For many artists, success often comes in the form of recognition, applause and peak moments in their careers.
Despite these achievements, many artists find themselves struggling financially, long after their peak moments unable to turn their talent into long-term stability.
While some artists break this cycle by becoming more financially strategic, the majority still struggle to treat their craft as a viable business.
In light of this, industry stakeholders have called for a change in mindset, one that will see artists treat their craft not just as a passion, but as a business.
This call was amplified during the second cohort of the Investment School of Creative Arts, held in Mangochi on Thursday and Friday.
The two-day event, organised by the Copyright Fund in partnership with Nico Holdings plc, brought together creatives from across the country to equip them with essential business and financial management skills.
This year, Nico Group committed K65 million to support the initiative, representing an increase from the K45 million sponsorship last year.
Nico Holdings Group operations executive Chifundo Chiundira observed that although Malawi’s creative industry is rich in talent and innovation, many artists lack a clear financial roadmap.
“Despite the talent in the industry, few artists have a vision for their financial future. This is one of the reasons the sector is not growing at the rate it should. As Nico Group, we want to ensure that creatives are empowered to think beyond just producing art,” he said.
Chiundira encouraged participants to take the lead in unlocking the economic potential of the local creative industries.
“No sector should be left behind in the country’s broader economic development agenda. The creative industries are a critical component and you are going to help unlock this potential,” he said.
The Investment School of Creative Arts was established to address one of the challenges faced by artists in monetising their talent.
The gap that was identified was that many creatives excel artistically, but struggle when it comes to managing their finances, understanding contracts or identifying opportunities to turn their skills into profitable ventures.
Most of the participants were upcoming artists and creatives, which organisers noted was essential as it provided an opportunity to instil financial discipline, legal awareness, investment and business knowledge at an early stage of their careers.
The initiative will ensure that young creatives develop a strong foundation for sustainable growth in the creative industry.
Copyright Fund board chairperson Robert Kapyepye said through this initiative, they want to encourage artists and creatives to take hold of their today and invest in their financial future.
He said: “Artists make a fortune when they are at the peak of their careers. That is why we want them to understand and know why it is important for them to invest in their future.
“They should be able to put up savings, investments so that they secure their finances. It doesn’t paint a good picture that people start crowd-funding in the future when all the fame is gone.”
With his 20 years experience in the music industry, musician Tay Grin, who made a presentation on Art as a Business encouraged fellow creatives to embrace a business-minded approach when dealing with their talent.
“Talent alone does not build a career. It must be supported by discipline, planning and a willingness to see creativity as a product that can generate value,” he said.
Tay Grin said that while talent will get creatives the recognition and the attention they want, they should strive to package their creativity as a business product that will help them build sustainable success.
During the two days, creatives were equipped with financial and investment management skills, retirement planning, project management and marketing.
They also received training on legal obligations, including commercial laws, contract laws, piracy and intellectual property rights.
Participants said the sessions were an eye-opener with many admitting they had never thought of their work in terms of financial structures and investments.
Musician Waxy K said: “We often put all our energy into creating without considering the financial systems that can sustain our art. This training has shown me that saving, budgeting and planning are just as important as the creative process itself. ”
Actor Kelvin Ng’oma said the sessions gave him a fresh perspective on building a sustainable acting career and his brand.
“I have learned that talent is only the starting point and that what determines longevity is how well we manage our finances and brand ourselves. This has motivated me to start thinking of my acting as a business that can grow and create opportunities for others,” he said.
The initiative aims to empower 150 creatives after the three-year agreement between Nico Group and Copyright Fund now having engaged 100 artists, next year another cohort of 50 artists will participate.
The event brought together a diverse group of creatives, including musicians, poets, actors, theatre practitioners, writers, visual artists, content creators and social media influencers, among others.
The sponsorship of The Investment School of Creative Arts falls under the One NICO Xpression, an initiative which aims to promote arts in Malawi.
