When you hear "Social media," what comes to mind is Facebook, Instagram, Twitter, YouTube, and other platforms. All these platforms are popularly known for catching up with old friends, meeting new people, and networking.
It's no longer news that you can earn an income with social platforms. You only have to use them in the right way.
Social media has helped influencers, business organisations, and brands build visibility, bringing new customers. Established media firms have also turned to social media to expand their followers and reach a new audience online.
Tv channels and Radio stations now blog on a website, make videos, and post on social media accounts to share and promote their content.
This article will discuss how to make money from social media, how money works in the media industry, and everything else.
How to Make Money From Social Media in Nigeria
Technology has birthed many streams of income online, especially the use of social media. Your social media account isn't only for catching up on the latest update, trends, and funny videos. With the digital space, you can work from the comfort of your home and earn massively!
Being an influencer on any social media platform is one of the easiest ways to make money from the internet. You have to start with one and then expand your reach to others.
As an influencer, you have to win people over and build online followers that trust what you do. This involves showing up consistently for your audience.
In addition, before doing this, you should know the market you're entering and your competitors. This will help you determine where to direct your content, what to do, and what not to do.
To start making money online as a Nigerian, there are things you should consider and make plans for. Your goal is a major factor to consider to earn money online. You know what you want to achieve at the end of a project in terms of growth and earnings.
Furthermore, your niche is important, as t helps you know the type of content to create. You can get your niche from what you enjoy doing or problems you want to solve.
Knowing the platform that suits your niche helps you start on the right foot as a social media influencer. You can use Instagram, Facebook, WhatsApp, Twitter, YouTube, etc.
You should know different content is found on different platforms. You don't want to put your amazing content to the wrong platform and audience.
Also, there's no earning on social media if there's no audience. Knowing your target audience helps you know how to keep them around. With this, you'll be able to give them content that offers solutions either for free or for a fee.
Another thing you should know is the services you want to offer. Do you want to sell products and services or affiliate with others? You may also choose to sell physical or digital products; this applies to services.
Once your account is set, and you've built your followers, you can earn in several ways. Below are a few of them:
- Sell your products and services
- Run a sponsored post for small businesses and brands – you can do this with Instagram, Facebook, and Twitter.
- Affiliate for people's products and services.
- Start a blog
- Become a social media manager
- Start a YouTube channel
Find out more about how to make money on social media as a Nigerian.
Understanding the Privatisation of Public Media in Nigeria
As the name implies, the public media belongs to the government, not a private organisation. At least that's how the media started in Nigeria. It was strictly owned and funded by the government in the past years, and it was like that for a while.
However, privatisation came to be when the government had to transfer the ownership to individuals. This results from looking for ways to aid the development and performance of media in Nigeria. Now we have several media brands that are privately owned.
Privatisation of the Nigerian public media has brought in a sense of competition in the industry. This has caused private media to look for ways to outdo each other. Also, private media firms pay attention to their audience's interest, unlike public media, which is politically inclined.
They develop ideas, content, and services to promote their brands and generate revenues, improving their overall existence. This competition among media firms promotes creativity, innovation, and technology to improve media performance.
With the help of technology, private media can leverage the online space to share their content, build followers, and sell their services. Public media privatisation has influenced the overall media space a lot.
Here are a few things that media privatisation has done to the Nigeria media:
- Improved performance and quality content
- Better maintenance
- Promoting innovation
- Absence of political influence
- Online promotion of services
Money in Nigerian Media
Before social media existed, we had conventional media keeping us entertained. The print media, radio stations, and TV channels.
Now technology brought about social media. Coupled with the Covid 19 pandemic, the traditional business models have been disrupted, causing the media to promote what they do online.
The media is a fast-growing industry in Nigeria, with a large percentage of the media is privately owned and different media brands looking for ways to outsell each other.
There are different ways money moves in the Nigerian media. One of the ways media makes an income is from daily transactions, which includes sponsored programmes, making shoutouts, and selling TV or radio time.
This is not limited to TV and Radio alone. The online space and social media platform are the easiest way to sell to people.
Advertisement and marketing can't be taken away from the media. Both conventional and social media run ads. Advertising services are a major way people in the media make an income.
Furthermore, subscriptions are another way money is made from Nigerian media. Media companies sell the idea of exclusive content to their audience. They start by sharing relatable posts and content, then promise something better with exclusive content. This is very common with social platforms and websites.
Aside from selling TV or radio time, getting people to invest in the media is another way of generating revenue. Since the media is a growing industry and everyone uses the media, people invest in it with the hopes of getting tangible returns.
How the Media Is Financed in Nigeria and Worldwide
Money is important to start and develop anything at all. We'll be taking a look at how the media is financed worldwide. Financing the media involves maintaining infrastructure, paying media workers, and funding projects that aid media development.
Media worldwide is being run differently based on the rules, policy, and political influence.
Funds from the government
The media started from being government-owned, making it the government's responsibility to fund the media business. On the other hand, private media do not get funds from the government and have to get their business going by opting for different funding methods.
Daily Transactions
The daily media transaction is a major source of income and funding for the media. Money from marketing, advertisement, subscriptions, and sponsored programmes is used to pay workers and maintain the media.
Online media influencers get their money from services offered to their followers. They also get money from paid advertisements from brands and businesses.
Licence Fees
This is a fee from every household that owns a TV and radio set. It's money paid to get access to use the media. Licence fee varies across different countries. While some countries pay, others don't.
Licence fees are paid to government media agencies. Money gotten from this is used to fund the public media and develop it.
Donations
Some audiences and followers love what is being done on TV, radio, and online. So, they end up giving money and things to support them. This is called donation. Several media firms have enjoyed this, using donations from people to run the media.
Also, when in need of donations, some media channels usually come up with campaigns and projects to ask their followers or audience for donations.
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