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Business Idea
A startup idea for a business in Nigeria is to set up training centers for animation, visual effects, directing and sound engineering, camera work, and other professions in the entertainment industry. The release of certified personnel in the entertainment industry is gaining momentum in the country.
This business idea will solve the talent shortage in the entertainment sector in Nigeria. Nigeria’s media and entertainment industry are one of the fastest-growing creative industries globally, growing at an exuberant rate of almost 10% annually, becoming one of the most crucial export categories for GDP (Chindma, 2021). For a fee, people will learn a promising profession without receiving a comprehensive education at the university. A promising sector will require new talent to maintain growth (Tsai and Chen, 2021). With the impact of the pandemic making it impossible to hold mass events, companies are focusing on developing content that will be broadcast online or in theaters (Ram et al., 2019; Nwosu and Agoha, 2018). These training courses will allow mastering the fundamental skills for just such purposes.
Market Analysis
Similar companies already exist in Nigeria, but each has certain disadvantages. EarlyBell focuses exclusively on work in specific programs and strictly references the time and day in the courses (EarlyBell, n.d.). Ai Multimedia is represented only in one city, although the list of courses is quite comprehensive (Ai Multimedia Academy, n. d.). MX Film Academy has a negligible diversification of courses with a relatively short duration and extremely high price (MX Film Academy, n.d.). Therefore, for this product to be unique, it must be presented in cities with little competition, at an affordable price, and wholly focused solely on film production. The growing popularity of streaming, short video apps allow monetizing content even in the face of a pandemic and restrictions (Fernandes et al., 2019; Mowat, 2018). An apparent diversification of courses will allow becoming a professional in a particular area without spraying on other professions. Thanks to Internet access, students will be able to create unique content on their channels.
Not many players on the market are explicitly focused on cinematography. Other companies in the market offering related courses tend to be shallow and offer courses in various other technical fields (Kayshow University Courses, n.d.). Most film-focused academies are located exclusively in Lagos (Basement Animation, n.d.). The most successful companies offer animation and effects courses and camera work (Ai Multimedia Academy, n. d.). Therefore, this idea seems to be extremely interesting and beneficial for other regions.
Environmental Analysis
The viability lies in the appropriate activities: various events should be held, such as local film festivals cooperating with other schools for such events. Broadcasting on social networks can attract additional interest from employers in this industry (Mikos, 2020). The bet should be on content due to pandemic restrictions, but in the future, a plan of events should be developed to attract attention to the startup (Moon, 2020). Further distribution of content, assistance with monetization for a particular share, the capture of regions remote from the capital can become drivers of this startup.
This startup can receive support from the state, as it works in a promising and important area for its GDP. Growth since 2018 has been 7-8%, with the lion’s share of revenue coming from subscriptions rather than events, which are now primarily banned (Chindma, 2021). The subscription or pay-per-use industry is on a positive upward trend due to increased interest in this area among young people. A considerable part of all video production is local, an example of a booming industry (Musa, 2019). Since, according to experts, growth is expected to continue even despite the situation with the spread of the virus, this startup can attract investors.
Business Plan
The initial investment requires licensed animation, visual effects, video and audio processing software. In addition, a basic set of hardware is required in the form of video equipment, lights, cameras, and associated green screen studios. Before launch, several courses should be developed, namely training materials lesson plans with specific inputs and outputs. Finally, teachers from this industry who are employees in the field of cinematography, television, and sound engineering will be involved. Therefore, this project requires investments at the launch stage. Since, at first, this school will not be deployed in the capital region, it is required to conduct a territorial analysis of the market and enter a city with a large population but little competition. Direct costs also include a marketing campaign on social media, streets, cinemas, and streaming services associated with the industry.
It is planned to enter the market through advertising moves associated with this industry. Affordable prices, given the distance from the metropolitan area and attracting attention, should be one of the essential details that attract customers (Barrow, Barrow, and Brown, 2018). Emphasis will be placed on the number of accepted students in return for the high cost of courses. The atmosphere in the longer-term workplace support for graduate students will add an emotional aspect to the attractiveness of this startup. With growing sales in the first two years, it is planned to cover all launch costs and begin a planned expansion comprehensively. Expansion should also be made to regions where courses will be an affordable opportunity to acquire skills in a promising profession.
Social networks will be used as a tool for advertising and content development for school students. With their help, it is possible to reach a wider audience throughout the country. The uniqueness of the approach will be demonstrated by the well-thought-out marketing plan of the company, which certainly includes high-quality videos to demonstrate the skills of teachers. Improving financial performance will be achieved through mass, accessibility for customers even with low purchasing power, and unlocking the creative potential of each of the students. Further mentoring and collaboration for each student will be possible to document in the form of a contract for a particular share of the content monetization. Such a mechanism will be in the form of a subscription to mentoring, which will allow monetizing the service of assistance for incredibly successful students as long as possible.
The freshness of the idea on the market will be dictated by trends’ constant support in the most active social networks. Then, when mass events are available, it is possible to hold various local film festivals where students will showcase their work to potential employers. The industry will receive an influx of newly qualified specialists from the regions endowed with strong creative abilities. The state will receive strong support and the opportunity to develop this industry by exporting more content and improving the economic situation in the country.
Reference List
Ai Multimedia Academy (n.d.) Web.
Barrow, C., Barrow, P. and Brown R. (2018) The Business Plan Workshop: A Step-By-Step Guide to Creating and Developing a successful Business. 10th eds. London: Kogan Page.
Basement Animation (n.d.) Web.
Chindma, A. (2021). Nigeria – Country Commercial Guide. Web.
EarlyBell (n.d.) Web.
Fernandes, B., et al. (2020) ‘The impact of COVID-19 lockdown on internet use and escapism in adolescents’, Revista de Psicología Clínica con Niños y Adolescentes, 7(3), pp. 59-65. Web.
Kayshow University Courses (n.d.) Web.
Mikos, L. (2020) ‘Film and television production and consumption in times of the COVID-19 pandemic–the case of Germany’, Baltic Screen Media Review, (8), pp. 30-34. Web.
Moon, S. (2020) ‘Effects of COVID-19 on the Entertainment Industry’, IDOSR Journal of Experimental Sciences, 5(1), pp. 8-12. Web.
Mowat, J. (2018). Video marketing strategy: harness the power of online video to drive brand growth. New York, NY: Kogan Page Publishers.
Musa, B. A. (2019) ‘Nollywood and the Glocalization of Prosocial Entertainment’ in Nollywood in Glocal Perspective (pp. 127-144). London: Palgrave Macmillan, Cham.
MX Film Academy (n.d.) Web.
Nwosu, E., and Agoha, K. U. (2018) ‘Beyond children’s entertainment: Animation as social commentary’, Creative Artist: A Journal of Theatre and Media Studies, 12(2), pp. 1-20. Web.
Ram, J., et al. (2019) ‘Live streaming video e-commerce: examining the operational strategies’, Younger Generation, 1, pp. 2-12. Web.
Tsai, P. H., and Chen, C. J. (2021) ‘Entertainment in retailing: Challenges and opportunities in the TV game console industry’, Journal of Retailing and Consumer Services, 60, pp. 102-105. Web.
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