National Wire About Nigerians, Nigerian Business and Other Stories
The Africa Foundation for Young Media Professionals recently concluded a two-day media fellowship titled “Media Entrepreneurship 2024” in Lagos. Experts from multimedia, television, and radio sectors of the media emphasised the importance of combining passion with a sound business model to succeed as media entrepreneurs. DAYO EMMANUEL reports.
Young media entrepreneurs have been urged to operate their media businesses with a focus on profitability and sustainability.
Mrs. Toun Okewale Sonaiya, the founder and Chief Executive Officer of Women FM 91.7 opened the fellowship with her presentation titled “Media Business and Technology: Implications for Entrepreneurs.”
She stressed that the media business must be managed beyond mere passion to achieve financial stability.
“The media business should be run beyond passion as that is the mentality that can attract financial stability and sustainability,” she said.
Sharing her experience, she noted, “Eight and a half years old Women Radio did not owe salary for one day. We may not pay the best salary, but we’ve never owed, and part of the benefits is the HMO. We don’t pay the 13th-month salary because we can’t afford it, but everybody gets something at the end of the year, even if you are not performing.”
Kolapo Olapoju, an editor at TheCable, emphasised the changing media landscape and the need for media businesses to adapt.
“In recent years, traditional means for news media have constantly declined in visibility and sustainability,” he said.
Highlighting the shift in news consumption, he stated, “The changing media landscape is obvious, and media entrepreneurs should adapt to the change in order not to be behind.”
Olapoju advised participants to develop their niches instead of competing to break the news, underscoring the need for creativity and financial sustainability.
An Editor at the BBC, Lagos station, Omotola Adebajo urged participants to produce unique content and prioritize verification. “You can’t make money with copy and paste; nobody gives you money for that,” she said.
Emphasising professionalism, she added, “As a journalist, you need to know who you are and the power you have. Professionalism is what stands out a journalist, not news breaking.”
Mr. Yinka Olaito, the convener of the event and Executive Director of the Africa Foundation for Young Media Professionals, reiterated the necessity of a business-oriented approach. “You have to do your business from the business angle and not just for the passion of it. Your passion will not pay your children’s school fees or your transport fare,” he warned.
Mr. Ladehinde Kayode, an Editor at Television Continental, highlighted the importance of both paying and non-paying publics. “The non-paying public also wants to be heard; if you don’t give them attention, the paying public won’t see the figure, and you are not in business,” he explained.
Mr. Lekan Otufodunrin, Executive Director of the Media Career Development Network, focused on media ethics at the event. “Ethics are principles that guide us to make a positive impact through our decisions and actions,” he said.
He emphasised the importance of ethical storytelling and maintaining trust. “Trust is also a currency. If people trust your platform, it will show because online journalism is about speed and accuracy. Ethical storytelling is telling the true and confirmed account. When in doubt, you must leave out,” he advised.
Participants took turns sharing the knowledge they gained during the fellowship.
Chioma Obinagwam, publisher of Confiance News, expressed gratitude for the training. “I’m really grateful for this training. I’ve learned so many things. To have a sustainable business, you need to build a community, send newsletters, and be ethical.”
Dupeola, publisher of Insight News, emphasized the importance of doing original stories and engaging the audience.
Dayo Afolabi was elated after the fellowship. “I am happy I participated. I learned that journalism is a business from which you can be enriched.”
Bose Adelaja, publisher of Citizens Compass, shared her insights. “I learned that when you attend an event, you should post immediately, even if it’s just a short video. I also learned the importance of extending my partnerships.”
Mukthar Ajelogbon, publisher of Osun Reporters News, said, “I’m going home with two key lessons. I will leverage working with colleagues and focus on creating unique content, especially in investigative reporting, to attract grants and do more work.”
Olusegun Hosea, who publishes Exponent Magazine online, stated, “I learned how to spotlight companies and brands and how to write quality stories to create newsletters that generate revenue to sustain my brand.”
Olatunmbi Olufunke, publisher of News Indicator, declared, “I’m no longer running a charity organization. I’ve learned to set my rates to avoid exploitation of journalists.”
Olamide Tejuosho remarked, “I’ve learned that poverty is very expensive, and we need to grow our media outfits and run them like businesses, not as charities.”
