Davido, a well-known Afrobeats musician, said that he ran his record company, DMW, for four years without getting a penny from his artists.
This was said by Davido during an interview with Steve Stoute, a prominent US media figure.
After four years, the singer said, he felt the need to teach them about the economic side of the industry as Afrobeats gained popularity around the world.
“You know, to me, my label was more like a family. I was a child. The only thing that truly mattered to me was getting my boy to like me.
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“During the four years I managed my label, I didn’t take a single penny from my artists and I paid for their videos, lodging, and welfare simply because I was pleased to see that my success could rub off on this individual; that was money for me.
“But definitely, Afrobeats has reached a point where it is now international. As a result, I now have to explain to the artists that this is the music industry. And you need to spend cash to earn cash, he added.
Since its founding in 2016, Davido’s record company, DMW, has given exceptional musical talents like Peruzzi, Dremo, and Mayorkun a home.
