According to some statistics, Nigeria has the biggest number of Facebook users in Africa. This is hardly surprising given her population of over 200 million people, the majority of whom are young and eager to explore numerous prospects in the digital arena. According to one report, Facebook had over 41 million users in the country as of May 2023, accounting for 18.5% of the total population.
Like other platforms, Facebook is benefiting from the worldwide video streaming market, which is expected to increase by 8.27% from 2024 to 2027. By 2027, analysts predict the market to be worth more than US$137 billion. Additionally, information has it that in the start of 2024, Facebook’s ad penetration rate in Nigeria was higher than 16% of the country’s overall population. With this, our analyst notes that users’ call for participation in the monetization programme of the platform seems to be in order considering revenue that the platform is generating from Nigerian users.
The campaign for inclusion has been ongoing for several years. Users see no reason why Nigeria cannot be included in the initiative. Questions like “I am from Nigeria, how can I monetize my Facebook profile?” have been asked in both online and offline communities. Answers included negative affirmation, such as the fact that you cannot monetise your Facebook page while living in Nigeria unless you have a trusted person in qualified countries to whom you can give access.
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However, in March 2024, succour was brought to the agitators when the social media giant revealed that Nigerian creators can now monetise their content starting in June 2024. Meta’s President of Global Affairs, Sir Nick Clegg, said Meta will introduce in June 2024 a feature on its Instagram app that will allow Nigerian creators to monetize their content to enable them to earn a living using the app.”
What is Facebook monetization?
Facebook monetization is a powerful platform that allows users to earn money through various avenues, including the Facebook Marketplace, Facebook Ads, Facebook Creator Studio, and Facebook Live. These platforms allow users to buy, sell, and trade goods and services within their local community, reach a wide audience, and monetize their products or services. To maximize revenue, businesses can use Facebook’s extensive user data and optimize ad campaigns.
To optimize for SEO, users should conduct thorough keyword research, craft compelling titles and descriptions, engage with engaging visuals, maintain a consistent posting schedule, and encourage interaction and interaction with their posts. This signals to search engines that your content is valuable and relevant, which can boost its ranking in search results.
Effective monetization strategies are also crucial for maximizing earnings on Facebook. Diversifying revenue streams, building a strong brand presence, leveraging data and analytics, and staying updated on trends and best practices are essential steps to consider. Diversifying revenue streams helps mitigate risk and maximize income potential. Building a strong brand presence increases trust and credibility, driving more sales and conversions.
Facebook’s analytics tools help track the performance of content and advertising campaigns, identifying areas for improvement and optimizing the monetization strategy accordingly. Staying updated on trends and best practices in Facebook monetization and SEO is essential to stay ahead of the curve and unlock the full potential of this powerful platform.
Exponential Growth of SKITHOOD
Our expert observes that the programme is all-encompassing, with the premise that users are digital workers who must assure efficient preparation and execution in order to earn a large income from the platform. In other words, Facebook is utilizing its massive user base in Nigeria to recruit more digital workers, which will increase its global revenue and profits.
Exhibits 1 and 2 illustrate the high amount of interest the Nigerian public demonstrated in skit and monetization from January, 2023 to April 29, 2024, supporting the idea that the platform will be hiring more users as digital workers. Our analysis indicates that the interest in skit and monetization reached a “strong collision” in March 2024, the same month that the social media giant declared it was willing to grant Nigeria access to the programme.
Exhibit 1: Nigerian public interest in skit versus monetization in 2023
Exhibit 2: Nigerian public interest in skit versus monetization in 2024 (till April 29)
Early this year, our digital observation study revealed that a number of new entrants into the skit business were targeting various elements of Nigerian society. This is projected to increase further beginning in June 2024, particularly in places with the fewest skit-makers and a desire to supplement income as the difficult economic situation persists.