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Technology, Creativity Critical in Nigeria’s Entertainment Industry- Onyemelukwe

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Mr. Sam Onyemelukwe the managing director, Entertainment Management Company (EMC) Nigeria & TRACE in Nigeria, has identified technology, creativity, partnerships and professionalism as obvious factors for the long term survival of the Nigerian entertainment industry.

Speaking to the press in Lagos, Onyemelukwe who comes from a creative background, having begun his career in 1995 at Walt Disney Television in Buena Vista, California in the post production department, noted that government’s part in the industry’s sustainability plan entails the provision of enabling ground, infrastructural developments and funding.

He said, “No doubt, the Nigerian entertainment industry has come of age, but we need a clearer plan for long term sustainability of the talents and investments already in place. For instance, apart from funds, the industry can thrive better when professionalism is entrenched; which will benchmark artists, producers and others in the industry. It is going to do everybody good in the industry when that happens.

“For us in TRACETV; in fact, ask the artists themselves, they will tell you that we have professionalized our processes, operating in standards that will take many of our competitors years to attain.

“That is why in the last 4 years TRACE has worked with a good number of brands like St Eve for the Summer Jam Fest with Rick Ross; Diageo (Smirnoff Industry Nite & Johnnie Walker – Black Podium); Nokia (Don’t Break the Beat); Airtel ( Airtel TRACE Music Star); OLX (OLX TV AD Campaign); Ledrop (Remy Martin ,St Remy & Jack Daniels); GD Netter – Handled Creative duties for the Henessy Artistry Campaign 2011;             GSK (Ribena & Lucozade); HP Nigeria; Tecno; Etisalat; MTN; Africa’s Next Top Model; Access Bank; Pepsi –Top Ten Music Chart Show; Samsung; Glo, among others. What did we achieved with them? We worked in the capacity of Selling Sponsorships, Event Management, Production, Talent Management, Innovative Digital Media Solutions, etc”.

“Another important point as the industry climbs the ladder of progress is partnership. You will find out that people engage in unnecessarily rate cuts so as to strike a deal, but at the end, it is either they do shoddy job or pay from their pockets to execute the job. When you lower your standards, don’t expect it will get better next time.

“If we have not leaved up to expectations, we wouldn’t have executed such campaigns as: Nokia’s Don’t Break the Beat; creative duties GD Netter’s Hennessy Artistry Campaign; Airtel TRACE Music Star; Smirnoff Industry Nite; Johnnie Walker’s THE SEAT; OLX Advertising Campaign; Ledrop (Remy Martin – At the Club with Remy/Remy Gbedu Slam) and others”.

“In terms of technology and the impact on the whole thing, it is at the centre of all this. Technology galvanizes, it sets you out from others and helps the creative ability in you to be put in proper shape. We believe that the entertainment village project to be built at the National Theatre, Lagos will come on soon, because the industry needs that. Even at this time we are talking about digital broadcasting, we need such infrastructure for independent producers to leverage for quality local contents production”.

TRACE is a brand and an international media group that provides contemporary music and sports entertainment content to a large and predominantly young audience.

Its core business is original content and pay-tv channels, available in English and French, distributed in over 150 countries through 28 satellites and 200 carriage agreements.

TRACE represents the voice of the youths, playing the best of R ‘n’ B and Hip Hop videos. Since its launch in April 2003, the channel has grown to include TRACE Urban, TRACE Tropical and TRACE Sports Stars, TRACE Africa and TRACE Toca

Inspired by the vibrant music scene, the electrifying artists, great music videos and the passionate creative spirit TRACE launched in Nigeria with a view to promote African music globally under EMC Nigeria  who are the Exclusive representatives for TRACE in West Africa.

EMC Nigeria is also a Media and communications outfit that provides a complete suite of services from Brand Marketing Concept Development, Talent Management to Broadcast and Event Production.

Onyemelukwe after establishing himself in the media and entertainment, had spent the next decade between the worlds of fashion and music, producing and directing numerous performances and shows as well as working in Artist and Repertoire, developing young acts.

