Mr Eazi and whether or not he owns Vydia which has been for $1bn to a Hollywood company [UPDATED]
Vydia, a company that develops software to help musicians manage their careers has been bought by a Hollywood company, Gamma for US$1billion.
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Gamma bought Vydia in December 2022 but only made it public recently.
Gamma is owned by music mogul Larry Jackson and backed by investors including Apple, Eldridge Industries and A24.
Speaking on the acquisition, Jackson said Vydia founded by Roy LaManna,42, epitomises the vision of Gamma as an ideas company.
“Gamma is built with the flexibility and aptitude that creators need to connect with fans on all formats and across all channels – with transparency and no restriction.
“We are a progressive media company powered by the best-in-class content distribution and analytics software by way of our Vydia acquisition. And central to its core, Gamma is an ideas company,” Larry said.
Although the terms of the deal was not disclosed, LaManna will stay on with Gamma. Vydia will continue to operate under its own name.
“We think of artists as entrepreneurs”, LaManna said of the vision he shares with Jackson for the entertainment industry.
“We think the modern day business model run by major labels is kind of antiquated.”
Vydia makes software that helps artists manage the financial side of their business, allowing them to keep track of rights management, royalties and performance analytics in an age when their content can be shared on internet sites such as Youtube, Facebook and Instagram.
Some of the artistes Vydia has worked with include Fave, Joeboy, Darkovibes, Bella Alub, Akon, Kanye West, Mr Eazi, and Anuel
Article on singer Mr Eazi selling Vydia for $1bn
Last week some Nigerian portals including Daily Post in Nigeria described Vydia as a portfolio company of Mr Eazi's venture capital fund, Zagadat Capital.
Daily Post published that the singer had sold the portfolio company, Vydia for $1bn.
The portal reported that Mr Eazi, the Nigerian singer and business mogul, Oluwatosin Ajibade is also the owner of music distribution platform emPawa.
There is however a contention to that position, that Mr Eazi does not own Vydia.