By Adedapo Adesanya
Digital Music and Commerce Exchange Limited (DMCE) has partnered with chordCash for the unveiling of a funding platform called Orin Fund for musicians.
Orin Fund is an e-commerce marketplace holding various forms of financial products for artists across Africa.
Its first product which has the name of the fund itself is in partnership with chordCash, an American company that provides a patented technology to help artists get advances on their streaming royalties.
In three simple steps, any African artiste can acquire the funds they need for their project between 7-14 days. Within the next few months, Orin Fund is expanding its products to have other financial solutions to develop artists/labels in Africa without excluding labels/artists exit or raise funds from private investors both locally and internationally.
This innovation by DMCE aims to give artists control over their intellectual property while still providing the funds they need to stay afloat and succeed in the emerging market where funding is a huge challenge.
President of DMCE, Ms Oyinkansola Foza Fawehinmi said, “With the accelerated popularity of African music globally, it is important that we develop our structures locally to support the global expansion of our artists.
“In a continent of 1.4 billion+ people with 70 per cent of its demography under 30, intellectual property is the next gold mine of the continent with music as one of its forerunners, it is important to create a decentralized marketplace for access to funds at whatever career level for an African artiste.”
“I am excited to be working with several partners in creating unique financial solutions for each market. Chordcash has taken an early bet in the market and I am certain of its success,” she said.
Adding his input, the Chief Operating Officer of DMCE, Mr Olayinka Ezekiel said, “At DMCE, our mission is to place African creators at the centre of the entertainment value chain.
“Orin Fund is bolstered by a team with extensive finance, entertainment and media experience. Our new product approach leverages global best practice but is adapted to fit the African context and opportunity,” he added.
Mr Eric Palumbo, Head of Partner Activation & Growth Marketing at chordCash said his company “is honoured to become DMCE’s chosen partner to join their mission in empowering artists across Africa through Orin Fund. Independent African musicians will have access to funding that helps expand their global reach without having to sacrifice ownership of their music or control of their careers.
“Our data-driven funding model combined with DMCE’s expertise in intellectual property will make Orin Fund a powerful new resource available to artists looking to take the next steps in their career growth.”
Founded in 2018, DMCE is an African-focused company that is set to redefine the intellectual property valuation, collateralisation, and general monetisation of the African music space.
The firm is currently established in Ghana, Tanzania, and the USA with Nigeria as the headquarters. Through intellectual property valuation, protection, management, administration— and now funding, it gives every artist the means to thrive and own their craft.
Via Orinfund, DMCE extends this service to artists in all African countries with access to both local and international funding.
DMCE offers catalogue administration services to some of the biggest and most respected artists in Nigeria’s music industry some of which include; K1 De Ultimate, The Estate of Dagrin, Sola Allyson Obaniyi, and Premier Records, The Estate of Chief Sikiru Ayinde Barrister.
The company also see the business management of hyperlocal record labels, such as Remdel Optimum Communications which is affiliated with top gospel artists such as; Tope Alabi, Bola Are, Evangelist Bisi Alawiye, Evangelist Dunni Olanrewaju (aka Opelope Anointing) and Daniel Aregebesola.
DMCE’s new product, Orin Fund, will ensure that artists are covered on all grounds and made aware of their assets and bargaining power. Basically, creating a levelled playing ground for them.
Business Post Contributor