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Naija UGC and the Web

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What is UGC?

UGC is defined by Webopedia as ‘……Short for u, UGC is the term used to describe any form of content such as video, ser-generated content

blogs, discussion form posts, digital images, audio files, and other forms of media that was created by consumers or end-users of an online system or service and is publically available to others consumers and end-users…’

UGC (User-Generated Content) is all the rage on the Web today. Some of the most recognized Web brand names to emerge over the past two years, including MySpace, YouTube and Facebook, are based on UGC. They are the most visible and best example of Web 2.0 services.

Most people think of UGC in terms of videos, clips, audio recordings and and playback. This includes webcasts and podcasts that are recorded and can be played back via the UGC site. However, UGC also included White Papers, discussion documents, other documentation created by web users and the like (Contracts, Proposals, dissertations, FAQs, checklists, templates, research studies, articles, etc.). Engaging users in discussions, enabling them to comment on news and information (blogs – such a this one!), and getting them to share ideas and experiences with you and other customers.

For the purpose of this article, we will be confining ourselves to reviewing Nigerian (Naija) UGC from the entertainment and social media points of view

How has Naija UGC grown?

Mainly through blogs, discussion forums and the like, with this phenomena growing at an increasing rate since the early Noughties (circa 2002-3)). However, within the realm of entertainment and social media content, the rapid take-up and availability of internet access in Nigeria and the growing use of social networking sites (more of this later) and bulletin boards, led to the spread of uploading and circulation of video and audio media content.

The element that all UGC Web sites have in common is providing users with the tools and forum to present their own content on the Web.

This media content falls into two categories – self-made clips shot by amateurs (‘home-made’) and clips of ‘professional’, performing artisites uploaded either by the artiste or by their fans

In the case of the former, it is being driven by the increasing [ease of] access to the internet, availability of camera and web-enabled phones – and the increasing ability and desire to ‘get your 15 minutes of fame on the Web’……
In the case of the latter, young, budding artistes are seizing the opportunity for self-promotion, introduction to their potential markets and audience base – and the opportunity to test their talent.

The issue of legitimacy and intellectual copyright does rear its ugly head, as it were in terms of the rights of these users to access and upload artistic content on to these sites. Several well-known artisites, have been initially canny in using social networking sites to promote themselves on their pages or micro-sites, as it were, but not gone down the road to making available their ‘premium’ content for access and upload by fans and on-line audiences. Interestingly, Madonna, probably, the world’s self–promoter and entertainment artiste has gone down the route of providing UGC content on her YouTube space that is NOT available anywhere else.

Obviously, there is logic to that madness…

Where can you find it

 

In terms of social and entertainment UGC, the ‘usual suspects’ step forward please – social networking sites;
– YouTube
– Facebook
– MySpace

A recent report from Juniper Research, states that social networking services will dominate a burgeoning market for on-line and mobile user-generated content. Globally, end-user generated revenues from social networking, dating and personal content delivery services will increase from US$572 million in 2007 to more than US$5.7 billion in 2012, with social networking accounting for 50% of the total by the end of the forecast period.

Today’s Talent…. tomorrow’s rising stars and internet millionaires

A quick, cursory review of the sites listed above will reveal a growing number of Naija talent showing their talent, creativity, and enterprise on the web through these sites. Some are listed below:

– Africa remix
– Warri Broadcasting Service
– Naija Boys

And no, the list above is NOT comprehensive…

Example: a video clip on YouTube by African Remix which is a remix of the Chris Brown & T-pain’s ‘Kiss Kiss’. It’s been up for 4 months and has had almost 2million views. Their other video has been up for 6 months and has had 3million views. (These numbers are provided by YouTube – check them out). So each of their 2 videos has approxed 500,000 views every month. No doubt they have contributed to Youtube’s appeal and income.

