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Spotify Now Open for Business for Advertisers in Nigeria

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Spotify, the world’s most popular global audio streaming subscription service, is available in Nigeria, offering brands a new opportunity to reach millions of engaged listeners through its innovative and creative ad-supported free tier.

Ad Dynamo will serve as Spotify’s local advertising sales partner. Advertisers can also sign up for the waitlist for the platform’s self-serve channel, Spotify Ad Studio, beginning from yesterday.

Available for free to all in Nigeria, since February 23, Spotify offers the best listening experience for local and international music of over 70 million tracks across thousands of devices.

This makes it simple for people to soundtrack every moment of their lives as they work out, cook, entertain, study, and everything in between, wherever they are. This streaming behaviour is the foundation of Spotify’s Streaming Intelligence, its unique first-party data and insights that are based on users’ streaming behaviour.

For advertisers, this presents an unparalleled opportunity to reach engaged listeners with the right messages in the right context.

Since its launch, Spotify has partnered with a limited selection of brands to advertise on Spotify Free in the region. These partners are Telkom Kenya Limited, East African Breweries Limited in Kenya, Tanzania and Uganda, Guinness Nigeria Limited in Nigeria, and Guinness Ghana Breweries in Ghana.

Advertising on Spotify

Fully localized, the Spotify platform offers advertisers a diverse selection of ad experiences based on campaign goals and how users are engaging with the platform, including audio, video and display.

Advertisers can reach listeners as they stream through mobile, desktop, connected speakers, gaming consoles, and more, reflecting the many ways that consumers access content today. Globally, Spotify Free users spend an average of 2.5 hours each day listening to the audio on the platform through multiple devices.

In addition to partnering with Ad Dynamo for local ad sales, today Spotify is opening the waitlist for its self-serve channel, Spotify Ad Studio, to advertisers in the region. Spotify Ad Studio makes it easy for advertisers of all sizes to create and manage Spotify audio and video ad campaigns directly in as little as 10 minutes.

“We’re in the midst of the audio renaissance. Digital audio is one of the most exciting spaces in media today and millions of people worldwide turn to it every day for entertainment, education and moments of respite,” said Lee Brown, VP, Global Head of Advertising Business at Spotify.

“We’re excited to unlock the power of Spotify’s audio-first platform and the unique data and insights it affords to help marketers connect with their audiences in Nigeria, Kenya, Ghana, Tanzania and Uganda.”

“We’ve seen brands succeed with Spotify Advertising in South Africa, and now look forward to working alongside in more African markets. The opportunity for brands to connect with an audience enjoying the music they love is immense,” said Sean Riley, CEO of Ad Dynamo.

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Telecommunications

Nokia and African Telecommunications Union (ATU) to Speed up Digital Transformation and the Knowledge Economy in Africa

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Nokia - Investors King

Collaboration to leverage the power of ICT including 5G for Industry 4.0 (IR 4.0), connecting the unconnected and transforming lives; Both organizations reiterate commitment to shape policy, develop talent, and promote inclusion and diversity in Africa.

Nokia has signed a Memorandum of Understanding (MoU) with the African Telecommunications Union (ATU) to drive digital transformation and the knowledge economy for socio-economic development across the continent. The two parties will leverage the power of telecommunications, including 5G networks, to connect the unconnected and identify innovative use cases, as well as business models. In addition, the MoU will lay ground for both organizations to better help governments shape telecom policy, develop talent and promote inclusion and diversity. This includes women, as well as the underprivileged in both rural and urban areas.

The MoU was signed in Nairobi, Kenya, by John OMO, Secretary General at ATU and Rajiv Aggarwal, Nokia Representative and Head of Central, East and West Africa Market Unit at Nokia.

Announcing the partnership, Rajiv Aggarwal, Head of Central, East and West Africa Market Unit at Nokia, said: “We remain keen on supporting Africa’s digital transformation journey and by collaborating with the ATU, we strengthen this commitment. We will leverage our global technology expertise and insights on policy matters to positively impact the universal socio-economic development in the continent.”

Co-signing the MoU with Mr. Rajiv, John OMO, Secretary General of the African Telecommunications Union (ATU), said: “Our vision is to make Africa a full and active participant in the global information and knowledge society by enabling universal access to ICT systems and services across Africa. Collaboration with a global industry leader such as Nokia is therefore crucial in this regard and will help us accelerate towards a digital transformation and knowledge economy.”

The MoU framework is guided by six tenets designed to facilitate this acceleration. These are:

  • Sharing of best practices on telecom technology trends and developments
  • Identification of innovative industrial use cases toward the Fourth Industrial Revolution
  • Recommendation on implementation of emerging technologies and business models
  • Promotion of connecting the unconnected with broadband
  • Development of emerging talent for digital innovation
  • Promotion of inclusion and diversity

Nokia has a long history of collaboration with international organizations and bodies across the globe. Regionally in MEA, Nokia recently partnered with UN Women to promote inclusion and diversity in Middle East and Africa. Nokia is also working with UNICEF as part of a shared-value partnership in Kenya to connect schools with broadband and empower children in rural as well as disadvantaged urban areas. In November 2020, Nokia supported the Forge Academy in South-Africa with the launch of a fully inclusive artificial intelligence (AI) laboratory to help students to become entrepreneurs in the Fourth Industrial Revolution and the global digital economy.

