Whilst the Entertainment and Media (E&M) Sector of South Africa and Nigeria has been growing at a rapid rate, Zimbabwe is still lagging behind with only one dominant TV station. Local Content that used to entertain us during our childhood stage have since been replaced by “imported content” from our neighbouring country South Africa and other global giants in the E&M Sector. Below are some opportunities in the E&M Sector that can be utilised.
TV and Video
With the recent assurance made by the Information Minister, Hon Monica Mutsvangwa that they would be a fair play in awarding of media licenses, Zimbabweans should be geared up to reshape the TV and Video landscape. South Africa and Nigeria generated approximately R2 443 million and US$801 million respectively from this sector. In South Africa marketers and consumers are expected to spend R8 998 million and R31 761 million respectively in 2022. Thus, Media experts have to create a conducive environment that both marketers and consumers would afford to invest in to rejuvenate the media landscape. When last did you watch ZBC? We need content that can keep us on the edge of our couch and that is capable to gain regional recognition. Reality shows, business content, news, movies, dramas etc. are all opportunities behind the TV and Video sector.
Have you ever seen a post written sponsored on Facebook or Instagram? How about a 30 second ad that appears most of the times you play a video on YouTube? Or that favorite site your visit almost daily and see ads, all those platforms are making money out of the internet. Globally internet revenue is expected to grow to US$137 billion (www.statista.com) and R9 444 million in South Africa by 2022. We are also in need of local platforms that offer irresistible content that will always channel traffic to websites hence monetize from ads. One also has potential to manage and customize his/her own ads and charge a cost that he is comfortable with. Sasai is one platform I believe it’s on its way to making it, a breakthrough might come to them one day. To add on, some of the ideas behind internet ads are creating a business to business platform, video streaming platforms, networking or socializing platform. Just be sure you are building the right service or product for your target population.
Music and Podcasts
With this category having a projected 15.5% Compound Annual Growth Rate (CAGR) from 2017 to 2022 in South Africa, this requires hands on in the Zimbabwean Music and Podcasting sector. The Music Industry is trying, they only lack entrepreneurial and innovation support, much appreciation goes to Mr Tinashe Mutarisi and more can still be done. Both consumer and advertisers spending are expected to rise to R814 million and R2 484 million respectively in South Africa. Globally the podcasting sector is generated an estimated revenue of 479.1 million in 2018 and it is expected to produce more than a billion by 2021 (www.theverge.com). Podcasters generate revenue by uploading their podcast on streaming application and through advertising. Podcasting is getting popular since it allows the audience to multitask, imagine listening to this article. You could do it washing dishes or your car. There is so much vacuum in the podcasting space of Zimbabwe. Content to consider is on tech, business and industrials, entrepreneurship and motivation, religion only to mention but a few.
I hope you have not forgotten that you can access local radio channels on your cellphone without any internet connection. That is one advantage of the radio sector, hence a great potential to grow locally. Bring the right content that will make your audience take earphones every time. If you are a millennial, do you remember those days you used to listen judgment yard on your phone? you could afford finding time to do that. Content creators make us fall in love with radio again, there is a lot to be done. Radios largely earn revenue from advertising, trust me these ads are expensive to buy.
Candy crush is said to be one of the most addictive game in Zimbabwe. It comes as a free game that gives you bonuses when you play it connected to the internet. For every download made and ad watched on candy crush in search of bonuses and or lives, the game makes money, and in 2018 alone it is estimated to have earned over US$1.5 billion (www.variety.com). Gamers, do you remember grand theft auto, it is said to be the second best-selling video game of all time with over 135 million copies shipped and one of the most financially successful entertainment products of all time, with about $6 billion in worldwide revenue. There are some spaces tech-preneurs can fill in, in the video gaming segment. Develop an obsessive game and you will earn pretty much from it. Do not focus on Zimbabwe only, but be regional or global oriented.
A number of millennial have become experts in playing video games, one of the most common being FIFA. Did you know that they can be audience watching gaming expects play video games virtually? That is E-sporting. E-sporting activities’ history stretches down to 1972 with the game Spacewars. According to www.statica.com in 2018, worldwide revenues generated in the E-Sports market amounted to US$776.4 million, it is expected to reach almost US$1.6 billion by 2023. E-sports claims almost 70-80% of its revenue from sponsors or advertisers whilst the rest is said to come from ticket sales, merchandising and media rights. In South Africa consumers and advertisers spending in this sector where R6 million And R24 million in 2017 respectively. Advertisers and consumer spending is expected to reach R84 million and R20 million respectively in 2022. Gamers, event organizers, streaming and or media houses do your research, there is potential in this sector.
Virtual Reality (VR)
Virtual reality, a computer generated stimulation in which a person can interact within an artificial three-dimensional environment using electronic devices such as special goggles with a screen or gloves fitted with sensors. VR has reputedly been used in Militaries in the UK and USA in their training activities. In sport, it can be used by coaches and players to train more efficiently across a range of sports as they are able to watch and experience certain situations repeatedly and can improve each time. VR has also been used to enhance the viewer’s experience from a sporting event virtually. VR has also seen its infiltration in medical training, mental health, education and fashion. Consumer spending in SA on VR is expected to hit R67 million by 2022. This is a call for the innovators, manufacturers and distributors.
These are small opportunities, with a great potential if done well. It starts with believing in yourself. Zimbabwe has a great potential to be a media giant both in the SADC region and globe at large.
A dedication to all media students, practitioners and entrepreneurs.