At the 8th Annual General Conference of the Guild of Corporate Online Publishers (GOCOP), Dr. Max Amuchie, Founder and CEO of Sundiata Post Media Ltd, presented a paper titled “Low Hanging Fruits: A Revenue Strategy for Online Publishers.”
Speaking at the Reverton Hotel, Lokoja, Kogi State on Wednesday, October 2, 2024, Dr. Amuchie addressed the increasing financial challenges faced by online publishers and highlighted practical ways to generate revenue.
Dr. Amuchie emphasised that funding is at the core of entrepreneurship, and shared the financial hurdles his company, Sundiata Post, faced. “We started in 2014, but by 2019, the support we relied on from government agencies and a bank began to fall apart. By the end of 2019, we had arrears of five months,” he revealed, detailing the difficulties in securing payments and navigating the pandemic lockdown in 2020.
Despite these challenges, Dr. Amuchie outlined a range of potential revenue sources for online publishers, including banner ads, special projects, partnerships with NGOs, digital advertising, and social media marketing. He also advocated for adopting digital subscriptions, licensing, syndication, and event hosting as viable strategies.
Focusing on “low hanging fruits,” he encouraged publishers to consider sponsored posts, link insertions, text link ads, and press releases as immediate income sources. Sponsored posts, for example, allow publishers to earn between $50 and $1,000, depending on their site’s traffic and brand value. “A sponsored post… comes like normal editorial content and in most cases stays permanently on the website, unlike banner adverts,” Dr. Amuchie explained.
He stressed the importance of a well-designed, high-traffic website to attract clients. “The individuals or business entities that request for these services do not come to you out of goodwill. What can attract them to a news website is the value that platform can offer,” he said.
In conclusion, Dr. Amuchie advised GOCOP to avoid offering free publicity to MDAs or business entities without clear agreements. “We sell ourselves cheap by doing that. When organisations get publicity free, what is the incentive for them to pay?” he asked.
Dr. Max Amuchie’s insights provide a roadmap for online publishers looking to diversify their revenue streams and thrive in a competitive industry.
