By Olaitan Ibrahim
Amid the worsening economic crisis in the country, occasioned by high unemployment rate, many Nigerians, particularly the youth, are living large leveraging the social media.
In today’s digital age, social media platforms have emerged as the new oil wells, generating immense wealth and transforming the lives of content creators.
Platforms like TikTok, YouTube, Instagram, and Twitch, among others have democratised the creation and distribution of content, enabling individuals to monetise their passions and build lucrative careers
Onyinyechi Roseline Agwu, known as O.R.A Vlogs on YouTube, said in a statement that she decided to create content because of her personal belief.
“I had something worthwhile to give to the world. If you have a dream, you make efforts for it,” said Agwu, who currently create philosophical Christian contents on YouTube.
She further said that her time on YouTube as a content creator has been challenging, however with some exciting experience.
“I haven’t made much monetarily on these platforms. However, I enjoy creating because it is an expressive release for me.
“I create because I want to. This, I believe has made the experience more in-depth than it would have, if I saw it only as a means to earn income,” she disclosed.
A female undergraduate of the University of Lagos said in a report that she was into content creating to make money.
“I have not started making money. I create content on YouTube. Many youths are now paying their own school fees, buying cars and doing many things.
It is not all the youths that are into Yahoo Yahoo. Many are doing real stuff and are smiling to the bank on a daily basis.
The democratisation of the social media space has also led to democratisation of wealth. Anybody can make money these days, genuinely,” the undergrad said.
Currently, social media has given rise to influencer economy. The birth of the influencer economy allows individuals with significant followings earn substantial amounts from sponsored content, product endorsements, and affiliate marketing.
According to a report by Influencer Marketing Hub, the global influencer marketing industry is projected to reach $43.8 billion by 2025.
TikTok, with over a billion active users, has become a hotspot for content creators to strike gold.
The platform’s short-form video format and algorithm-driven “For You” page have made it easier for users to go viral and amass millions of followers.
TikTok’s Creator Fund, launched in 2021, provides financial support to popular creators, enabling them to earn up to $5,000 per month.
Currently, TikTok pays Nigerian content creators according to the number of views, likes and comments. Nigeria top earners are mostly musicians based on their large following.
However, there are other earners at the bottom of the pyramid who enjoy some TikTok dollars.
At the moment, the minimum follower required by a content creator to get paid on TikTok is at least 10,000 followers and 100,000 video views in a 30-day period. The videos must be original and longer than a minute.
Also, content creators need to be 18 or older and live in an eligible country to earn on the platform by tapping on the TikTok Studio from their profile to select the Creator Rewards Program to start earning.
On the other hand, the pioneering video-sharing platform, YouTube, remains a cash cow for content creators. With over 2 billion monthly active users, YouTube has enabled creators to earn millions from ad revenue, sponsorships, and merchandise sales.
According to Forbes, the highest-paid YouTubers earned over $50 million in 2022. However, Nigerian YouTubers are catching in on short video sharing app.
According to an analytics website, Playboard’s ‘Super Chat Revenue’ data, Jerry Eze, a Nigerian pastor is currently the highest-earning YouTube creator at N7 billion in all-time earning videos from 2014 to 2024.
However, Instagram, with its 1.2 billion active users, offers creators lucrative opportunities through sponsored posts, IGTV ads, and affiliate marketing.
Twitch, the live-streaming giant, has become a hub for gamers, with top streamers earning millions from subscriptions, donations, and sponsorships.
The digital age has changed the narrative for a number of important issues. From Nollywood to Afrobeats, Nigerian culture is dominating the global stage, and social media platforms like TikTok, YouTube, and Instagram are providing a powerful platform for content creators to shine.
The #Nollywood hashtag has seen more than 651.5K published videos, affirming global interest in Nigerian storytelling.
But content creation is not just about music and dance! Creators like @stoneavenuee a well-known football analyst, use TikTok to dive deep into discussions on football, offering sharp commentary and insights that resonate with a global football-loving audience.
Sports on TikTok have seemingly grown in popularity. The hashtag #SportsOnTikTok has amassed over 2.9M videos. Similarly, the 2023 AFCON final between Nigeria and Cote d’ivoire saw the tournament take centre stage on social media.
Just like fashion, sports and Nollywood, food and culinary styles are also not doing badly on social media with the likes of celebrity chef like Hida Bassey who recently won the World Guinness Record for the longest cooking marathon.
Similarly, @rentachefng is showcasing Nigerian food culture on TikTok, introducing global audiences to local dishes like jollof rice, Egusi soup and a banquet of other meals.
Popular comedians like @layiwasabi mix everyday life with humour, sharing relatable skits that resonate globally.
@beloveolocha, another well-known creator, uses her platform to portray the humour in Nigerian daily life sharing relatable commentaries on BBNAIJA with her content appreciated both locally and abroad.
@ednafrancis0 adds a unique flavour to the Nigerian TikTok scene, focusing on lifestyle, beauty, and entertainment reviews.
Her tutorials and reviews of movies and pop culture give a fresh perspective on the Nigerian beauty industry and culture.
In the world of fashion and lifestyle, creators like @enioluwa and @johneke are gaining traction. @enioluwa, known for his witty and stylish content, is an advocate for self-love and inclusivity.
@johneke, on the other hand, focuses on fashion, regularly showcasing Nigerian fashion trends, documenting fashion shows that merge modern and traditional styles, further highlighting Nigeria’s cultural impact on the global stage.
Icons and emerging content creators are proving that Nigeria’s creativity knows no bounds, influencing global culture. Whether through music, fashion, film or food, Nigerian creators are telling the world, “We’re here and we’re proud!”
As the social media landscape continues to evolve, one thing is certain – the opportunities for content creators to live large will only continue to grow.
With creativity, consistency, and persistence, social media platforms have revolutionised the way people earn a living; allowing individuals tap into the new oil wells and build financially rewarding careers.