Douglas Kendyson, CEO, Selar, an e-commerce store builder for creators to monetise their skills/knowledge as digital products, in this interview with BusinessDay’s Frank Eleanya speaks on the growth of the digital creators’ economy in Nigeria. He also shares on the many opportunities the market represents for the Nigerian economy and the role government should play in encouraging creators.
What do you mean by the creator economy and what constitutes the creator economy?
The creator economy refers to the trend of internet-aware users, primarily making a career leveraging social media, software, and digital financial tools to monetize their skills and knowledge as content creators, influencers, and YouTubers.
This economy is driven by the rise of digital platforms such as YouTube, TikTok, and of course Selar, which make it easy for creators to reach a global audience and monetize their content. As a creator, you have the ability to produce and share your own content, as well as connect and build a community around your work. The creator economy empowers people to be their own bosses and create unique content that resonates with the audience.
What role does Selar play in the creator economy?
Selar has continued to play a significant role in the creator economy by providing creators with an easy and cost-effective way to sell digital products directly to their audience. Selar allows creators to set up and manage their own online stores, without the need for significant technical knowledge or investment. In less than five minutes, anyone can create a free store on Selar and start selling their digital products or services to a global audience. Creators on Selar sell things like ebooks, courses, and memberships, and typically, you’d think these kinds of products don’t sell or Africans don’t pay for content, but in just 2022, creators on Selar have sold over $4.5 million(₦ 2 billion) worth of digital products and services.
How large is the creator economy in Nigeria in terms of valuation and why should any business pay attention?
It’s worth noting that the creator economy is still relatively new in Nigeria and is still in its early stages of development. Businesses should pay attention to the creator economy in Nigeria as it has the potential to become a significant market in the future. With the rise of social media and other digital platforms, more and more Nigerians are turning to digital content creation as a way to make a living. This presents an opportunity for businesses to connect with and engage a growing audience of digital consumers in the country. According to Jobberman research, the creative sector currently employs an estimated 4.2 million Nigerians, making it the second-largest employer in the country. It has the potential to create an additional 2.7 million jobs by 2025.
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What potential contribution can the creator economy make to the Nigerian economy?
As the creator economy continues to grow in Nigeria, it has the potential to be a real game-changer for the country’s economy. There are two main contributions worth noting, FX import and Job creation at a large scale. With FX, lots of creators now get to sell their products internationally, earning in FX, which is great for the economy, and with job creation, for the creator themselves and also the jobs creators employ, today we’ve seen a huge trend with a lot of digital skill jobs that creators employ and that’s great for the economy.
What are the trends you see in the creator economy for 2023?
The creator economy is an exciting and dynamic field that is constantly evolving. Yesterday it was NFTs, today it’s Web3 and Metaverse, but what’s constant is value being shared from creator to consumers.
With the rise of platforms and technology advancements, the possibilities for creators to reach new audiences and monetize their work are endless. I see a lot of new creators are coming up with new ways to monetize their content, from merchandise, to subscriptions and sponsorships. Also, I think the trend of audio content such as podcasts is becoming more and more popular. Podcasts are a great way to connect with audiences and create a loyal fan base. I also see that blockchain technology is becoming more prevalent in the creator economy, as it offers a secure and transparent way for creators to manage their digital assets and transactions. Overall, I think the future of the creator economy looks very promising, and I can’t wait to see what new innovations and opportunities will arise in the coming years.
What makes Selar different from other platforms that many creators use to monetise their skills?
A lot of things really, first it’s the ease for creators to get on and start selling, no other platform today makes it as easy as we are getting started. It takes less than five minutes. There’s also the integration of multiple payment options that makes selling both locally and internationally seamless. The beauty of being a digital creator today is you can reach customers anywhere in the world thanks to the internet, and Selar creators can rest assured anyone anywhere in the world can buy their product without any hassle. We’ve been in the market for the past 6 years and heavily iterated our product based on honest feedback from our customers that has really helped in building a robust tool that our creators love!
How many creators use Selar and how many of these people have been impacted by the platform?
We have over 400,000 registered users, and 80,000 creators selling products, in just 2022, our creators sold products of over 2B naira ($4.5 million).
