In a recent interview with American media personality Steve Stoute at UnitedMasters SelectCon 005 in New York, popular Afrobeat singer Davido Adeleke revealed how he managed his record label, DMW, for four years with a philanthropic mindset.
According to Davido, he saw his record label as a platform to support the growth of his friends and help them achieve their dreams.
However, he also stressed the importance of generating revenue in the music industry, reminding the new signees under DMW that it is ultimately a business.
Davido expressed his joy in witnessing the positive impact of his own success on the artists he initially signed to DMW, including Mayorkun, Peruzzi, and Dremo.
“My label was really more like a family to me, I was young, to me I was just happy putting my boy on. I ran a label for four years and I didn’t take one dime from my artistes.
“I was paying for videos, I was paying for accommodation, I was paying for welfare. I was just happy seeing that my success could rub off on others. That was money to me.
Afrobeats got to a place where its global and I have to explain to the artistes “in these days this is business, to make money you gotta spend money’,” he said.