Oye Akideinde is the CEO for MusicTime, Simfy Africa. With over 20 years experience in tech, media and entertainment, and degrees in both OyeAkindele MusicTime Music Nigeria
and Music Business, Oye has harnessed his various talents to build various successful Tech and entertainment related Companies and services across Africa. In this interview with Guardian Music, he speaks about strategies to help artistes benefit from their artistry, the growing rate of music streaming in Africa as well as other issues.Definitely music. From a very young age, I was always interested in entertainment. As a child, I was found singing, dancing or songwriting .
There isn’t much difference being that I joined MusicTime few months after the service had gotten launched. The challenges that face any strong start-up are very similar with my new role; from establishing the app in a matured or crowded market, to getting a team together and making it work like a single unit, to scalability, to ensuring that all regulatory and legal requirements are met.
With an emphasis on emotion, we have moved our consumers from being fans to becoming critics and decision tastemakers. We believe that every human is a fan of music – regardless of the language, locality, mood, taste or socioeconomic class. We understand our users, their needs and how they interactive with our services. Through this understanding, we have empowered users to become curators and creators of the music culture.
At what point did you notice the tide began to change for Internet enabled businesses such as music streaming? Coincidentally, Do-It-Yourself platforms such as MySpace and Soundcloud emerged, as the music landscape digitally remained fragmented. Music fans could stream music from unknown and not so popular artists.
From the creative standpoint, a whole lot of local genres are growing fast but we are yet to reach its full potential, the revenue side of the music industry is growing but the huge part of it, – merchandise, equity, branding, convertible metadata or valuable consumers who pay subscription value for music, these numbers are not even high yet.
Because streaming services offer customers a vast selection of music to choose from, out-of-print physical recordings become available to users who have fond memories of them or who discover them for the first time. The mobile industry in Nigeria continues to scale up quickly with Africa itself seen as a “mobile-first” continent. Nigeria currently has the highest Smartphone penetration rate in Africa with android devices having about 85.98 per cent market share.
With much access to the Internet and mobile technology, the Nigerian tech environment continues to develop and the tech business in Nigeria as a whole is laden with huge potentials.Further to the ones I had mentioned earlier – ease of payments and data costs – I would say how accessible free music is.
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