CEO, Groove Platforms, Chidi Okeke shared some media entrepreneurship nuggets with the fellows of the second cohort of the MTN Media Innovation Program.
This fireside chat, moderated by MTN MIP alumni, Elsie Godwin, discussed the role of innovation and technology in the media industry, and how to thrive as a media entrepreneur.
Here are four things learned from the session:
- You can build an innovative media platform: As a budding media entrepreneur, it is possible to build your platform, provided you are strategic.
Using UduX Music as a case study, Chidi explained how his team built Africa’s first indigenous music streaming platform. “When GSM came to Africa, we kept looking for how to monetise content. We pioneered the first ringtone, and from ringback tunes, we launched the first streaming platform which was MTN’s Music Plus in 2015.
We were the owners of the content, most of the big artists gave us exclusive rights to their digital content. I also thought why shouldn’t an African company own a streaming platform? We knew that our artists were very popular, but we also believed that one day our music content would thrive.”
UduX Music is an innovative media platform that combines music, technology, and interactive elements to create a holistic and engaging experience for music enthusiasts. It transforms the way we consume and interact with music, offering a personalized, visually immersive, and socially connected platform that redefines the boundaries of traditional music streaming services.
- Monetize and own exclusive rights to your content: Do you know how Chidi started monetising digital content on Udu X? It was through subscriptions!
“Content is not cheap. The biggest challenge is that the biggest platforms think Africans don’t have the right to tell their story. But Nigerian artists are selling major event venues in the UK. Burna Boy became the first African artiste to headline a stadium show in the UK, selling out a 60,000-capacity stadium, said Chidi.
It is important to own your content and have exclusive rights to your digital content.
- Data Analysis is as important as your strategy: It is important to understand your target audience’s demographics and content consumption modes. This will guide you in your content development.
For example, MTN’s partnership with UduX last year, for Davido’s We Rise By Lifting Others (WRBLO) live stream, was a hit because of the available data UduX leveraged.
The live stream in March 2022 had 718,368 live streams and Chidi explained the role data analysis played, whilst showing the numbers. It is essential to leverage data analytics to measure the performance of your content.
- Diversify your revenue streams: As an aspiring media entrepreneur, it is essential to create multiple streams of revenue for your business, as it mitigates risks and helps build a sustainable business.
