During a live conversation with UK-based Nigerian broadcaster Adesope Olajide, the Mavin Records label boss said in the course of exploit, quite a number of investors from different sectors of the economy, including banking, and oil and gas, have worked up to him to express their interest to set up record labels.

According to Don Jazzy, he usually laughs each time that happens because most of them don’t have “the balls” to put their monies and resources into music.

“When I sit down, look at bankers, and those in the oil and gas sector, expressing their interest to invest in the music business, I just laugh. They usually come, telling me that they have a certain amount of money and they want to float record labels with it. I just look at them and laugh. I do this because most of them don’t know what the business requires to make it thrive,” he said.

Referring to the potential investors, Don Jazzy noted that they are too figure-driven, and with that, their chances are slim to make their ventures thrive. “I know it doesn’t make sense, but it would, eventually,” he added.

The highly-revered music producer, therefore, advised that anyone seeking to invest in music must be very passionate about the art, and he or she should be someone who’s care-free about returns.

“If you don’t have the mind of spending and not get your money back, you can’t run a record label in Nigeria. You are going to have to spend, be selfless, and if not, you would pack up one day. The demand from your artiste per the success you want to have and keep up with industry competition will require you to go very deep into your pocket. So, if you don’t have a passion like mine, you would suffer.

“With Mavin Records, I just did not care; as long as I’m eating, I’m fine. I invest every other money I have in music projects for my signees,” he counselled.

When asked why he floated Mavin Records after running Mo’Hits Records alongside D’banj, Don Jazzy said he noticed that back in the days, there were no record labels established to help talents.

“All I knew then was that I wanted to build a beautiful record label and an entertainment company that is a powerhouse for developing artistes in Africa. We didn’t have one. There was none in Nigeria at the time aside from one… I felt like there should be one that discovers people and send them out to the world. This is still the goal for me -to find the young people and take them global,” he explained.

Watch the full interview below

The post Why Most Record Labels Don’t Thrive In Nigeria -Don Jazzy appeared first on Business News in Nigeria.

Ronaldo, on Monday, June 14, 2021, in a clip that has since gone viral on social media, swapped a bottle of Coca-Cola for water. This happened as the soccer star sat down for a press conference at the European Championship.

Just before the media parley, he pushed aside two Coca-Cola bottles placed in front of him, after which he said “Água,” a Portuguese word. He, thereafter picked up a bottle of water and seemingly encouraged others to do the same. “No Coca-Cola,” he added.

What you should know

• Ronaldo is a renowned health fanatic; his action against Coca-Cola at the media parley was a clear indication of what he thinks of the carbonated soft drink brand.
• Coca-Cola is one of the official sponsors of the ongoing tournament, Euro 2020.
• Almost immediately after the swapping of Coca-Cola bottles for water, the beverage company’s share price dropped from $56.10 to $55.22, representing a 1.6% dip.
• In a similar fashion, the market value of Coca-Cola plummetted from $242 billion to $238 billion, representing a drop of $4 billion.

This incident, however, highlights the influence of certain individuals on a brand or business ecosystem as the case may be.

Understanding starpower

One would wonder what Elon Musk, Don Jazzy, and Wizkid all have in common with Ronaldo who by a simple gesture made one of the world’s most popular beverage drinks record billions of dollars loss, in a matter of minutes. But in all fairness, they’ve all been endorsers or spokespersons for brands or causes.

The aforementioned superstars are authorities in their fields, hence their influence and affluence on consumers. This alone is what determined investors’ confidence in any given situation.

As also seen in the case of Musk, a South-African-born American billionaire, who with a single tweet disrupted the cryptocurrency industry.

Unmask NG would recall that on Thursday, May 13, 2021, the cryptocurrency sector suffered a massive blow, after the Tesla founder suspended the purchase of his electric vehicle products with bitcoin. Following the suspension announcement, billions of dollars were wiped out from the cryptocurrency market, leaving investors and traders in panic.

As at the time Musk made the announcement, the value of the whole cryptocurrency market stood at around $2.43 trillion. This was according to data from Coinmarketcap.com.

The market capitalisation first dropped to around $2.06 trillion, wiping off around $365.85 billion.

An expert’s view

Sharing his sentiment on how starpower can disrupt a business ecosystem, Charlie Higgs, an analyst at Redburn, Europe’s largest independent equities broker, stated: “Aligning brands with celebrities is a tried and tested way of recruiting new consumers, but it comes with added risk. This risk is persistent and larger now than ever before thanks to the prevalence of social media.”

The post Ronaldo And Coca-Cola: How Starpower Can Make, Unmake A Brand appeared first on Business News in Nigeria.

As of Thursday, April 2, the number of confirmed cases has increased to 184. And in a bid to curtail the virus spread, the Federal Government had shutdown business activities and restricted movements in some states in the country.

Complying to the restrictions has become a mammoth challenge for millions of Nigerians, who solely rely on daily earnings to feed themselves and their families. Consequently, the shutdown hasn’t only stalled their business exploit but has also brought hunger to them.

Just as banks and wealthy Nigerians are donating billions of naira to help the President Muhammadu Buhari-led administration fund the country’s medical centers, and at the same time, provide essential materials needed to curtail the spread of coronavirus, celebrities are encouraging people to stay-at-home with social media giveaways, which is believed to be shelving the hunger that already exists among Nigerians as the consequence of the lockdown.

Nigerians are no longer hiding in their feelings to openly request for financial support. As a matter of fact, bank account details are now being broadcasted to celebrities on social media, as many believed they are financially buoyant enough to at least feed them for the period of the lockdown.

Among the celebrities largely putting smiles on people’s faces are -Runtown, and Don Jazzy.

Prior to the lockdown, which halts economic and social activities, Runtown whose real name is Douglas Jack Agu, announced that he will be donating a whooping sum of N10 million to Nigerians on social media.

The money, according to the ‘Mad Over You’ singer, is to help Nigerians stock up on survival essentials.

He tweeted, “HOPE EVERYONE IS STAYING SAFE. TIMES ARE EXTREMELY TOUGH AND I AM CERTAIN THERE ARE PEOPLE WITH NO MONEY TO STOCK UP ON SURVIVAL ESSENTIALS. WILL BE GIVING OUT 10 MILLION NAIRA TO THIS CAUSE. KINDLY DROP YOUR ACCOUNT DETAILS.

“NOTE: OBVIOUSLY 10 MILLION NAIRA WOULD NOT GO ROUND, SO IF YOU HAVE OTHER MEANS TO SUSTAIN YOURSELF, RESPECTFULLY DON’T SEND IN YOUR ACCOUNT.”

Similarly, Don Jazzy in his usual gesture of assisting Nigerians financially, has been very aggressive in providing relief for those who sought it from him.

Although, the legendary producer didn’t announce to donate any particular amount of money, but as seen on his Twitter timeline, many people are affirming his donations, as he credited them with money.

Why this matter

Nigeria happens to be one of the countries in Africa with food-deficiency. The lingering food crisis in the continent’s most populous nation has resulted in distressing levels of stunting in the under-age, which is caused by high rates of poverty.

Arguably, Nigeria, a country that prides herself as the giant of Africa, is one with more than half of her citizenry living below the poverty line.

The post COVID-19: Celebrities And Social Media Giveaways appeared first on Business News in Nigeria.