+Publiseer: The 8 months profitability hack without investor’s funds
+The startup declared profitability some days back.
“Good day, I want you to invest in my… ” were really not words Chidi Nwaogu and his twin, Chika had to say to investors or companies before they launched their startup, Publiseer. The company, headed by Chidi, recently released a statement that it is now profitable (recording profit of over $10,000). In just 8 months. This is a very rare story in the Nigerian business environment. It is hereby pertinent that we tell it.
Publiseer is a digital publishing platform that has its focus on authors and singers. Helping them to publish and distribute their content on different platforms, and giving a chance to monetize these contents. This is valid because, a whole lot of content developers would be thoroughly glad making money from their intellectual property. Especially when they do not have the popularity yet. Publiseer (via their freemium plan) take 25% of money made from these content publications.
In the release, the company announced a first-quarter (2018) profit of $10,877.58, comfortably ahead of its expectations. Adding over 200 new releases in the past 30 days. This also came with an additional business model as a ‘Premium Distribution Service’ that will distribute books and songs for an upfront fee, allowing its authors and musical artists to keep 100% of their earnings was also launched.
The question remains, however, how were they able to pull this off?
Since its launch in August 2017, Publiseer had grown steadily. Take a look at this timeline. In just two weeks after launch, publishing platform had published 15 books and 16 albums. As at October 2017, they had published a combined total of 81 songs and books. In January 2018, the number was at 54 books and 162 songs of 47 authors and 71 artists. While at the time of the report, the startup had distributed 92 books and 374 tracks by 73 authors and 154 artists, having received over 1,000 submissions since August 2017. Without paid advertisements.
Publiseer – like every other startup that haven’t raised millions – have been running a very lean structure. Expenses are at the barest minimum. This is while they weren’t even focused on profitability. Chidi believes that “It’s good building something that meets a growing need, and which eventually makes lots of money.”
Music (and books) does not spread like wild fire
…If it did, “Lil papi”, a wannabe rapper in my secondary school would have “blown” already. The problem of content distribution is one that needed to be solved rapidly. Publiseer, being just one (major) piece in the puzzle, has capitalized on this which explains the growing number of content submissions they receive. In their local market, a country with over 180 million people (don’t kill me, this is not on their pitch deck), you can only expect there to be issues with content distribution. Let’s not even talk about the number of contents that’ll be churned out steadily. But..
It is however, unsurprising that Nigeria isn’t top of the list for countries that pay for their contents the most. Maybe we do have a problem with paid contents (free things syndrome). United States, Canada, United Kingdom and Australia, in that order are countries that buys most of Publiseer’s client content the most. The platforms that sell most of their contents are iTunes (for music) and amazon (books). Regardless, they have distributed the works of A-list Nigerian artists like CDQ, Klever Jay, Erigga, and DJ Jozenga. Also are books of Cameroonian writer, Juan Gutied and Zimbabwean author Godfrey Masanga.
Publiseer might be based in Nigeria, but they are meeting a global need.
Content creators need money too
Talking about meeting a global need. (Almost) every content creator would find joy in being paid for their content. It’s why (almost) everyone is on YouTube. It’s also why 300 hours of video are uploaded to YouTube every minute. The World highest paid YouTube stars earned a combined total of $127 million in 2017, compared to $54.5 million in 2015. Showing that there is a growing need for content creators to make money via their content.
It is also why Uncle Benji wants to get paid too below.
Ayy, my photo in the Background https://t.co/CCwND0u9Rb
— Benjamin Dada (@DadaBen_) April 7, 2018
I just need 10K per use 😭
— Benjamin Dada (@DadaBen_) April 7, 2018
So, you see?
While there are different strokes for different folks, and different profitability hacks for different startups, there are feats that can still be achieved. One like Mark Essien and hotels.ng’s journey to profitability (in 2 years) was also worth telling. We hope to see, even in the midst of a very terrible business climate, more tech startups reaching profitability or at least showing a positive cash flow. For the confidence.
In the mean time, well done Publiseer.