If you are among Nigerians who imagine how Radio Stations Make money in Nigeria, read this post. In this article you will learn how Radio stations make money in Nigeria. Below are the ways Radio Stations Make money in Nigeria: Radio Stations Make Money
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Both public and private, small, medium and large scale enterprises are always on the lookout for media platforms with large audience to advertise their products, services and brands and run their promotional campaigns. Even political parties and their election candidates patronise radio stations to reach the public and solicit for votes. As a radio station you have to create programmes directed at targeted audience. The larger the audience you are able to pull, the higher the chances of you making money from your radio station. The larger your audience grow, the greater the potential to make money from your radio station in Nigeria. After building your targeted audience, you can then sell ads spots to businesses and promote brands for a fee. Information guides Nigeria
Another way Radio Stations Make money in Nigeria is through sponsored Programmes. Radio stations get financial rewards in return to mentioning a particular product, service or brand of the sponsors throughout the Programme. Examples of sponsored radio programmes are live football broadcasting by stations such as Brilla FM and match analyses by other stations. You may be wondering what radio stations gain from the commercials they run during break intervals of programmes. They are paid big money by the brands. Indomie Noodles is a good example through children programmes they sponsor across stations. You often hear the On-Air Personality say during a programme, they are going for or on break and then throw in a commercial. They also keep mentioning the Indomie Noodles in a dramatic scene. Popular Radio Stations such as Wazobia FM is famous for running sponsored programmes. They often solicit the audience to keep listening with statements like “make we go market comeback”, ” no go anywhere”, and then switch to advert of a particular product or service they may be promoting in exchange for money. jamb result
Radio Stations, especially non-profit or radios such as community radio stations, make money through donations by their community members and special fundraising where they appeal to individuals or groups to make donations to support a cause or campaign. Such donations, often in form of cash come from well-wishers of the station who are also their listeners. Some special programmes like human rights campaigns, preaching of the Gospel and political enlightenment show ends with appeal for the audience to make donations to support the programmes. Sympathisers of campaigns like child abuse, human trafficking, extrajudicial killing etc can donate money to the radio station championing the cause. Another way Radio stations make money is by getting a donate button from platforms like Facebook or PayPal link for their website. NNPC recruitment
According to Jamie Ashbrook in a post on radio.co, there are 2 types of events that can make money for a radio station. These are events you host as a radio station and those you help other organizations run on your station. Hosting an event gives a radio station control over pricing and makes parameters like entry fee, merchandise and sponsorship deals go in favour of those radio stations. In the same vein, getting involved in other events has a better effect. How to Make Money with PayPal in Nigeria
In crowd funding, radio stations create projects on crowd funding sites and solicit listeners to donate to their campaigns or causes. According to cloudrad.io, Kickstarter is the most popular and largest funding platform in the world at the moment. Through the crowd funding platform, radio stations initiate and work to retain donors and convert them to loyal or seasoned supporters, by sending them giveaways like free interview times and any other incentives. Another place to do your crowd funding is indiegogo which makes people feel comfortable to give money to a cause they believe in. Donating small amount of money is easier to listeners as it is not a burden to them.
Selling of Merchandise:
Selling physical goods such as branded T-Shirts, face caps, bangles etc. is another strategy used by radio stations to make money in Nigeria. listeners are always proud to display the customised wears and other products of their preferred radio stations. A radio station can engage the services of popular printing companies to brand their intended merchandise items which may include car stickers, laptop cases, towels and many more items. The best way to sell merchandise as a radio station is to upload the chosen design to your websites, social media and look up to people who indicate interest. Once fans make payment, you then proceed to print the product for them. You can incorporate top celebrities images, popular events, and quotes in your design. 10 Best Ideas to Make Money in the North
Sponsorship is another way Radio Stations Make money in Nigeria. Radio stations promote diverse businesses on their platform and get paid. Unlike ads which are direct signs and very unavoidable for the audience, sponsorship is a special recommendation through persuasive means of communication. In Ashbrook’s words, they are subtle in nature but highly effective. Companies are always ready to pay radio stations for such sponsorship promotions. Therefore, take the advantage of such opportunities to make money as a radio station in Nigeria.
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Radio stations that specialise in news often become the first to get newsworthy information within the purview of their operations. For example, Brilla FM, which is the top-notch radio station when it comes to sports news in Nigeria. Naija FM is the number one radio station when it comes to news about happenings in the country. Radio Stations such as Sound City FM tops the chart when it comes to entertainment. Wazobia FM takes the lead in community based programmes and news. These radio stations instantly get news from sources and may decide to exchange them with other Radio Stations for big money. Stations who subscribed to the newscast service can run the news directly on their stations as their own news. dollar to Naira rate
Popular programmes anchored by celebrity On-Air personality’s present opportunities for radio stations to make money. Radio Stations are always on the lookout for opportunities to air programmes anchored by famous On-Air personalities to reap from the huge money it can bring. Since those anchoring the programmes do have a large following, radio stations are always ready to syndicate their programmes and make money from them. Example of such programmes in Nigeria are ‘ Good Morning Show’ anchored by Yaw on Wazobia FM, Political Platform on Ray Power FM and many more.
Understanding Time Slot:
It is one thing to air a particular programme and run ads on them, but making money from them is a different ball game entirely. That is where understanding time slot comes in. The station must be able to figure out the peak listening times of its audience or what is otherwise called rush hours. These are times where people are supposed to be less busy and stay at home. Adverts both on radio or other media channels make no sense if it does not grab attention of the target audience. Thus, for a radio station to make money in Nigeria, it must run payable ads or commercials, presented to the right audience at appropriate time. JAMB CAPS
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In the above article, we have examined various strategies radio stations use to make money in Nigeria. Radio stations make their choices depending on the strategy that best suit their operations to make money in Nigeria. While some radio stations depend on selling ads spaces, running sponsored programmes or donations to make money, others run crowd funding, merchandising, events, selling newscasts etc. to make their money. No matter the strategy radio stations adopt, they all achieve the same goal, making money, which is among their primary reason for being.
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