Music entrepreneurs: what it takes to own a piece of the music business

The South African music industry has been a topic of discussion recently, especially after events like the Metro FM Awards. Musicians often find themselves at the mercy of record labels, which leads to financial struggles. The CNBC Africa interview featured Sindile Xulu, Founder and CEO of the International Jazz Extravaganza (IJE), and Thandi Ntuli, a young artist who has taken control of her music career, discussing the significance of music awards and entrepreneurship in the industry. The conversation delved into the role of music awards in recognizing talent and driving excellence among artists. Both guests emphasized the importance of awards ceremonies in boosting artists' careers and profiles, especially for independent artists like Ntuli. They acknowledged that awards serve as motivation and validation for artists, encouraging them to strive for excellence in their craft. The discussion then shifted to the entrepreneurial aspect of the music industry, highlighting the skills and qualities required to succeed as a music entrepreneur in South Africa. Xulu described entrepreneurship as a creative art that requires dreamers who are willing to take risks and think outside the box. She emphasized the importance of finding joy in the process of entrepreneurship and urged aspiring music entrepreneurs to embrace their creativity. The conversation touched on the financial challenges faced by many artists, leading to broken contracts and financial instability. Xulu stressed the need for artists to have a solid education in finance and contract management to protect their interests and avoid financial pitfalls. Xulu also shared her experience of running the International Jazz Extravaganza and supporting artists like Ntuli. She highlighted the importance of valuing and appreciating local artists, noting that they deserve the same level of respect and recognition as international artists. Xulu emphasized the need to prioritize local talent and ensure that they are well taken care of before extending hospitality to international guests. The interview concluded with Ntuli showcasing her musical talent by performing her latest single, 'Cosmic Light,' a powerful prayer that captivated the audience. Overall, the discussion shed light on the challenges and opportunities present in the South African music industry, emphasizing the importance of recognition, entrepreneurship, and financial literacy for artists. By valuing and supporting local talent, the industry can create a more sustainable and inclusive environment for artists to thrive and excel.