sunny Ade among others.