Digital Music and Commerce Exchange Limited (DMCE) has partnered with chord Cash, an American company that provides a patented technology to help artists get advances on their streaming royalties, to launch its new product — Orin Fund.
Orin Fund is an e-commerce marketplace built to serve as a financial solution to enable African artists have a secured future.
Built with several financial products for artists across Africa, Orin Fund follows DMCE’s first product which had the name of the fund.
African artists can get funds needed for their project within 7-14 days. In the next few months, Orin Fund plans to expand its products to include other financial solutions, developing artists/labels in Africa without excluding labels/artists exit or fundraise 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 Digital Music Commerce and Exchange Limited – 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 1.4billion+ people with 70% 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.”
Founded in 2018, Digital Music Commerce and Exchange Limited (“DMCE”) is an African-focused company redefining the intellectual property valuation, collateralization, and general monetization of the African music space.
Currently established in Ghana, Tanzania, and the USA with Nigeria as the headquarters, its Intellectual Property valuation, protection, management, administration— and now funding, 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.
Chief Operating Officer Digital Music Commerce and Exchange Limited Olayinka Ezekiel said: “At DMCE, our mission is to place African creators at the center 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.”
Eric Palumbo, Head of Partner Activation & Growth Marketing at chordCash said: “chordCash is honored 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.”
DMCE offers catalog 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, Premier Records, The Estate of Chief Sikiru Ayinde Barrister.
They also see to 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, is a monumental moment in achieving its goals and mission. That is to ensure that artists are covered on all grounds and made aware of their assets and bargaining power. Basically, creating a leveled playing ground for them.
Orin Fund would go a long way in giving every budding and/or existing African artist a genuine fighting chance. As they have proved time and again, every move and decision DMCE makes is always in the best interest of every African artist. Without a doubt, Orin Fund is a pretty good example.