Media and Entertainment Business Plan in Nigeria
Media and Entertainment Business Plan in Nigeria
Media and Entertainment Business Plan in Nigeria
This sample Media and Entertainment Business Plan in Nigeria can be used for Grant Applications, Bank Loans, Proposal writing, Business Concept Note, Competitions etc.
The Media and Entertainment Business is a lucrative business that needs a lot of strategic planning to start and a business coach like Dayo Adetiloye to help you start the Implementation.
Description of Media and Entertainment Business Plan in Nigeria
Business: Media and Entertainment Business
Industry: Media and Entertainment Industry
Executive Summary
Patilad Media and Entertainment Business is a Product and Service based multimedia company. Located in Abeokuta, Ogun state, we provide a wide range of products and services from television aired programs, electronic games, musical services and merchandise, music production, movie programs and films, print media and lots more. In summary, we are a core hub of entertainment. We control a multi-platform of Entertainment distribution, like our very own TV channel, PATILAD TV where we air our pre-recorded music by our artistes and other trendy songs, air recent movie programs, run adverts of other products like CDs, Records, new games etc, entertainment news. To top it all off, we have children dedicated programs for minors.
Another platform where we run yet another aspect of our business is a website, PATILAD.MUSICALLY.COM. Here we have all our music merchandise/products for sale or free download depending on their value. We have movies and our company generated games for download by our fans and customer base.
In addition, we make use of print media like magazines, posters and newspapers to further raise awareness about our products and services. We exploit also, the digital opportunities and marketing available to us in modern times to effectively promote our products and services. Through the use of online tools like Search Engines Optimization (SEO), Search Engine Marketing (SEM), email marketing, display advertising, social media advertising and back links, we have been able to successfully raise awareness of our products and services and subsequently increase our rate of customer conversion.
Furthermore and most importantly, apart from our electronic media, we run another major subsidiary, PATILAD RECORD ENTERTAINMENT. Here, we sign highly talented and pre-sold artistes with already existing fan bases and in turn, produce and promote their songs for potential branding. We produce majorly, hip-hop, afrobeat, afropop, folk at rock and r&b. We follow the amalgam of two formats to mitigate losses and risks; profit-sharing and manufacturing and distribution formats. These formats ensure that both company and recording artistes share not only the profits but also the costs of music production minimizing the risks of each party. It also ensures the company can create and distribute music more profitably.
We harness the power of digital marketing and electronic media to provoke both online and physical sales and patronage. We observe the needs of our fan base and potential customers, tailor them to our goals and give back the best quality entertainment in the industry. Our focal point is keeping our fans and customers very happy and entertained.
Media and Entertainment Business Plan in Nigeria
Problems Statement:
- Market Saturation and Competition:
- In the vibrant and competitive media and entertainment industry, there is a risk of market saturation, with numerous players offering similar products and services, making it challenging to stand out and capture the audience’s attention.
- Digital Piracy and Copyright Infringement:
- With the digital distribution of music, movies, and games, there’s a constant threat of piracy and copyright infringement, potentially leading to revenue loss and devaluation of intellectual property.
- Balancing Costs in Record Entertainment:
- The hybrid approach of profit-sharing and manufacturing/distribution formats in the record entertainment subsidiary may pose challenges in effectively balancing costs and ensuring a fair and sustainable model for both the company and the recording artists.
- Adaptation to Changing Consumer Behavior:
- Rapid changes in consumer behavior and preferences, especially in the digital landscape, pose a challenge in staying ahead of trends and effectively meeting the evolving demands of the target audience.
- Monetization and Pricing Strategy:
- Determining the right balance between offering products for free and monetizing merchandise on the website can be a delicate task. Finding an optimal pricing strategy that aligns with customer expectations while ensuring profitability is crucial.
Solutions Statement:
- Innovative Branding and Differentiation:
- To address market saturation, Patilad Media and Entertainment can invest in innovative branding strategies, emphasizing unique selling points and differentiation to stand out in a crowded market.
- Robust Intellectual Property Protection:
- Implementing stringent measures to protect against digital piracy and copyright infringement, including employing advanced digital rights management (DRM) technologies and collaborating with industry stakeholders and legal authorities.
- Transparent and Fair Business Models:
- Ensure transparency and fairness in the profit-sharing and manufacturing/distribution formats by regularly reviewing and adjusting agreements. Open communication and collaboration with recording artists can foster a sustainable and mutually beneficial relationship.
- Continuous Market Research and Adaptation:
- Regularly conduct market research to understand shifting consumer behavior and preferences. Adapt products and services accordingly, staying ahead of trends to meet the changing demands of the audience.
- Strategic Monetization and Customer Engagement:
- Develop a well-thought-out monetization strategy for the website, balancing free and paid offerings. Engage with the fan base through surveys and feedback mechanisms to understand their willingness to pay for premium content, helping to refine pricing strategies. Additionally, employ effective digital marketing techniques to drive online and physical sales.
The benefits of our products and service
- Quality, harmonious and sensational music.
- Sale of quality and affordable musical records and CDs.
- Private and Public concerts.
- Wide range of engrossing entertainment content on TV and website.
- Easy and fast access of our website.
- State and Tertiary Institution tours.
- Cheap and affordable magazines.
- Massive opportunities for talented musicians.
- Stellar music production.
Objective for Media and Entertainment Business Plan in Nigeria
- To widen a partnership across digital channels, social media, advertising etc to help us reach our fullest potential.
