Nigerian singer and entrepreneur, Oluwatosin Ajibade, better known as Mr Eazi, has made headlines by selling his portfolio company, Vydia, for a whopping $1 billion.
The digital audio and video distribution infrastructure company was acquired by American firm Gamma, which is owned by former Apple Music Executive, Larry Jackson.
In Jackson’s words, Vydia embodies Gamma’s vision as an innovative company. This acquisition marks a significant milestone, as it is the largest in the history of Afrobeats, a testament to the immense potential of the music industry in Africa.
Mr Eazi is not just a successful musician but also a savvy businessman, with a keen eye for investment opportunities. He is also the proud owner of emPawa, a music distribution platform that has worked with popular artists such as Joeboy, Darkavibes, Bella Alubo, and of course, Mr Eazi himself.
Overall, this sale is a major achievement for Mr Eazi and his venture capital fund, Zagadat Capital. It highlights the growing influence of African entrepreneurs in the global business landscape and reinforces the potential of the African music industry to generate substantial revenue.