A startup idea for a business in Nigeria is to set up training centers for animation, visual effects, sound engineering, camera work, and other professions in the entertainment industry. The value proposition lies in the short-term development of an actual profession for everyone who wants to enter the industry with one of the highest GDPs in the country (Etuk, 2020). The idea will work through a higher and friendlier attitude towards clients and an atmosphere, with the possibility of supporting staff after completing the courses through various types of mentoring. The project aims to prepare professionals for cinematography jobs who can break into these positions in such industry and develop their creativity in creating content. The project’s vision is to create a creative team, a brand that will be associated with the training of specialists in a relatively short time and with high-quality content and the events in this area.
Market and Environmental Analysis
The training market is still relatively small concerning the GDP growth rates in this area. Nigeria’s media and entertainment industry are one of the fastest-growing creative industries globally, growing at nearly 10% annually (Chindma, 2021). 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, the market and companies are now focusing on developing content that will be broadcast online or in theaters (Ram et al., 2019; Nwosu and Agoha, 2018). It is planned to return mass events, open cinemas, and hold film festivals in the future. A reasonably wide market share can be obtained since most competitors are represented in the metropolitan area.
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 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. 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). Not many players on the market are explicitly focused on cinematography; therefore, occupying this niche is a promising task. 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.
The viability lies in the appropriate activities: various events should be held, such as local film festivals cooperating with other schools. 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 an upward trend due to increased interest in this area among young people. A considerable part of 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.
Since the project will focus on regions far from the capital, pricing should be democratic and affordable. The company plans to monetize the developed content through social networks through cooperation with sponsors and film companies (Egeonu, Abada and Okonkwo, 2021). The target audience or segment does not have high solvency, but it can make a profit with mass training. The price of switching to competitors will be pretty high since, in most cases, it will require moving to the capital and more expensive courses. The emphasis on creating content on the region’s characteristics, traditions, and folklore will allow the company to achieve a competitive advantage.
The strategic choice of a certain must be outside in for several reasons. The creative potential of customers is the resource that will bring the necessary content that serves marketing tasks. In addition, this resource will be used for monetization both by the company and by customers. In this regard, each student creating content will require a different approach (Zhang and Watson IV, 2020). Emphasis on the region’s development, by demonstrating unique values traditions through this art form, can attract new tourists to the regions and, as a result, develop the urban environment (Mazaro, 2018; van Genuchten, Calderón González and Mulder, 2019). Naturally, at first, students will be limited by choice of animation program and the equipment available in the company. However, as students’ creative potential develops, it is planned to develop an assortment of hardware and software, as well as to adapt content for social networks to develop students’ independent work. Therefore, it is not easy to describe the way of development of the company, since the bet will be made on clients, whose creative beginning can be diverse.
The company’s values are professionalism, accessibility, traditions, and flavor. The mass flow of those who want to get an actual profession and young people and adults who will thus acquire a hobby is the foremost opportunity to maintain a stream of income constantly. The brand value will be built on student content shown at events, film festivals, or filming trips. The value of goods and the sustainability of products are explained by the developing sector of the economy, which in turn has not exhausted its full potential (Omenugha, 2018). Nigerian films have barely begun to be released globally, so focusing on national and regional flavors can provide plenty of screenwriting opportunities (Adeyemi, 2020). Therefore, the pricing policy, given the value of accessibility, should be based on group training of customers. Since the terms are offered longer than competitors, it is possible to use an individual approach for each group member.
Benefits are possible for certain groups of the population with the support of government agencies. As an example, it is possible to develop courses in universities with the city administration’s support. The company will be located in the office, while the filming location may be limited only by personal rights. Promotion and marketing will snowball effect: initially, the company will present its capabilities and qualified teachers and then use content prepared with students (Mkhize and Ellis, 2020). Having opened in one region, further, development involves capturing other cities far from the capital, the development of network marketing, and a franchise.
The company will provide an opportunity to train personnel in a developing economy, neutralizing the lack of professionals in a particular area. The entertainment industry will receive a new flow of creative individuals from regions that could not previously break through and get a profession due to the high cost of courses and the need to move to the capital. In this regard, the immediate effect will be to provide access to creative individuals from the regions to demonstrate and develop their unique content. In the long run, the film company, the public sector, will recruit personnel from the regions, increasing the number of jobs, improving GDP performance, and developing more content in a rapidly developing area. The customer-centric approach will be attractive to new potential students, while other students will showcase their abilities, which will be used as content for marketing.
The initial investment requires licensed animation, visual effects, video and audio processing software. In addition, 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.
As a result, this project requires investments at the start-up stage. The specified hardware can be rented from film studios based on cooperation and further provision and education of the necessary personnel. Calculated financial indicators can represent investment attractiveness in the first year, which will show the required number of students per year, income received, and the possibility of further development in other cities. It is planned to reach a plus in front of investors in the next five years, develop the brand, open schools in other cities. 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.
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 it is possible to hold 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 qualitative content.
The project to create a film and animation course in Nigeria has a unique approach in terms of geographical focus – development in the regions and a unique approach focused on student content. To a certain extent, there is a risk of dependence on clients, on their creative potential, but this risk is planned to be leveled by the mass character: an affordable price makes this possible. The rapidly developing market of the industry requires quick solutions, and therefore the launch of the project should be done as quickly as possible, while there are still noticeable gaps in this niche.
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