The Billion-Dollar Pie: Giving African Creators Access.
The Billion-Dollar Pie: Giving African Creators Access.
Fid#007: Building for African creator by African creators...
Hey K-reator!
Tems' win at the BET Awards was not only beautiful, but also a strong indication that the world is paying attention to African creators, and especially Nigerian creators. We are capturing the attention of the world and owning the stage, so if you are a creator, this is your sign to keep pushing. African creators have worked twice as hard, and it's time to get the flowers we deserve; with our music topping billboards and our content being recognised globally, there's no turning back, and this is only the beginning.
The creator economy has been emphasised numerous times, and a report estimated the creator economy to be slightly more than $100 billion globally in 2021. African creators account for a sizeable proportion of those churning out content based on their creativity for large audiences, fuelling the boom. Despite their large audience size, African creators only have a small share of the revenue pie.
Have you wondered why African creators have a relatively low revenue share in the creator economy?
When we discuss the valuation of the creator economy and the various sources of income available to creators, it's easy to assume that this applies to all creators and that access is equal. The truth, as supported by a report published in 2021, is that most content creators fall into the category of nano-influencers, most of whom will earn very little or nothing at all if our demographics are considered, and only the top 1% earn enough to live comfortably from their content creation.
With these considerations in mind, the focus is on identifying opportunities to increase African creators' earning power and create enough opportunities for a diverse income stream.
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While the content creation industry is booming, with speculation that it will be one of the largest opportunities available, we must find ways to ensure that African creators are not left out of the party after paying their dues. The tools needed to assist creators in creating content with ease have been made available without geographical restrictions. So, as a content creator, I can use the same applications and software to produce content of the same quality and standards anywhere in the world.
The main issues now are creator monetisation and the search for platforms that are specifically designed for creator monetisation. The monetisation of African creators is akin to looking for needles in a haystack — it's incredibly difficult.
According to this survey's finding, creators' revenue sources include ad revenue, affiliate links, brand deals, courses, tips from fans, personal brands, and subscriptions. This suggests that creators can earn money from multiple sources, with many platforms already in place to facilitate this. Platforms such as Patreon, BuymeaCoffee, and others currently assist with tips from fans and subscriptions. The reality is that these platforms, as well as many others, do not work in most parts of Africa, effectively eliminating these two streams of income.
Ad revenues are solely dependent on a high engagement and views rate, which means that creators with a small following/views may not earn enough to have a stable income. This reality also affects most content creators because the majority are nano-creators, leaving the earning power to the top 1% and a small number of macro creators. Which leaves us with brand deals as the major source of income and a possibility of courses for those willing to do that.
Following this analysis, the only way to proceed is to tackle each aspect of the problem one at a time. The first is the lack of monetisation tools for African creators, which is caused by the infrastructure on which these platforms are built. Stripe and PayPal, for example, do not currently operate in Nigeria and most parts of Africa, so all monetisation platforms are inoperable. The only viable solution is to create a platform for and by us, allowing creators equal access to this stream of income.
The second aspect is recognising that most creators are nano-creators and that the only way to push them to become micro or macro creators is to create growth tools that not only help them showcase their creativity but also help them become professionals.
It goes without saying that Fidia was designed to address all of the following issues and more. Our current feature, payment links, allows creators to monetise their content; the creator profile allows creators to put their best foot forward by creatively showcasing their best works; product pages for creators interested in selling their digital products; and invoicing to give you a professional edge.
Building for our creators is the revolution we need, as is ensuring that a significant number, if not all, of African creators have a fair share of this billion-dollar pie.
Love, light and laughter!
Your guy,
Philo🧡