Producer and businessman DJ Euphonik dropped some financial wisdom this week that his colleagues in the music industry can follow during this “testing” time.
When the government’s measures to curb the spread of Covid-19 were implemented this week, musicians across the country knew they would be affected as gatherings of more than 100 have been prohibited.
Posting a video on Twitter, Euphonik said, “I hope you’re happy and healthy there at home and keeping safe. I just want to give my thoughts and opinions to all the musicians, artists and DJs out here.
“What I would suggest that you guys do is to take the onus upon yourself and speak to the banker, financial institutions, anyone and everyone that you owe money to and make arrangements now.”
He explained that it was better for artists to be frank and honest about their situation and not leave the matter unattended.
“You need to tell them that, ‘hey man, listen I’m in the industry of selling time which is what we do because of my industry, all my shows, all my gigs have been cancelled’. They all know what’s going on, they’ve all seen what’s happening in the banks and institutions.”
Euphonik said this would allow them to negotiate a better plan and payments terms.
“So, rather go speak to them upfront and make arrangements for them to give you a payment holiday, make sure that the payment holiday is penalty free, cost free and it lasts for about three to six months.”
See full video below: