IN recent years, using digital platforms has shifted from simple personal connections and information sharing to a tool for making money and earning a living.

For many Nigerians, social media platforms have become digital oil, according to Standard, a firm supporting corporate institutions to grow faster through technology.

Oil is the mainstay of the Nigerian economy, supporting the nation before its independence in 1960.

Individuals appear to be turning social media platforms into ‘oil wells’ to make fortunes.

People commonly referred to as creators now share content on social media platforms to earn money.

These items are presented in various formats, including articles, videos, and photos.

Read Also:

Nigerian creators react as Twitter begins ads revenue payment

ICIR partners UNILAG, UNICAL on countering misinformation

Twitter will charge $8 monthly for account verification – Musk

Some content creators have many followers and audiences and are commonly called influencers.

As influencers, these creators frequently earn fortunes from their content by promoting businesses and brands and receiving payment from some social media platforms they use.

Creators’ earnings are influenced by factors such as their follower count, audience engagement, and content type.

However, even those with smaller following can generate consistent and substantial income by cultivating a personal brand on social media.

The creator industry lacks a standardised pricing model due to variations in niches, strategies, and experience levels.

Subscription models offer creators a reliable income stream, with platforms like Patreon, Fanfix, Fanvue, Fourthwall, and OnlyFans being popular choices for publishing exclusive content.

In Nigeria, there has been an increase in content creators’ population following the COVID-19 lockdown in 2020, which made most people free from work.

As a way of engaging themselves, many Nigerians resorted to making short videos of their families and how they coped with the lockdown. The experience from this activity has since translated into content creation for many.

Many young citizens have turned to content creation as a source of income. Some people do it as a side hustle, while others work full-time. The activity comes with different techniques, including the use of vernaculars and the official lingua franca – the English Language.

The content creation industry is growing throughout the country, providing several opportunities for people and businesses. Young people, entrepreneurs, and other business owners are making ends meet by capitalising on the country’s rapidly developing digital ecosystem and rising need for fascinating content.

In this report, The ICIR spoke with some content creators and influencers who shared their journey as creators and their challenges.

“The current state of content creation is really encouraging. It is thriving with different creators on different platforms dishing out good quality content, as we can see on YouTube, TikTok, Instagram and even X (formerly Twitter). People are really delving into content creation, making money from their talents and passion”, says Lois Aniefiok.

Aniefiok, a content creator and influencer who has been actively creating content on social media platforms for about seven years, shared her journey with The ICIR.

“I started actively creating content in 2017. This was when I realised I was a content creator in copywriting and visual content. Before that, I had an active audience on Facebook, although my account was not monetised. I then moved to Twitter, I was still able to get engagement on my posts, and that was when I started making money from social media,” she said.

According to Lois, the sector is influenced by various factors, including how internet accessibility, everyone being able to use any social media platform they choose because there is no licencing and the country’s high unemployment rate.

She noted that another driver is the monetisation aspect of content marketing, adding that the world is becoming increasingly digitalised, with many people creating and consuming content.

Assessing the market size and growth potential, Lois told The ICIR that it is largely determined by a creator’s niche, audience size, monetisation opportunity in that niche and brand collaborations.

“Content creators are narrowing down their contents to different niches, which is good because it gives room for growth. Brands are accepting content marketing more, which makes collaboration easier and for every niche, there is an audience,” she said.

Lois also shared that creators in Nigeria and worldwide earn through ad revenue, brand partnerships, sponsorships, workshops, and in many other ways. For her, Lois noted that the brands she had worked for approached her and the average pay currently is between N150k and 400k. She added that “content creation can serve as a full-time job, all a creator needs to do is invest in good tools and take courses”.

A lifestyle content creator, Lauretta Ebube, who has also been in the business of content creation for about five years, told The ICIR that she started influencing on Twitter before delving into visual content to become a lifestyle creator on other platforms.

“I started in 2019, then on Twitter as an influencer. I had lots of followers. Brands started reaching out to me and also gave room for friendship with other people in order to get referrals. Then in 2020, I started creating relatable video content and posting on Instagram, TikTok and YouTube,

I also started getting promotion deals from various brands,” she said.

Lauretta stated that there was an upsurge in content creation since people continued to earn money by sharing content. Besides, marketers are eager to pay influencers to promote their businesses.

When asked how she lands clients, she told The ICIR, “They mostly approach me. But I’m planning to start reaching out more because that is how to get your money up.”

Regarding her earnings, Lauretta said, “I can’t really say because it depends on what the client wants. It’s not a lot of money per client, but at the end of a good month, I can earn between N300k-N500k. It can be more with all my socials.”

When asked if she sees herself becoming a full-time content creator, Lauretta responded, “Yes, it can happen, but I’m not sure I have that confidence yet.”

Lauretta also shared her thoughts on the resources needed to succeed as a content creator, suggesting “creating tools, content creating and editing classes, tutorials, etc.” would be helpful.

Many creators who make money from content creation face a variety of challenges, including algorithm problems from some social media platforms and interacting with their followers, while others find it difficult to collaborate or work with businesses, particularly those with less follower count.