While independent record label, Ambitiouz Entertainment has been home to some of the country's top artists, they have not been without bad press.
From disgruntled artists to money woes, the record label is now alleged to be shutting its doors, which its founder and CEO, Kgosi Mahumapelo, has refuted.
Mahumapelo released the statement on the record label’s social media pages in light of a report by Zimoja, where they detailed the financial woes of the music empire.
According to a source, the record label owner Kgosi Mahumapelo retrenched some staff members, and most of the company cars have been repossessed, they reported.
"Things are bad; many artists have left Kgosi. He is going through the most," the source told Zimoja.
In the statement, Mahumapelo delivered a message for those who have been waiting for their downfall, urging them to grab popcorn.
Section 5 of 2016 … pic.twitter.com/8lyiJGD02Y
— Ambitiouz Ent (@Ambitiouz_Ent) September 6, 2023
“We regret to inform you that you might need to stock up on more popcorn because Ambitiouz Entertainment is going nowhere. In fact, we are getting started.
"It has come to our attention that there are whispers and rumours of our imminent closure. For those who are not our biggest fans, we have some bad news.
"This Friday, we are about to drop an announcement that will not just shake the industry but revolutionise it. In conclusion, to our haters, we refer to you to Section 5 of the Euphonic Act of 2016," concluded the statement.
The statement, of course, left many wondering what the announcement could be and whether the record label is finally paying artists what they deserve.