Africa: Why Jay Z Chose to Invest in Uganda, Nigeria but Not in Kenya
American rapper Jay Z has revealed why he snubbed Kenya, among other African countries, and settled for Uganda and Nigeria as he seeks to expand his music empire in Africa.
The 48-year-old artiste, whose net worth stands at $900 million (Sh90 billion) according to Forbes, expanded his Tidal Music Company business, opening the second branch in Africa in the capital of Uganda, Kampala.
According to Tidal bosses quoted by Billboard, the two countries were chosen as launch pads because of their youthful population.
Approximately 78% of Uganda’s population is below the age of 30 years, same as Nigeria with an approximate of 83% thus making them ideal target market for Tidal services.
Tidal, a US based music streaming service founded by Jay Z, commenced its business in Kampala a few days ago after an official launch.
The launch was done in partnership with Uganda’s largest telecom company MTN which will give it access to its over 10.5 million subscribers.
Tidal will also host Ugandans’ local music on its service in addition to its already vast catalogue.
The company is planning a similar roll out to Nigeria.
By Thomas Matiko