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RobinHood, WeBull, Others Trading Apps Hit 14 Million Users Globally, Twice More than a Year Ago

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Trading App - Investors King

Over the past years, trading apps have revolutionized the way people interact with the world’s financial markets and stock exchanges, making it simple and easy to trade online, whether at home or on the go. The number of people using these apps to make investments and monitor market trends has grown constantly each year, but in 2021 it surged to all-time highs.

According to data presented by BuyShares, RobinHood, WeBull, Fidelity Investments, E*Trade and eToro, as the world’s top five trading apps, doubled the number of users in the last year to nearly 14 million as of July.

RobinHood Hit 7.3M Monthly Active Users, Double the Second-Ranked WeBull

Stock trading has been moving to mobile for quite a while, and tech companies have been working on well-designed trading platforms to provide top-notch service to a new, tech-savvy set of users. That shift first started in the United States, where Robinhood has attracted tens of millions of users. On the other hand, the European market is still fragmented, with a handful of stock-trading apps slowly expanding to new markets.

According to AirNow data, RobinHood is by far the most popular trading app in the world. In July 2020, the app had around 4.3 million monthly active users. However, user numbers spiked in the first half of 2021, reaching a peak of over 9 million in May 2021. In July, around 7.3 million people worldwide used RobinHood to trade and make investments, 70% more than in the same month a year ago.

With 2.7 million monthly active users, or twice less than the leading RobinHood, WeBull ranked as the second most popular trading app globally. However, statistics show WeBull witnessed the biggest growth, with the number of users surging by 265% year-over-year.

Fidelity Investments ranked third with 1.8 million active users, 38% more than in July 2020. Morgan Stanley’s E*Trade and eToro followed, with 1.1 million and 1 million monthly active users, respectively.

RobinHood Reached 11.9M Downloads in 2021, Close to Other Top Four Apps Combined

Stock trading app developers are constantly innovating and adding new features to make portfolio management easier to do on the go. For example, many of the latest-gen trading platforms now feature AI-based tools to help users evaluate investment risks.

Besides having the largest user base, RobinHood also witnessed the biggest number of downloads this year. In the seven months of 2021, the trading app was downloaded 11.6 million times, close to the other top four apps combined, with almost one-third of all downloads happening in January.

WeBull was downloaded 5.6 million times in this period, 2.3 million more than the third-ranked eToro. Fidelity Investments and TD Ameritrade round the top five list, with 1.9 million and 1.2 million downloads, respectively.

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Telecommunications

Broadband Penetration in Need of a Leg-up – Coronation Merchant Bank

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Broadband Penetration - Investors King

Digital technologies can promote growth in an economy partly due to their capacity to reduce costs and improve the quality of delivery. However, to achieve this, highspeed and reliable internet and broadband are required. The latest data released by the Nigerian Communications Commission (NCC), the industry regulator, show that internet subscriptions stood at 139.4 million in July, representing a y/y decline of -5%. Furthermore, we noticed a m/m decline of c.431,000 in subscriptions.

The decline in subscriptions can be partly attributed to the temporary suspension of SIM card sales to ensure the achievement of the National Identification Number (NIN) registration exercise. Additionally, based on our channel checks, the stress associated with the NIN-SIM linkage has resulted in customers abandoning SIMs of devices that are not their primary source for communication or internet connectivity.

MTN Nigeria (MTNN) accounted for the largest share (42%) of total subscriptions though down -1.0% m/m in July ‘21. Airtel (-0.5%) and Glo (-0.9%) also recorded m/m decreases.

Over the past year, there has been a visible shift to fibre broadband internet plans which do not necessarily need SIM cards to function. We note that some residential estates are increasingly using this service given the heavy reliance on internet services at home due to the newly adopted work-from-home approach.

In November ‘19, President Buhari launched the National Digital Economy Policy and Strategy. The strategy is hinged on eight critical pillars. One of the critical pillars is developing a solid infrastructure by deploying fixed and mobile broadband infrastructure to deepen broadband penetration and drive an inclusive and vibrant digital economy.

Similarly, in September ‘21, the FGN approved the national policy for the fifth-generation (5G) network to boost the country’s digital economy. The national broadband plan set a target for the country to attain 70% broadband penetration at a price of N390 per 1GB of data (i.e. 1.3% of minimum wage).

The latest national accounts show that Information and Communications Technology sector grew by 5.6% y/y and contributed 17.9% to the total GDP in Q2 ’21. This is slightly higher than its contributions in Q2 ’20 (17.8%) and Q1 ’21 (14.9%). It also showed that telecommunications grew by 5.9% y/y in Q2 ‘21 compared with 7.7% in Q1 ‘21 and 18.1% in Q2 ‘20.

We note that investments into the sector have declined steadily. Capital importation into the telecommunications sector declined by 138.2% from USD944.1m in ’14 to USD417.5m in ’20. This can be linked to the infrastructure deficit in the telecommunications sector, the high cost of services and access devices, low digital literacy, poor perception of broadband value, among others.

Clear policy and regulatory guidance are fundamental to the optimal distribution and uptake of broadband services. The evolving work conditions, travel restrictions due to covid-19, the rise of e-commerce, and integration of technology in daily activities show that the rollout of broadband services has the potential to address various socio-economic challenges, grow the economy and create jobs.

Industry sources suggest that a 10% increase in broadband penetration can increase the GDP of an economy by 1.8 – 2.0%

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