From a fledgling YouTube Channel to the world’s largest online repository of Nigerian film, iROKOtv has come a long way. Today makes it exactly one year since it officially launched it’s movie streaming platform that gives the world unprecedented access to the best Nollywood has to offer.
So what has iROKOtv been up to in the past one year? A lot, as it turns out. A current total of $10 million in funding from a couple of big name VC firms. Incessant adulation from worldwide press, including a place on Forbes’ list of top ten innovative companies in Africa. Legal brawls every now and then (iROKOtv doing the suing, of course). And even pockets of competition, sanctioned by former benefactors.
One year later, iROKOtv boasts of 800,000 signups, 5,000 licensed titles, 50 million plays, and audience in 178 countries. Between fielding the media, crossing swords with pirates and cosying up to investors, there’s hardly been a dull moment for the young streaming service. Again, much of iROKOtv’s story is also Jason Njoku’s story, and the company’s founder has spent the past year basking in global limelight and accolades.
However, with great attention and publicity come great expectations, and the responsibility to measure up to the hype. Jason and his one year old company have their work cut out them in the next year. Those same adoring press pundits will surely be watching his business fundamentals like hawks. There’s already 10 million dollars riding on the bet that iROKOtv will indeed become the Netflix of Africa, in both aspirational and definitive terms, and those generous investors will no doubt be expecting a handsome payoff from that pot. And there is of course a local tech and business startup ecosystem that looks up to the company as an example of what is possible. With a crowd as large as this to please, iROKOtv must double down on its business model and find the shortest route possible to profitability.
How hard can that be? The company’s value proposition is solid. Where the Nigerian movie industry is concerned, iROKOtv represents a disruptive distribution model that connects millions of Nollywood enthusiasts worldwide to the most sought after content, while making sure that all the players in the creative value chain are rewarded for their efforts. All it has to do now is figure out a way make money off that platform. Some money already comes in from advertising, but the most obvious strategy that iROKOtv currently has on the board appears to be its premium subscription tier, iROKOtv plus, which costs $5 per month. So far, the service hasn’t released any concrete information on how that play is working out, doing no more than assure that its paid section is “performing strongly”, with new subscriptions everyday.
As the sapling grows into a tree, with roots stretching across continents, it’s also shooting some of those downward, towards home, where it all began. There is talk of a renewed focus on Africa as a major market in 2013. Most of iROKOtv’s viewership comes from outside Africa, with the US and the UK being the places where its having its strongest showings. This curious circumstance is not as a result of a shortage of African demand, but as a result of problems of access, the all too familiar challenge of quality broadband infrastructure. One has to wonder how exactly iROKOtv plans to skirt this particular roadblock in the near term, but the reasoning is sound — to become a full-fledged Iroko tree, iROKOtv must dig deep and tap into the massive local opportunity, which its own success so far has played no small part in making obvious to the rest of the world.
As we say around here, one year don waka, and iROKOtv still dey carry go. More power, and all the best in the days to come.
[image via Flickr/IITA]
