Godwin Tom, Managing Director, Sony Music Publishing Nigeria, has revealed that Afrobeats star, Wizkid once took a loan to invest his career.
He made this known during a radio interview while talking about how artistes fund their music careers with their own money even when they are under record labels.
The music executive said popular R&B singer, Wande also took a loan for the same purpose of career promotion.
According to Godwin, Wizkid was not financially buoyant at the time, but he believed in himself and what he would become in future which is why he took the loan.
Watch him speak below:
Reacting, baty_fargone said; I have always known that Wizkid is a business man 🙌🏿
newtonice_12; People will be saying banky w help is his life yen yen yen ,.. record label when the banky say they owe an album ,.. but upon all the bad albums he did under EME just imagine he nor even carry money commot from the label ,.. this labels eeeh then go wan just fraustrated you ,.. am happy for wiz thou 👏👏
otutuseason; Of course music dey chop money but most people don’t know and yet some ungrateful fans will be making noises we made you what you are today. Watch it and hear it as well 😢😢😢 Thank God for the strength for not giving up o.
Meanwhile, street artiste, Akinbiyi Abiola Ahmed, popularly called Bella Shmurda, has revealed that he paid a huge sum of money to free himself from the contract he signed with his former record label.
CorrectNG reports that the ‘Newborn Fela’ crooner was formerly signed to One World Global Records.
Bella said he paid N20 million to the management so that he could be released to be an independent artiste after spending just a year out of his 3-year contract.
According to the singer, he was being cheated by the label because they equally funded his music projects, but One World took a larger percentage of the earnings.
Speaking on Tea with Taymesan podcast, he explained that he would source for N500k as requested by the label and they in turn would bring N500k for production, promotion and other things that need funding.
However, when money starts coming from shows, streaming, endorsement and other areas, they would take 70 percent and give him 30 percent.
Bella said he was not comfortable with that arrangement so he hired a lawyer and bought himself out of One World Global Records.