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COVID-19: IROKO Places 28% of Nigerian Staff on Unpaid Leave

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IROKO, Nigerian video-on-demand (VoD) company has placed 28 percent of its team members on unpaid leave as it aims to minimise losses during the COVID-19 crisis.

COVID-19: IROKO Places 28% of Nigerian Staff on Unpaid Leave

According to disrupt-africa.com IROKO, which sold ROK, its African film studio and global TV network, to the CANAL+ Group last year, has been hit hard by the economic implications of the crisis after initially being positive about the possible effects of the pandemic.

Jason Njoku, CEO of IROKO, said that in the early stages of the COVID-19 outbreak he had encouraged aggressive cost-cutting at all the startups that he is involved in excluding IROKO, as things seemed to be looking up for the VoD company at the time.

Initially, IROKO subscriber numbers were surging, with Njoku saying that it had set its highest daily addition record within the first couple of days of Nigeria’s lockdown.

All seemed to be going well up until Nigeria’s President Buhari extended the lockdown. After the announcement of the extension, consumer confidence seemed to collapse, and the numbers started dwindling.

This prompted IROKO to place on unpaid leave approximately 28 percent of its Nigerian team members, a total figure of 83 people, while an additional 49 individuals have taken a pay cut.

Njoku said that IROKO opted to furlough rather than to lay off staff in an effort to safeguard the business.

While the furloughed employees will be unpaid at this time, they still have access to IROKO’s health insurance. Njoku said that the company expects to still lose between US$200,000 and US$250,000 every month for the rest of the year.

 

 


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5 Tips Small Business Owners Need to Grow their Business Online

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Small businesses are embracing digitalization and catering to their customer needs through a variety of online channels. With new technologies emerging such as artificial intelligence, there is no time like the present to help your small business grow by taking advantage of the online world.

GoDaddy in this article shares five tips to help your small business grow with an online presence.

It starts with a domain name

When getting started, check availability of domain names for the desired name. A domain name can be considered a business’ piece of real estate and identity on the internet. It is a way for customers to easily find a business online.

Choosing and registering a domain name for your business that’s memorable is increasingly important in an expanding digital marketplace, as it helps to shape your online business identity. If the .com extension is not available, there are many new extensions available, such as: .shop; .co.; .photography; .tech, to name a few, for you to consider which can help define your business. After choosing a domain name register it with a reliable hosting provider right away.

Build a website

Websites help create visibility for small businesses and act as a home base for your business on the internet, even if you have a brick-and-mortar store. A website can help consumers easily find your business, learn about your product offerings and services, and contact you for more information.

A well-designed professional looking website can offer an engaging customer experience with the use of text along with photo images and video. Having a website gives you control over the messaging about your business and can serve as a hub by linking with your social media channels.

Listen to your customers

The growth of your business is directly related to customer satisfaction. Listen to your customers and pay attention to the needs of your target market. Identify their problems and pain points. How can your offerings act as a solution? Is it possible to develop new products to help solve these problems? Engage for customer feedback and keep an eye on customer behaviour changes and audience interests.

Develop a business support system

By developing a strong business support system, entrepreneurs can benefit from new ideas on ways to address a particular issue or ideas for growth. In addition to close family and friends, consider mentors and business coaches who can provide relevant insights into your business.

Review your business plan

Many entrepreneurs make a business plan at the beginning of their business journey, but do not take the time to revisit it from time-to-time. So, analysing aspects of that business plan like target audience and competitors, examining cash flows and what can make the business profitable, while also checking timelines to reach business goals is all equally essential to help ensure continued growth of your business.


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TECNO Pledges to Transform 100 Football Fields in 5-Year Initiative

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In a bold and visionary move, TECNO Mobile has announced a groundbreaking initiative to renovate 100 football fields across AFRICA over the next five years.

This ambitious project, aimed at enhancing community infrastructure and promoting the beautiful game, reflects TECNO’s deep commitment to the spirit of football.

Notably, TECNO’s dedication to the sport is evident with its recent sponsorship at the just-concluded AFCON 2023, where the brand left an indelible mark on the global football stage.

TECNO Mobile’s association with football reached new heights as the brand proudly sponsored the recently concluded AFCON 2023. As a prominent sponsor, TECNO not only showcased its commitment to sportsmanship but also provided a platform for fans to experience the thrill of the game.

The AFCON sponsorship was more than just a marketing endeavor for TECNO – it was a testament to the brand’s belief in the power of football to unite communities and ignite passion.

Building on the energy and enthusiasm generated by the AFCON sponsorship, TECNO has embarked on a transformative journey to renovate and uplift football fields across diverse communities.

The pledge to renovate 100 fields across Africa over the next five years is a tangible expression of TECNO’s dedication to fostering a love for the sport at the grassroots level.

TECNO’s initiative goes beyond mere field renovation; it is a holistic approach to community development. By creating modern, well-maintained football fields, TECNO aims to provide spaces that encourage physical activity, nurture talent, and foster a sense of community pride.

These fields are hubs for social interaction, where families and friends can come together to celebrate the joy of sportsmanship.

As a brand synonymous with cutting-edge technology, TECNO brings its innovative spirit to the football arena. The renovated fields will integrate innovative solutions and modern amenities, aligning with TECNO’s vision of infusing technology into every aspect of life, including sports.

TECNO’s sponsorship at AFCON 2023 and the pledge to renovate 100 football fields underscore the brand’s unwavering belief in the transformative power of football.

As the fields undergo a metamorphosis over the next five years, TECNO invites everyone to participate in this remarkable journey.

This journey goes beyond the boundaries of sport to leave an enduring impact on communities, fostering a legacy of unity, pride, and passion. In TECNO, football isn’t just a game; it’s a bridge that connects hearts and builds a legacy for generations to come.

 

 


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IFC Partners with Triggerfish to Boost Africa’s Animation Sector

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In order to support the growth of Africa’s creative sector and to bring local African stories to the world, IFC has signed a collaboration agreement with Triggerfish, a globally recognized animation studio founded in South Africa.

Triggerfish creates premium animated content for prominent global studios such as BBC, eOne, Lucasfilm, Magic Light Pictures, Netflix, and The Walt Disney Company.

The collaboration agreement will bring IFC’s market expertise to help Triggerfish with its growth strategy so that it can expand its operations, creating new jobs and opportunities in Africa to upskill local talent, particularly for women and youth.

“We are thrilled to be working with Triggerfish to set the stage for a new chapter of growth,” said Makhtar Diop, IFC Managing Director. “This partnership underscores IFC’s commitment to unlock the potential of creative industries and support economic development and job creation in Africa, particularly for women and youth.”

Triggerfish CEO Stuart Forrest said: “At a time when the demand for local African content is booming, this partnership with IFC is a significant step that will propel the growth of the local animation sector and position the industry to reach its true potential.”

The global animation and VFX market was valued at US$ 167.9 billion in 2021 and is expected to reach US$ 401.0 billion by 2030, according to a study by Report Ocean.  The sector in Africa faces problems realizing its potential because of challenges accessing funding, a lack of cutting-edge technology, and limited distribution networks.

The partnership with Triggerfish is another important milestone in IFC’s commitment to support the creative industries sector in emerging markets.

IFC recently signed an agreement with Sony Group Corporation to identify investment opportunities in companies in the creative industries in Africa to support new economic opportunities and create jobs. In June, IFC committed up to $75 million to DNEG, a world-leading visual effects and animation company in India to expand its cutting-edge VFX and animation services.

 


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