Linda Ikeji is raking in millions as a blogger. Next up: to create the Netflix of Africa.
When Linda Ikeji started her eponymous blog over a decade ago, she didn’t know anything about blogging or that one day she would be making millions online.
“When I was growing up, blogging was never the plan, I wanted to be a TV journalist, a presenter or producer,” Ikeji says to FORBES AFRICA.
Since then, Ikeji has learned so much, not only about writing engaging content, but also monetizing her talent.
She lives in a $2 million mansion in one of the most expensive neighborhoods in Lagos, drives a $300,000 Bentley Mulsanne and most importantly, does exactly what she wants. And that includes creating her own social network, Linda Ikeji Social (LIS), a one-stop shop for everything people need when they go online.
“Instagram pays you more when you are a celebrity but our community was more for the everyday people. LIS was a small community for everybody. It is not just a social network but a combination of blogging with a social network in one package.”
The site attracted some 200,000 subscribers in the first week of launch and is currently undergoing an upgrade. She was inspired to start the network after she met fans who said they only visited two sites, the Linda Ikeji blog and Facebook. And she is not wrong in believing their claims.
This year, Google ranked Ikeji one of the most searched personalities in the last decade, in Africa’s most populous economy. Ikeji has managed to reinvent herself over the years, establishing a brand as a successful businesswoman making telephone-digit figures per month blogging.
Blogs make money by selling ads. Each website gets paid on the number of ad impressions you get depending on the number of page views. To get more page views, you need content that will attract more clicks. And this is the arena Ikeji has managed to dominate for years. Ikeji knows her audience’s appetite. And this year, she is serving them a new menu of scandal, drama and even more controversy via her latest venture, a subscription video on demand (SVOD) platform, called Linda Ikeji TV.
She says she has invested about $2 million of her own money into the platform she hopes will be the Netflix of Africa.
But only if she is able to retain the high volume of paying subscribers. To do this, she needs a high volume of content which in turn means huge capital investment.
For the last quarter of 2018 alone, Netflix said its free cash flow deficit swelled to $1.32 billion, compared with the deficit of $524 million in 2017. That accounted for about $3 billion in cash burn for all of 2018.
“Since the platform [LIS] was launched in June 2018, 162,000 people have passed through it and out of that 80,000 paid a N1,000 ($3) one-month subscription but not all of them renewed and we were not able to retain them. That was 100% our fault. We were not updating the site with new content because I had spent so much money creating the content we put on the site,” Ikeji says.
“Netflix puts about four new shows a day on their platform but we couldn’t keep up with that and by the third month, subscribers wanted something new and if there is nothing new, you will stop paying. So, this is very capital-intensive and we did research and realized in order to retain your subscribers, you have to give them new content every day.”
Lesson learned, Ikeji is now on full throttle.
The platform is also going through a site redesign and is launching in London in July and United States in August with new, original and licensed content as well. Her plan is to diversify her revenue stream by creating Nollywood movies for cinema release and reinvesting the proceeds back into her platform as well as looking for investors to scale the SVOD site.
But in the meantime, Ikeji is sticking to the content that has made her blog one of the most visited on the continent.
The hit show on the platform is Oyinbo Wives of Lagos, a reality TV series following the lives of women married to white men in Lagos.
“Some of the wives are friends but they fight and argue and then come back together. We are going to be doing a lot more ratchet reality shows.
“We call them ratchet but they are very different and engaging and that’s what we know our audience wants,” says one of Nigeria’s most successful digital entrepreneurs
Get Set Mo!
Morongoa Mahope feeds her love for extreme biking with petrol and adrenaline. The funds for her pet passion come from her nine-to-five accounting job.
About 10kms north of the Kyalami Grand Prix Circuit in South Africa is another racetrack, where superbikes and sports cars are noisily revving up their engines, getting ready for a practice run on a cold Wednesday afternoon in Johannesburg.
At first glance at the Zwartkops racetrack is a melange of male drivers and mechanics.
But also revving up a superbike, the one numbered 83, is Morongoa Mahope from Mahwelereng in the Limpopo province of South Africa.
She is about to clock 270kmph on her black bike, tagged #Mo83 in pink.
When she is not burning rubber on the racetrack, Mahope is an accountant working for an advertising agency in the city.
“When I started [superbiking], it was mainly only for leisure because I love the sound bikes and cars make. I’m a petrol head and just wanted it to commute to work,” she says.
Her journey started in 2013 when she convinced her husband and family about buying a superbike. Her family was initially apprehensive and viewed superbike racing as dangerous.
Her husband finally relented and Mahope went for a day’s training to see if she really would be interested in the bike before investing in it. The 36-year-old sports fanatic succumbed, and indeed pursued her wish.
“I still have my first bike; it’s a green and black Kawasaki Ninja 250cc. I was just using it to [go to] work until I met a biking club, the Eagle Bikers Club Limpopo,” she recalls.