What has UGC achieved

For the talent as it were, they have advertised their skills, product and presence. They have shown their creativity. They are there; now; showing what they can do; registering on users and subscriber’s radar. You are now aware of them. They have acquired market share and you know who they are (Exposure). Furthermore, they have a ‘free’ platform to test their talent and reaction to their offerings.

For the users (consumers) and subscribers, it provides a shared experience for dispersed communities wherever they may be accessing that content from. They can comment on it, share it, discuss it, have it evoke memories, opinions.

For the enterpreneurs and talent producers, it brings the talent to them in that they can go to UGC sites and ‘see‘ what’s out there’. It takes the [old] concept of ‘cutting a demo tape’ or ‘laying down a track’ to a whole new dimension – and you don’t even have to be on the same continent…!

How far has it spread (reach)

With the spread of the internet (let[‘s not forget mobile internet either!) and increasing access, Naija UGC can be said it be anywhere and everywhere . It’s as simple as that. Africa (SSA), Europe, North America – wherever the internet is and Naijas are…

Can UGC be monetised

Even though social networking sites are in their infancy, the exponential growth experienced by a number of mobile service providers – in some cases achieved primarily through viral marketing – would seem to affirm that there is huge potential in this area. The key challenge now is for those providers to monetise that interest."

The commercial sites hope to monetize the usage by selling advertising and pursuing other revenue streams from their audience. According to eMarketer.com, UGC Web sites will generate $1 billion in advertising revenues in 2007, and will attract 75 million users in the US. And those numbers are forecast to grow to 101 million users and $4.3 billion, respectively, in 2011. There a re UGC sites that anticipate more creators taking part in their Producer Rewards program, which pays creators of popular videos $5 for every 1,000 views.

And those producers are reaching a growing audience.

So, the answer to the question is – yes.

What Next

What’s the future for user-generated videos? One view is that quality will rise so much that the boundary between amateur and professional videos will be blurred, much like some one-person blogs have grown to become high-volume media concerns.


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NELFUND Says UTME, NIN, BVN Mandatory for Student Loans

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Nigerian Education Loan Fund (NELFUND) has said that Nigerian students will need to present their Unified Tertiary Matriculation Examination registration number (UTME); National Identification Number (NIN); and Bank Verification Number (BVN) to access student loans.

NELFUND Says UTME, NIN, BVN Mandatory for Student Loans

Mr Akintunde Sawyerr, managing director of NELFUND, assured that the body would ensure that those he called ‘ghost students’ would not have access to the soon-to-be-launched scheme.

The MD noted that NELFUND has put processes in place to ensure that all applicants and beneficiaries are traceable to prevent the loan from turning into a sort of national cake.

“We are using technology to run the system. The process of application is online and we are limiting human contact as much as possible. Once you have a Bank Verification Number, BVN and National Identification Number, NIN, which are parts of the requirements, we will have access to your data and all your accounts. This will also help us to know if you are qualified or not,” he explained.

He explained further that those who are already in school can apply for the loan at any level of their study, but must be at the beginning of each session. They would also have to provide their admission and matriculation details in addition to BVN and NIN.

According to the NELFUND boss, about 1.2 million Nigerian students in tertiary institutions and government-recognized skill acquisition centres would be among the first batch of beneficiaries. The number may increase as time goes on.

The programme, he noted, will be funded with one per cent of the total annual collectable revenue by the Federal Inland Revenue Service (FIRS), which will amount to N194 billion if the agency meets its projection.

He explained that the loan would be paid in two segments. The first, he said, is the chargeable school fees which would be paid directly to the institutions while stipend would be paid into individual student’s account for day-to-day upkeep.

Mr. Sawyerr stated that the amount individual applicants will access will vary because of the course of study, school fees payable and geographical location of the institutions among others.

On the method of payback, he said, “You don’t start paying back the loan until two years after your National Youth Service Corps, NYSC Scheme and that is, if you have secured a job or business. A beneficiary can defer repayment if he has not secured a job, but if after due diligence, he defaulted, then he becomes a criminal and we will work with every agency that can help us get the money back, for example, EFCC, ICPC etc.”

