Great Opportunities In The Creative Economy For People In The African Diaspora Community
A few days ago, in Obehi Podcast I interviewed Dr. Chetachi Egwu, a professor, filmmaker, director, and journalist in Florida, United States. The topic of the conversation was the opportunities in the creative economy for members of the African diaspora community.
Want to learn more about storytelling? Start by downloading the first chapter of The Storytelling Mastery.
Make no mistake about it. That was a fundamental conversation to have, and we spent over an hour on the topic. You can check out the video interview on the following below: See The Opportunity In Creative Economy For African Diaspora Community With Chetachi Egwu:
To learn more about the creative economy and what it even means, make sure to check out our previous article on the topic: What Is The Creative Economy – Transforming Your Passion Into Business? But how do you leverage the creative economy, especially if you are in the African Diaspora Community?
Well, that is where this conversation is going to start. And believe me, this might be a little long article.
How to leverage the creative Economy
The Creative Economy presents a significant opportunity for the African Diaspora community. It offers an opportunity for cultural expression, innovation, and economic empowerment unlike before.
Through the creation and dissemination of art, music, literature, fashion, and other creative endeavors, members of the African Diaspora will not only preserve and celebrate their rich cultural heritage but also contribute to global cultural exchange.
This engagement in the Creative Economy provides avenues for entrepreneurship, job creation, and the amplification of diverse voices. This will help to foster a sense of identity, pride, and economic resilience within the African Diaspora community. If you look around, you can see the opportunities right in front of you.
What I mean is that, as digital platforms continue to connect global audiences, the potential for widespread impact and influence is becoming even more pronounced.
This is allowing for the cultivation of a vibrant and economically thriving creative ecosystem. Think, for example, leveraging a book for authors. There is no limit to what you can do with that, and I mean it.
A few moments ago, I was speaking at a LinkedIn audio live event organized by the Global.Media, a UK-based marketing agency. The key speakers, Eny Osung and Dr. Ava Eagle Brown were extremely motivating to the audience and the topic was Book to Business.
Transforming your book into a business
I truly love this. Now here’s a task for you: Once your book is published, think about how you can transform it into various products or services. For example, if your book is centered around coaching or food, explore potential opportunities in those areas.
Are there opportunities there? Of course. They are uncountable if you pay attention.
However, you must note that transforming a book into a successful business requires a strategic approach that considers the unique needs and interests of the target audience. Do you know your target audience?
If you have any problem with that, you might need to check out our previous article on the topic: 5 Ways To Identify Your Target Audience In 2023.
Now, here are three effective ways to achieve this transformation. I mean your book into a business:
Create an Engaging Online Platform:
Author Website and Blog: Develop a professional website dedicated to the book and its related content. Include a blog section where you can regularly share valuable insights, stories, and updates.
This will help build a community around the book and establish you as an authority in your niche. Think for instance the Storytelling Mastery, my 5-part book series which now has a video series “Learning From The Masters”, LinkedIn audio live events, and a series of training programs built from the books.
Social Media Presence: Leverage popular social media platforms to connect with the target audience. Tailor your content to resonate with the interests and concerns of the African Diaspora community.
Engage in conversations, share behind-the-scenes glimpses of your writing process, and encourage user-generated content related to your book.
Email Marketing: Build an email list by offering exclusive content, such as bonus chapters, author interviews, or newsletters.
Regularly communicate with your subscribers to keep them informed about upcoming events, promotions, or new releases. This creates a loyal fan base and increases the likelihood of repeat business.
Cultivate Strategic Partnerships:
Collaborate with Influencers: Identify and connect with influencers within the African Diaspora community who align with the themes or messages of your book.
Collaborate on joint projects, such as podcasts, interviews, or social media takeovers, to expand your reach and tap into your established audience.
Community Events and Book Clubs: Partner with local community organizations or book clubs to organize events, workshops, or virtual discussions centered around your book’s themes.
Engaging directly with the community fosters a sense of connection that can lead to increased book sales and word-of-mouth recommendations.
Cross-Promotions: Explore partnerships with businesses that share a similar target audience. For example, team up with African Diaspora-owned businesses for cross-promotional campaigns, offering discounts or special bundles.
This not only expands your reach but also supports and promotes other businesses within the community.
