5 Things SA Music Artists Need To Know About Money

5 Things SA Music Artists Need To Know About Money! The music business is a hard taskmaster. It offers fame and fortune, yet living the lifestyle of a star has seen many famous South African artists struggle when the glitz fades.

To sustain a comfortable life you need to devote as much time to managing your money as to making music. This hard reality is demonstrated clearly in the first episode of AMPD Studios Live, which launched on Wednesday 29 July 2020 on DStv MTV Base channel 322 and will be repeated on BET DStv channel 129 on Saturday 1 August 2020.

AMPD Studios Live is an innovative and informative 10-part edutainment series created by Old Mutual to ensure wannabe artists and future stars understand the basic principles of money management.

The first episode of AMPD Studios Live hosted by BlaQ-Slim featured an array of spectacular legends and music greats that have been a part of the AMPD Studios in Newtown since its launch in May 2019. 

These inspirational artists shared their raw and unfiltered very real personal life experiences and wisdom with those entering or trying to succeed in the music industry. The established stars include Yvonne Chaka Chaka, Khuli Chana, Thandiswa Mazwai, Sipho ‘Hotstix’ Mabuse, Letta Mbulu, J’Something, Slikour and Zolani Mahola.

“Our continent is alive with talent and abounds with success stories, but sadly not all these stories have happy endings,” says Thobile Tshabalala, Head of Brand at Old Mutual. 

“The fact is that even some of our greatest legends, who have risen to fame and sold millions of albums, have sadly experienced poverty in their later years simply due to basic money management knowledge. Old Mutual is committed to making a positive difference by learning from the experiences of these greats and empowering up-and-coming young artists by providing them with a firm financial foundation to ensure they amplify their financial future as well as their musical talent.”

Through its AMPD Studios and recent partnership with MTV Base and BET, Old Mutual has found an innovative and far-reaching way to give artists the tools and information they need to succeed sustainably. 

The AMPD Studios Live series provides a unique and impactful platform for leading performers and music personalities to share their wisdom and experiences, to support, educate and uplift the music industry and rising talent in our country. 

Just some of the wise advice shared in the first episode of AMPD STUDIOS LIVE included:

• Due diligence and contracts should form the basis of all dealings

When recalling his early days in the business, Khuli Chana, a South African Motswako rapper with several awards under his belt, admitted: “I really messed up. I had no contract.”

“Things went really fast for me. I didn’t even do a background check on the guy. I was fixated on the idea of getting rich. You really need to do your homework.”

• Money made should work for you

Music icon Yvonne Chaka Chaka shares that “At 21 I had a million rand in my account.”

“But money comes and goes. In life, what goes up must come down. Yes, be generous with your family but realise money has to be managed. Respect money, invest it and make sure it works for you,” she advises. 

Ms Chaka Chaka is one of the lucky ones who received the right financial advice early on in her career. It helped set her on the path she has successfully followed ever since.

The legendary Sipho “Hotstix” Mabuse said; “History is littered with impoverished artists who at a stage were very success but today have nothing to show for it.” “One of the most important things I have learned is that in our industry we make money but it’s how we make money and how we use money that is critical. At the end of the day I was surrounded by people who advised me to ensure that I put my royalties in the right place” 

“For me it was do or die,” states Letta Mbulu, an iconic South African jazz singer. “There are those who are very lucky who make money like that but they blow it cos they think it’s going to come again tomorrow.” 

• Choose your partners wisely

Singer-songwriter Vusi Mahlasela also offers some sound advice. ”You must always be careful businesswise and know who you are working with.”

J’Something, MiCasa lead singer, also shared his experiences. “I failed many a time and I lost lot of money. As creatives, we have this world of possibility in our minds, that says I can do anything and we can, but the harsh truth of that statement is that not everything is going to work”

• AMPD STUDIOS is a significant place of learning

J’Something said; “The magic behind this space is that if you come here, you can get the knowledge you need.” 

The same sentiment was echoed by Khuli Chana, who stated, “I believe in the significance of success and this space is significant. It is about building the next generation. Find your true north and go for it”

The final word in the first episode of AMPD Studios Live goes to Sipho ‘Hotstix’ Mabuse, who tells budding stars: “It is tough at the top and crowded at the bottom. Where you want to be and how you get there is up to you.”

John Manyike, Head of Financial Education at Old Mutual, echoes the importance of basic financial education.

“When you know better, you are able to do better,” says Manyike. “There are so many simple steps you can take to be your exceptional best and to ensure that you amplify your financial future as you embark on achieving your dream. Making money work for you is key. It’s about investing, budgeting, and planning for the short, medium and long term. Effective money management is about knowing how to spread your investments across a variety of options and insuring for the future”.

“The global pandemic has exposed the fact that many of us are ill prepared for rainy days. Entertainers in general are amongst the hardest hit. There is no more important time than now to have a financial plan in place. Our partnership with MTV and BET has enabled us to encourage, inspire and share the critical life skill of basic financial education through the platform of music, to help those in the industry and those passionate about achieving their dreams, amplify their financial futures as they become their exceptional best.” concluded Manyike.