He most recently ran MTV Base’s Nigeria business, creating and executing campaigns, including concert events and club parties and Broadcast TV Production for LG, Coca Cola, Airtel and Cadbury Buttermint.

To summarize TRACE in Nigeria, he said, “we operate as a youth and young at heart brand solutions provider. In addition to providing access to music obsessed youth through our popular leading Trace Urban TV channel, we also produce world class broadcast TV content such as Pepsi Top 10, OLX Truth Series, handle talent management, provide Media & Advertising campaign solutions, Event Production for brands in Nigeria”.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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VFD Group Proposes SplitXchange for Financing Nigeria’s Creative Industry

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VFD Group Plc has proposed the introduction of a specialized Exchange that would address the issue of financing in Nigeria’s entertainment and creative industries to bolster foreign exchange earnings and economic development.

Folagbade Adeyemi, the Managing Director of Splitar Limited,  stated this while speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) quarterly Forum, sponsored by VFD Group Plc.

Adeyemi revealed that the Group is actively pursuing an exchange platform tailored to the media and entertainment sector, offering diverse investment opportunities for both domestic and international investors.

Currently in its development stage, SplitXchange when launched, would offer a platform for financing the media and entertainment industry, among other alternative assets.

According to him, “Seeing the huge potential in alternative assets, Splitar Holdings, through Split Exchange, would drive the alternative assets space with its revolutionary digital exchange.”

He emphasized the potential of this sector to significantly improve the GDP of the country and called for a collaborative approach towards establishing robust frameworks and clear guidelines to support investment in alternative assets leveraging technology.

“Unless we collaboratively set up institutions that can provide data around these asset classes and place a true value on these asset creators to make seeking finance a lot easier, we will not see significant returns.

“A lot of transactions have been ongoing within that space which are not captured within the country’s value chain. That is what SplitXchange seeks to address.”

With Nigeria’s estimated population at 208.8 million people, Adeyemi highlighted the increasing demand for Nigerian content locally and on a global scale.

Speaking on the theme: “Beyond Tradition: Increasing Relevance of Alternative Assets in the Capital Market,” Adeyemi lamented the absence of robust funding pillars in the country.

He emphasized the potential of Entertainment and Media, noting that globally there is an average market size of $41 billion as of 2021 with an estimated growth of 4.2 per cent.

While pointing out investments by Netflix and Amazon, which have churned out blockbuster movies that have gained viewership and streams across the globe, he noted that Nigeria’s biggest investor in the form of Pension Assets was yet to invest in the entertainment or streaming services.

He stressed the need to solve the problems of liquidity, efficiency, and barriers to entry in the country.

“In today’s market, the quick conversion of assets into cash is a challenge due to the absence of a well-structured marketplace that oversees and regulates these assets.

“The automation of processes such as compliance, escrow account management, dividend distribution, corporate action management, and drag-along actions technology presents a significant challenge in today’s alternative market. The high initial cost of assets in this market restricts participation to only affluent individuals and corporate investors,” he said.

He noted that the sector remains excluded from the organized financial sector due to the inability of intermediaries to recognize Intellectual Property (IP) as suitable collateral to access funding. “Projects are financed informally through a network of angel investors, high net worth individuals, non-governmental organizations, government, and personal savings,” Adeyemi said.

Furthermore, he pointed out that investors and asset creators face challenges when seeking investment opportunities or raising capital through traditional financial avenues.

“Traditional financial institutions are ill-equipped to appraise industry opportunities due to poor visibility, data, and income/revenue leakages leading to mispricing through high-interest rates, market illiquidity of associated securities, poor market depth, and lack of accessibility for retail investors,” he said.


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Konga Travel Commences Canadian Visa Services for Professionals and Students

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Konga Travels and Tours, a leading provider of travel services in Nigeria is pleased to announce the launch of its Canadian visa assistance services through strategic partnership with a licensed Canadian immigration company.

Konga Travels is now equipped and in a vantage position to assist clients in realizing their relocation dreams.

