I’ll rather buy house than invest in upcoming artistes’ – Zlatan

Rapper Zlatan Ibile has revealed why he is hesitant to invest in emerging musicians, blaming the steep rise in promotion costs that now dominate the music industry.

Speaking on the Afrobeats Podcast, the ‘Shaku Shaku’ crooner contrasted the current climate with the earlier days of the industry, when budgets were more manageable and investors: even those not involved in music: were willing to support young talent.

When the marketing budget wasn’t serious, you still get people that are not into music but invest in labels and help young artistes,” he said.

“They put money into their music to support them, they set up labels for artistes to grow. But right now, the budget is outrageous, so I had rather buy a house rather than put money on an artistes I’m not sure will blow up.”

The artiste, whose full name is Omoniyi Raphael, also spoke about his deeper motivations, saying that financial security is what drives his career.

“The reason I make music is for financial stability. My goal is to be responsible and financially secure. At the beginning of my career, I wasn’t balanced and suffered from pressure and anxiety,” he added.

Zlatan, who rose to prominence with his debut studio album in 2019, is known for hit tracks such as ‘Zanku’, ‘Shotan’, ‘Lagos Anthem,’ and recent releases including ‘Omo Ologo’ and ‘Let There Be Light’. His rise was far from easy, as he previously worked as a bricklayer before securing his breakthrough.

In 2020, he launched Zanku Records, signing artistes such as Papisnoop, Oberz, and Jamopyper under the label.