Diversify Revenue Streams:
Merchandising and Products: Create branded merchandise related to your book, such as T-shirts, mugs, or posters featuring key quotes or artwork.
This not only serves as additional revenue but also provides fans with tangible items to express their connection to your work.
Online Courses and Workshops: If your book contains educational or inspirational content, consider developing online courses or workshops. This allows you to monetize your expertise, provide value beyond the book, and cater to the community’s desire for personal and professional development.
Want to learn more about monetization? Check out more previous articles on the topic: How To Easily Monetize Your Blog Website In 2023.
Film or Podcast Adaptations: Explore the possibility of adapting your book into a film, web series, or podcast. Visual and audio formats can attract a broader audience and open new revenue streams through licensing, sponsorships, or partnerships.
Dr Ava Eagle Brown talked about organizing a festival in Jamaica, inviting different world-class players to her event, all thanks to her book The Mango Girl. Nothing is stopping you from doing the same.
By combining these strategies, you can effectively transform your book into a thriving business within the African Diaspora community, thereby fostering engagement, building a supportive network, and generating sustainable revenue.
The potential of creative Economy for African Diaspora
At a global level, the creative economy wields significant potential, estimated to generate around US$2.25 trillion annually and contribute approximately 3% to the total global GDP.
Within this expansive landscape, the African Diaspora stands out as a particularly promising arena. The International Federation of the Phonographic Industry reports that the Sub-Saharan African (SSA) region experienced exceptional growth, with a remarkable 34.7% surge in the recorded music market last year.
This surge, coupled with a burgeoning 8.89% annual growth rate in streaming, underscores the thriving creative economy within the African Diaspora. Projections suggest that by 2027, the creative market for the diaspora could reach a substantial US$524.10 million, presenting ample opportunities for economic empowerment and cultural expression.
The burgeoning creative economy not only reflects economic potential but also catalyzes cultural influence and expression within the African Diaspora. As the creative and cultural industries continue to flourish globally, the African Diaspora becomes a focal point for innovation and growth.
The impressive growth rates in the music market and streaming within the Sub-Saharan African (SSA) region exemplify the dynamic nature of this creative surge. This trend not only contributes to the economic upliftment of the African Diaspora but also fosters a rich tapestry of cultural narratives that resonate on a global scale.
The anticipated market volume of US$524.10 million by 2027 signals a transformative potential, positioning the African Diaspora at the forefront of the creative economy’s global impact.
This is the time for Africa and the Diaspora Creative Economy
It’s time for action. Let’s confront a stark reality: cultural influence is intertwined with financial power. In 2022, venture capital investments in the African media and entertainment sectors constituted only about 1% of the total US$2.75 billion invested in venture capital across the continent, as reported by the Global Private Capital Association.
We can’t afford to overlook this disparity any longer. The clock is ticking, and we must act now. Cultural landscapes evolve, and we find ourselves at a crucial juncture. Africa is opening its doors to the world, presenting an opportune moment we must seize.
Our call to action extends beyond mere economic prospects in the creative industries; it’s about reshaping the narrative surrounding Africa. Recent data showcases a deficiency in funding for media and entertainment ventures, hindering the amplification of authentic African voices. We must challenge this status quo. Yes, we must change it.
There is an upcoming event in line with this conversation that I want you to watch. It’s The Africa SME Assembly, Lagos, 29th & 30th March 2024.
“A little birdie told me that the Africa SME Assembly team has been getting calls to ask how we are pulling off our social media marketing strategy,” said, Tanya Kabuya.
The African SME Assembly, according to the organizers is not just an event; it’s a transformative platform that aims to empower young entrepreneurs & women, unite stakeholders, and drive the growth of small and medium-sized enterprises (SMEs) across the continent. You can check it out on the following link. The Africa SME Assembly, Lagos, 2024.
Consider this and the insights of Ernest Danjuma Enebi, Managing Director of a creative agency and film producer. His journey from Nigeria to the United States underscores the impact of narratives on life choices. Enebi emphasizes the need for nuance and truth in storytelling, recognizing their power to reshape perceptions.
The time has come to channel our collective efforts towards bridging the investment gap in African creative industries. Together, we can forge a new narrative, one that celebrates the richness and diversity of our cultures. Let’s invest not just in ventures, but in the power to redefine Africa’s story.
Want to learn more about storytelling? Start by downloading the first chapter of The Storytelling Mastery.