The new Canadian visa services cater to the travel needs of diverse category of individuals including students, workers, professionals, and investors looking for new opportunities in Canada.

Applicants can get exclusive packages on business immigration, study in Canada, work permits, as well as visit and tourist visa services with the professional assistance of Konga Travels and Tours.

The Business Immigration visa is tailored to investors interested in conducting business activities in Canada with a pathway to permanent residency. The Study in Canada visa service caters to students aspiring to pursue undergraduate or postgraduate studies in foreign institutions renowned for their academic excellence and global recognition.

Okezie Akaniro, Senior Vice President of Konga Online Limited expressed excitement about the expansion of the company’s service portfolio saying “We are thrilled to introduce Canadian visa assistance services to our esteemed clients because we understand the aspirations of Nigerians seeking to pursue educational, professional, or business opportunities in Canada.

“This partnership underscores Konga Travels’ commitment to providing holistic travel solutions that meet the diverse needs of our customers, with our expertise and strategic collaboration, we aim to simplify the Canadian immigration process and help individuals achieve their aspirations of studying, working, or investing in Canada,” he stated.

Expressing his enthusiasm for the new service, Abiola Bakare, Business Head of Konga Travels and Tours posited, “At Konga Travels, we continuously seek ways to enhance the travel experiences of our customers.

“The introduction of Canadian visa assistance services aligns with our goal of providing end-to-end solutions and simplifying the travel process for our clients.”

Konga Travels and Tours goes beyond processing visa applications. As part of its suite of services, Konga Travels offers flight booking, hotel reservations, and tour packages. Recently, Konga Travels and Tours further enhanced its offerings by partnering with Coronation Insurance to provide comprehensive travel insurance solutions.

For further inquiries, customers are encouraged to contact Konga Travels through any of the official customer touchpoints provided here:

Phone Call: +234 809 460 5555; 0708 063 5700

WhatsApp: +234 (0) 811 211 4488

Email: [email protected]

Facebook: Konga Travel

Instagram: @kongatravel


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5 Strategies to Prevent Payment Delays from Hurting Your Business

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Payment delays pose significant challenges for businesses across Africa. Maintaining a steady cash flow is essential for business growth and sustainability, making it crucial to address late or non-payments from customers.

So, how can SMEs effectively prevent payment delays? Let’s explore five actionable strategies to keep revenue flowing smoothly.

Streamline Payment Processes
Smoother payment experiences lead to prompt payments. Simplifying the payment process for customers by offering multiple payment options enhances convenience and reduces the likelihood of delays. It is important to note that collaborating with a reliable payment gateway is fundamental in achieving seamless transactions.

Embrace Subscription Models

Adopting a subscription-based payment model ensures consistent cash flow and predictability in revenue streams. SeerBit has innovative features, such as partial debits and automatic retries which fortify this model, ensuring uninterrupted revenue even amidst payment hiccups.

Digitize Invoicing

Transitioning from paper-based to digital invoicing eliminates delays caused by delivery hiccups, while also minimizing the risk of lost documents. Digital invoicing not only streamlines payment tracking, but also enhances operational efficiency.

Implement Incentives and Penalties

Introducing incentives for early payments and penalties for late payments encourages timely settlements. Customers are motivated to pay promptly to capitalize on discounts and other special deals, while the prospect of additional charges or sanctions deters delays. Reminder notifications serve as gentle nudges, prompting customers to fulfil their payment obligations promptly.

Proactive Payment Management

Partnering with SeerBit empowers businesses to proactively manage payment collections. With a robust payment gateway offering seamless transactions, recurring payment capabilities and digital invoicing services, businesses can effectively mitigate the risks associated with payment delays.

Conclusion

Preventing payment delays is critical for sustaining business operations and fostering growth. The World Bank predicts that late payments cost the global economy over $40billion every year. By implementing these strategies and leveraging the capabilities of SeerBit, businesses can optimize their payment processes, ensuring uninterrupted cash flow and significant long-term success.


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