 


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Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC

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Sun International Limited, run by Anthony Leeming, South African entrepreneur, has agreed to sell its Nigerian interests to Rutam Finance Company Limited (RFC) for roughly $14.4 million.

Sun International Finalizes $14.4M Exit from Nigeria, Sells Interests to RFC

The move is part of Sun International’s strategy to consolidate operations and focus on key markets. Sun International joined the Nigerian market in 2009, but has struggled in recent years due to a challenging operating climate.

This divestiture is consistent with the company’s strategic objectives and represents a shift in portfolio management.

Sun International, will sell a 43.3 percent ownership investment in Tourist Company of Nigeria PLC (TCN), which manages Lagos’ Federal Palace Hotel, to RFC for $1.875 million.

In addition, the group would pay off its whole $12.675 million credit to RFC, effectively exiting the Nigerian market. The corporation also intends to sell its remaining 6% ownership in TCN in due course.

The transaction, subject to customary closing conditions including as regulatory approvals, is estimated to create a cash inflow of about $14.41 million for Sun International.

These funds will be utilized to reduce debt.

Following the completion of the acquisition, TCN will no longer be included in Sun International’s financial statements.

This will reduce group debt by about $41.82 million, excluding IFRS 16 lease liabilities.

The closing is scheduled for no later than May 28, 2024, provided that all usual closing conditions are met. The Nigerian Competition Authority, the Securities and Exchange Commission, and the Nigerian Stock Exchange have all provided key clearances.

Sun International, founded in 1968 by the late Sol Kerzner, has grown into a renowned gaming and resort company under Leeming’s leadership.

In fiscal 2023, the company’s revenue increased by 7% to $646.14 million, while headline earnings increased by 86 percent to $55.35 million.

This demonstrates Sun International’s resiliency and strategic direction. Sun International’s pullout from Nigeria demonstrates the company’s dedication to streamlining its portfolio and pursuing growth possibilities in key areas.

With a rich history and a focus on the future, this transaction demonstrates the company’s commitment to create wealth for shareholders and stakeholders while also strengthening its position in the gaming and hospitality industries.

 

 


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Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge

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Sam Darwish, a US-Nigerian telecom entrepreneur, has experienced a huge financial setback in his holding in IHS Holdings following a recent drop in the shares of the top telecom infrastructure company on the New York Stock Exchange (NYSE).

Sam Darwish, US-Nigerian Businessman Suffers $6m Loss as IHS Shares Plunge

Sam Darwish

According to data, Sam Darwish’s investment in IHS Holdings has lost $6 million in market value during the last 13 days. This drop reflects increasing selling pressure among NYSE investors.

From March 12 to 30, Darwish’s investment in IHS Holdings increased from $35.17 million to $49.27 million, resulting in a $14 million gain.

Darwish founded IHS Holdings in 2001, and it has since grown to become the largest telecom infrastructure business in Africa, Europe, Latin America, and the Middle East.

It is renowned for its huge tower count and is the world’s third-largest independent international tower firm.

In the last 13 days, IHS Holdings shares on the NYSE have dropped by 11.72 percent, from $3.67 on April 3 to $3.24 at the time of writing.

As a result, the company’s market capitalization has dropped below $1.1 billion, causing significant losses for stockholders.

As chairman and CEO of IHS Holdings, Sam Darwish holds a critical position in African telecom.

With a strong 4.17 percent ownership holding, equivalent to 13,958,158 ordinary shares, he is a key participant in the global telecom infrastructure business.

The recent double-digit loss in IHS Holdings shares has resulted in a $6 million decrease in the market value of Darwish’s shareholding in the top telecom infrastructure company. His shareholding has decreased from $51.23 million on April 3 to $45.22 million.

Despite this defeat, Darwish remains an important figure in the worldwide telecom business.

IHS Holdings’ extensive tower network and smart acquisitions have secured its position as a major participant in the global telecom infrastructure sector.

 


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