Entertainment pundit and talent manager Enoch Agyepong has condemned the rash of big new signings by the Zylofon Media, warning they could go bankrupt like other record labels who went down similar paths in the past.
Agyepong said Zylofon’s mission does not look too clear, and some of the artists they are signing can not turn them a profit in relation to the money they poured into signing them.
Zylofon has literally taken the Gh showbiz sector by storm in recent months with the signing of many big name stars including Stonebwoy, Becca, Joyce Blessing, Bibi Bright, Toosweet Annan and Kumi Guitar.
However, critics say they have no plan and their model is unsustainable, a sentiment echoed by Agyepong.
“Why do you think the likes of Mad Time Records, Goodies and Agicoat went out of business? Records sales are no more booming in Ghana and I wonder why a new record label would sign on so many artistes.” he said.
“Honestly what are they signing the artistes for; there is no way Kumi Guitar for example can make profit for the four year contract he has signed”, he added.
However, Samuel Atuobi Baah, Head of Communications at Zylofon, says they know exactly what they are doing.
“We are aware of all the record labels that signed on a lot of artistes and went bust. We have a well-thought out plan and very soon Ghanaians will know that Zylofon Media means business” he stated.
“ …We are not just signing for signing sake, we mean business and when our outfit is convinced about a particular artiste then we put pen on paper” he added.