Stakeholders in the Nigerian creative industry have been advised to forge a common force on intellectual property protection to unlock huge market potentials of the digital economy opened by the Internet.
[su_quote cite=”Shina Badaru, Founder/Group CEO of Technology Times”]It would be a total market disconnect for anybody to believe that if they need to provide or deliver service to the consumer in the digital age they would employ good old brick-and-mortar model. That’s where all of the huge disconnects are[/su_quote]
Mr Shina Badaru, Founder of Technology Times, made the appeal to the vibrant sector that includes the famed Nollywood while delivering a keynote presentation at the one-day Forum of the African Film and Entertainment Summit organised by School of Media and Communication (SMC) at the Pan Atlantic University in Lagos.
The Technology Times Founder, who spoke on the theme, “The Importance of Research and Marketing Analysis in the Creative Industry in Nigeria in the Digital Age” explains that unless urgent and concerted actions are taken to protect the rights of content creators and innovators, it will continue to be a mirage for the Nigerian creative industry to benefit profitably from the borderless markets opened by the Internet.
Badaru told attendees at the Pan Atlantic University Summit that because the digital age has opened up vast opportunities to explore new markets beyond geographical borders, the rules of the games have equally changed fundamentally, a development that underscores the need for insights into consumer trends.
According to him, with intense competition for market share by players in the new digital age, market research and analysis are becoming increasing crucial as endeavours undertaken “to gather information consumer needs and preferences.”
Badaru reckons that intellectual property and innovation are interwoven in the digital age as they play a central role in driving productivity, revenue earning potentials and overall growth in the Nigerian creative industry, just like any other within the local economy.
According to him,the entertainment industry should harness the full potentials of the Internet not only as a platform to earn revenue but where they can also ensure innovation in encouraged by protecting the intellectual property right of innovators and content creators.
In Nigeria alone, there are approximately 130 million active lines and the ‘market’ has moved to the mobile phone and devices that today’s consumers perform their day-to-day activities and transactions.
According to him, today’s new mobile consumers offer new captive and targeted markets that can be explored with the right kind of strategy by content creators, the media and Nollywood sector in Nigeria.
Badaru also advised industry players to understand their market niche and the demands of consumers to help them identify trends that could impact the competitiveness of their business in the digital age.
He believes that the need for businesses to understand trends in their industry is more important than ever before to both offer and add value to their consumers.
“It would be a total market disconnect for anybody to believe that if they need to provide or deliver service to the consumer in the digital age they would employ good old brick-and-mortar model. That’s where all of the huge disconnects are”, Badaru adds.
The connected world is no longer waiting for anyone and even the perceived infrastructure challenges may no longer hold as excuse as there are clearly several local success stories of leveraging technology for drive business efficiency, productivity and profitability, he said while answering questions from attendees.
One of such success stories was MTN, the largest mobile phone company in Nigeria. By leveraging its extensive subscriber base exceeding 50 million active customers, offered the Mandela tribute song by Nigerian artiste, Harry Song as a CallerTunez on its network thereby passing the traditional brick-and-mortar music distribution model including the popular “Ebinpajo Lane, Alaba market to gain faster market traction for the service, Badaru told the Summit.