Nigerian singer and Music Mogul, Oluwatosin Ajibade, popularly known by his stage name Mr Eazi, has sold Vydia for $1 billion.
Vydia is one of his music portfolio company of venture capital fund, Zagadat Capital. The digital audio and video distribution infrastructure company was acquired by Gamma, a music and technology firm owned by former Apple Music Executive, Larry Jackson.
Speaking on the acquisition, Jackson praised Vydia’s flexibility: “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.
He added “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.” Vydia has previously worked with artists like Kanye West, Akon, Mr Eazi, and Anuel.
It is considered one of the top digital distribution platforms for independent artists. The deal represents the biggest in the history of Afrobeats, of which Mr Eazi is one of the biggest names.
In addition to Vydia, Mr Eazi is the owner of music distribution platform emPawa. The platform has previously worked with artists such as Fave, Joeboy, Darkavibes, and Bella Alubo.
The sale of Vydia represents a significant milestone for Mr Eazi’s entrepreneurial ventures and further cements his position as one of Nigeria’s top business moguls. The sale also highlights the increasing importance of the digital distribution industry, particularly in the wake of the COVID-19 pandemic, with more people consuming content online.
The acquisition of Vydia by Gamma underscores the growing trend of big players in the music industry consolidating their power by acquiring digital distribution companies.
Overall, the sale of Vydia for $1 billion is a significant achievement for Mr Eazi and his venture capital fund, Zagadat Capital, and this is expected to open up opportunities for other African startups in the music and technology space