Mahope was riding with the club, doing breakfast runs between Johannesburg and Limpopo; but, in 2015, they took a trip to Nelspruit in the Mpumalanga province of South Africa.
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Navigating the mountainous, curvy roads, Mahope was overtaking men with her small 250cc bike at the bends.
She was then goaded by her fellow riders to try the racing circuit.
“I went to the track and met a superbike racer; Themba Khumalo, and I started following his journey. I spent more time on the track, practising so I could start racing in 2016. The love for the sport was getting deeper and deeper,” says Mahope.
Khumalo, a professional superbike rider who has raced in the European Championships, says he met Mahope at Zwartkops and it was her first time at the track, and she was quite fast at the corners.
He went up to her to introduce himself because it was rare to see a black woman on a racetrack.
“I then took her through the fundamentals of racing and the basics; the type of bike she would need and the equipment. I could see how committed she was and how quick she was learning, and her lack of fear. She was going farther than where she was,” says Khumalo.
However, her male counterparts were not impressed with her pace on the track; they remarked negatively about her. But Mahope didn’t let the minimizing comments derail her mission.
Unfortunately, Mahope was involved in an accident during training on Valentine’s Day in 2017 and fractured her clavicle before her first race. That took her off the bike for six months.
She joked about the incident with friends, but they persisted and told her it’s an unsafe sport. That encouraged her even more; she wore her helmet and gloves, clocking higher speeds than ever before on her superbike.
Indeed, it was a learning curve. A few months later, she was invited to Bulawayo in Zimbabwe to race.
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Her first official race was the same year as the injury; it was a club race in Delmas, Mpumalanga, at the Red Star Raceway. She had never been on the grid nor practised how to stud, but for her, it was more about the experience despite the shivers and nerves.
“I finished the race and I was second last. It’s part of how you start but you will improve to be better. And now, I have lost count of the races I have competed in,” she says.
Mahope is racing in the short circuit series for women who use the 250cc, being the only black woman to participate. She also participated in the Extreme Festival tour series, a regional race in which she used her Kawasaki Ninja ZX600cc, racing men with bigger and louder bikes.
“I am the first black woman to be in the grand prix and the challenges that I faced were having to teach myself a lot of things. I had to learn how to ride on the track, the speed, the decelerating, all was new to me. I wasn’t helped.”
Mahope started at a late stage with the sport, and had to put in more time and effort in a short period to get to where she is currently.
Today, she assists women who are starting with the sport.
Sadly, in South Africa, there is no national league for women to race and represent the country despite finishing in the top three in the 2019 races.
With all her achievements thus far, Mahope’s salary sustains her motorsport passion.
“Racing is very expensive; the more you practise, the more you get better and the more you spend money. On practice day, I spend about R3,000 ($206) and would practise twice a week at different tracks. In total, I would spend R18,000 ($1,235) a month for the track excluding the travel costs to the track and race day,” she explains.These costs cover tyres, fuel and entrance to the tracks.
A sum of about R40,000 ($2,744) can get you geared up for the bike and track.
It just shows this daredevil accountant can balance both the books and the bike.
Africa’s Most Dynamic Thought-Leaders, Industry Game-Changers And Icons Of Social Activism Set To Feature At The Exclusive FORBES WOMAN AFRICA 2020 Leading Women Summit
Africa’s most dynamic thought-leaders, industry game-changers and icons of social activism are set to feature at the exclusive FORBES WOMAN AFRICA Leading Women Summit presented by Mastercard (#LWS2020KZN) and hosted by the KwaZulu-Natal government – taking place at the Inkosi Albert Luthuli ICC Complex in Durban on Friday, 6 March 2020.
For the 5th edition of this globally-renowned event, panellists and speakers will engage with the impactful 2020 theme, ‘The Ceiling Crashers 2.0: Power with Purpose’. The day’s thought-provoking discussions will be followed by the highly-anticipated FORBES WOMAN AFRICA Awards Gala Dinner which celebrates the continent’s most influential female ‘ceiling crashers’ across a number of key categories.
“The FORBES WOMAN AFRICA Leading Women Summit has grown to become one of the biggest female-empowerment events, boasting a high calibre of attendees and unparalleled speaker line-up,” said Renuka Methil, Managing Editor of FORBES WOMAN AFRICA.
“This promises to be the biggest instalment yet, featuring female pioneers and path-breakers across the continent. Audiences will be exposed to dynamic discussions about the growing the number of women in leadership – something government and business really need to factor into their strategies. We will also get to grips with a new discourse that focuses on dismantling power structures and the need for truly inclusive cultures in business and society.”
This highly-anticipated event, which is hosted annually in honour of International Women’s Day, is expected to draw an audience of around 1 000 leading women. Through hard-hitting talks, fireside chats and insightful panel sessions centred on ‘ceiling crashers’, attendees will be inspired to make meaningful changes within their own industries, secure in the knowledge that they have the support of these innovative allies. This year’s programme promises an influential mix of leaders in healthcare and business; advocates of social and environmental activism; award-winning artists and internationally-renowned stateswomen.