- To commit to corporate social responsibility (CSR) practices and initiatives through the production and distribution of not only fun content but also informative, inspiring and educative content, to better the lives of our viewers and customers.
- To maintain healthy business competition and sustainability.
- To maximize profits by motivating the masses to buy our products and services through quality entertainment.
- To positively influence the society and its culture.
- To create employment.
Our Goal for Media and Entertainment Business Plan in Nigeria
To produce the best quality entertainment content tailored to meet the wants and needs of the ever dynamic society.
Media and Entertainment Business Plan in Nigeria
Our Vision Statement for Media and Entertainment Business Plan in Nigeria
To be the prominent entertainment provider through the production and distribution of quality and distinctive entertainment products and services.
Our Mission Statement for Media and Entertainment Business Plan in Nigeria
To invest productively in the Human Resources development to build people with the Knowledge, Skills and Abilities (KSA) expedient to produce outstanding products and services for greater investment returns.
Management Team of the Media and Entertainment Business in Nigeria
Opeyemi Johnson – has an approximate experience of 10 years in the entertainment industry. She is a masters degree holder from the Igbinedion University, where she studied Business Administration. Opeyemi has worked with one of the top players in the industry where she managed relationships, projects and resources effectively, led marketing strategies and visions to execution, provided insights etc. she is a creative visionary with a strong track record of building partnerships and achieving great results. She is our operations manager.
Chinyere Nwachukwu – Chief Marketing Officer (CMO): With a background in Marketing and Communications, Chinyere brings over 12 years of experience to the team. She holds a bachelor’s degree in Marketing from the University of Lagos and has successfully executed marketing campaigns for renowned brands in the media and entertainment sector. Chinyere is adept at developing and implementing innovative marketing strategies, managing brand image, and driving audience engagement. As CMO, she will play a crucial role in expanding the company’s reach and maximizing visibility across various platforms.
Segun Afolabi – Chief Technology Officer (CTO): Segun is a seasoned technology expert with more than 18 years of experience in the IT industry. Holding a degree in Computer Science from the Obafemi Awolowo University, he has a strong track record of implementing cutting-edge technological solutions for media and entertainment enterprises. Segun has led numerous successful digital transformations, integrating advanced systems for content distribution, analytics, and audience engagement. As CTO, he will be instrumental in steering the company’s technological initiatives, ensuring it remains at the forefront of digital innovation in the rapidly evolving entertainment landscape.
Mr Dayo Adetiloye – (B. Agric., MBA, and PMP): He has over 15 years’ experience in business management, business start-up dynamics, financial management of business and overall business growth and development. He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan African University (PAU). He is our business development strategist and a strategic partner.
We brought to the business:
- Educational skill and practical experience in Media and Entertainment business.
- Highly skilled and talented artistes and workers trained to give the most riveting entertainment experiences in the industry.
- Quality and affordable music CDs and services.
- Capacity to sustainably fulfill and exceed the needs of our customers.
- High quality music production.
- Easy access and amazing website experiences.
- Our staff brings operational, marketing and promotional skills to the business.
Management experience gained for the Media and Entertainment Business Plan in Nigeria
With over 6 years in the Media and Entertainment Business and more than adequate exposure to the in depth technical, financial, social, scientific and practical aspect of the hair salon, I have been able to master the technical requirements, financial management, staff recruitment and organization skills among other things necessary to give the firm good commendation from our clients.
My managerial skills has also helped in putting together a workforce for over 3 years, which will also help me to coordinate the team work in most aspect of the company.
I am the CEO of the company overseeing the day to day activities of the business.
Media and Entertainment Business Plan in Nigeria
Read Also: Executive-Summary-of-Event-planning-Business-plan-in-Nigeria
Materials and Machines for Media and Entertainment Business Plan in Nigeria
Computers and laptops, Computer hardwares and softwares, Furnishing items, Studio props like DAW/Audio interface combo, Studio monitors, Microphones, Headphones, Cables, Mic stand, Pop filters, Ear training software, Desk workstations, Studio Chairs, Bass Traps, Acoustic Panels, Diffusers, Reflection Filters, Monitor Isolation Panels, Studio Monitor Stands, Studio Rack Mounts, Power conditioner, Microphone Preamp, Headphone Amp etc. Papers, Writing materials, Printers, Cameras, Camera equipments, Monitor, Computer Editing programs, Generators etc.
COMPETITIVE ANALYSIS OF MEDIA AND ENTERTAINMENT BUSINESS PLAN IN NIGERIA
We gain a lot of following and customers because of the following reasons:
- We produce premium and quality music experiences that do not easily wear off with time.
- Our staff and artistes are professional yet friendly and sociable.
- Top notch world class entertainment.
- Occasional discounts and promo services as our way of giving back to the society.
- We host fun competitions that people can actively participate in and win lots of prizes including private concerts.
- Updated and trendy movies, music and news. We move with the society, staying up to date and improving on our shortcomings.
- We provide best of the best and timely customer service delivery.
Our major competitors are,
- Kalakuta Republic
- Mavin Records
- DMW
- YBNL Nation
- Nigerian Entertainment Today
- Shuga Entertainment Nigeria Limited
- Star Gist
- Aminua Entertainment Network
- Be Happy Entertainment
- Dream Entertainment Nigeria Limited
For the remaining part of this business Plan, including the detailed financial analysis, call any of our business plan consultants on 08105636015 or 08076359735 or send me an email at dayohub@gmail.com .
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