The Africa Foundation for Young Media Professionals (AFYMP) began its 2024 media entrepreneurship and business sustainability fellowship programme on June 5 and 6, 2024, with the training of 25 journalists from Nigeria and other African countries. The fellowship includes four months of mentoring and story publishing, among other activities.
The two-day intensive workshop in Lagos featured seven renowned media professionals as faculty members, including Mrs. Toun Okewale-Sonaiya, CEO of Women Radio 91.7FM; Mr. Kayode Ladeinde, Executive Editor at TVC News; Mr. Kolapo Olapoju, Senior Editor at the Cable Newspaper; Mr. Lekan Olufodunrin, Executive Director at the Media Career Development Network; and Mr. Yinka Olaito, Executive Editor at AFYMP.
In her presentation, Mrs. Okewale-Sonaiya advised digital media practitioners to strive for innovative ideas that generate passive income and ensure business sustainability. She emphasized the importance of creativity in revenue generation, explaining that innovation is crucial for media organizations to grow beyond the traditional advertising methods of sustenance. She stated, “Poverty is very expensive. If you need to succeed in this business of journalism, you need to be creative to make money. Innovation is a crucial and consistent matter in whatever you are doing.”
Mrs. Okewale-Sonaiya also urged the fellows to be proactive in their businesses, highlighting the significance of credibility in journalism. She suggested that live Instagram programmes could enhance recognition and revenue due to their innovative and credible nature. She advised online media practitioners who are not skilled in live Instagram programming to seek help from young professionals adept in social media.
Mr. Kayode Ladeinde discussed the nature of media products such as digital content, skits, sports, and entertainment stories, which cater to both paying and non-paying consumers. He stressed the importance of considering non-paying audiences when designing programmes, as they attract paying consumers. Mr. Ladeinde advised against compromising organizational standards to please advertisers, warning of the potential negative impacts on audiences.
Mr. Kolapo Olapoju presented various methods for funding media businesses, including grants from philanthropists, donors, and non-profit organizations. He stressed the importance of quality work to attract funding and encouraged journalists to leverage modern technology and create niches to generate revenue. Mr. Olapoju noted that relying solely on corporate advertisements could lead to media capture, which is dangerous for media organizations. He urged journalists to convert their knowledge into income-generating ideas to sustain their businesses.
Mr. Lekan Otufodunrin emphasized the need for journalists to build a credible reputation guided by journalism ethics to establish trust.
Mr. Yinka Olaito advised participants to identify their target audience and achieve media business viability by understanding key parameters. He highlighted various revenue sources, including Google Initiatives, the MacArthur Foundation, Media Development Investment Fund (MDIF), and the Center for International Private Enterprise (CIPE) among others that media outlets can apply to.
Steven Ikechukwu encouraged participants to build brand partnerships, develop databases, engage offline, and establish partnerships. He shared case studies of successful media owners whose results they can benchmark.