For the first time, FORBES WOMAN AFRICA will be releasing its own list of ‘Africa’s Most Powerful Women’, many of whom will be attending the summit. The list will be published in the March issue of the magazine, outlining those who have been leading ideas and industries while purposefully contributing to nation-building and positively impacting the lives around them.
The FORBES WOMAN AFRICA Awards Gala Dinner, which is hosted the evening of the summit, is an opportunity to recognise the trailblazers and role models who have created a new narrative within their industries. By challenging authority and ‘old school’ traditions, they are enabling future generations to live in a better and more equal world.
Beatrice Cornacchia, Senior Vice President, Marketing and Communications, Mastercard Middle East and Africa, said: “African women are a vital source of innovation, prosperity, and economic growth. Yet inequality and exclusion still hold women back in many aspects of their everyday lives – from growing their businesses to having the financial tools to participate in the formal economy; from joining the C-Suite to following their passions. We are proud to partner with FORBES WOMAN AFRICA as we believe that it is only by bringing diverse perspectives to the table that we can unlock Africa’s possibilities to women.”
Managing Director of the ABN Group, Roberta Naicker, said the organisation was excited that the KwaZulu-Natal government would, once again, play host to this illustrious event, which serves to highlight the continent’s most influential female leaders while also shining a spotlight on this beautiful region. “A summit of this calibre showcases that KZN is being positioned as a world-class events’ destination. We are excited to have renowned speakers and attendees will get the opportunity to engage on hard-hitting issues during the summit, while also affording them the chance to enjoy the many recreational tourism sites and activities for which KZN is renowned.”
Tickets to the exclusive 2020 FORBES WOMAN AFRICA Leading Women Summit and Gala Dinner are available at a cost of R3499, available through Webtickets (https://www.webtickets.co.za/v2/event.aspx?itemid=1496991848). Tickets are limited and interested parties are urged to book early to avoid disappointment. There are also select opportunities to get involved with the event sponsorship, exhibiting at the on-site marketplace or by sponsoring a mentee. Please visit website for further details.
The 2020 FORBES WOMAN AFRICA Leading Women Summit is presented by Mastercard (@MastercardMEA) and hosted by KZN Provincial Government (@KZNgov). Keep updated on all the latest news and announcements on Twitter @LWSummit and join the conversation using the hashtags #LWS2020KZN #DOKZN.
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Higher Revenues And Greater Optimism: Female-Owned Small Businesses Are Gaining Ground
The momentum is strong for U.S. female-owned businesses. So strong, according to Sharon Miller, Bank of America’s head of small business, that “this was the first time in four years where we found that women were actually more optimistic than their male counterparts around their hiring outlook, their revenue prospects and their growth.”
Miller’s evaluation stems from a 2019 Bank of America report that surveyed 1,323 small businesses, 524 of which were owned by women. The businesses had annual revenues ranging from $100,000 to $4,999,999 and between two and 99 employees. Its main goal was to assess the current climate for female entrepreneurs across the country.
Eighty-four percent of the female business owners surveyed—most in the consumer products, professional practices and personal services industries—expect year-over-year revenue growth, according to the report, and 73% of them plan to expand their businesses, in contrast with only 66% of male business owners who have expansion plans.
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“We’ve seen more success across the board with women, and women can identify with other women,” says Miller. “When you can see someone else—their success and that they’re like you—I think it just goes well for confidence.”
Miller highlights the importance of business owners identifying with people who look like them, but the Bank of America report does not break down numbers by background or ethnicity.
But a similar report by American Express does exactly that. It finds that the number of women-owned businesses grew 21% from 2014 to 2019, but those owned by women of color grew at double that rate (at 43%). For black women, specifically, businesses grew even faster—by a rate of 50%. It’s the first time the report took into account part-time entrepreneurs, according to American Express senior vice president Courtney Kelso.
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“In some cases, women of color are starting these businesses out of necessity—because they are struggling to find jobs or need to supplement their incomes—or because they want flexibility because they have caregiving responsibilities,” says Kelso. “Also, increasingly women of color may be testing a business idea while holding down a job or seeking a creative outlet or an additional challenge.”
While the two reports points to great strides for women-owned businesses, Liz Sara, National Women’s Business Council (NWBC) chair, thinks that it also speaks to “some of the major challenges that we’re trying to overcome to make it easier for women.” One major problem that persists: raising capital. In fact, according to Bank of America’s report, more than half of female entrepreneurs say they do not have equal access to capital.
To help combat this, NWBC has been working with members of Congress to implement an angel investor tax credit that would act as an incentive for individuals to support local women-owned businesses in their community.
So far, Sara says, the proposed tax credit seems to be gaining momentum. And given the fact that female founders raised just 2.3% of the total venture capital funding in 2018, the tax credit would be one small step toward closing the venture capital gender gap.