Publiseer, a Nigerian digital publishing startup for independent Nigerian authors and artists, on May 24th reported a profit for its first quarter in 2018. The tech startup launched in August 2017 for unsigned and independent writers and musicians with low-income posted a first-quarter profit of $10,877.58, comfortably ahead of its expectations, taking just 8 months for to become a money-maker. This is a big achievement and a different story when compared with most African tech startups that are yet to make a profit after many years of existence.
According to the company’s press release, the profit was driven by a 20% rise in books and music submissions to the platform and a faster reputation growth overseas. Publiseer seems to be starting on the right path having both growth and profitability. This certainly will make the startup very attractive to investors. Chidi Nwaogu, the CEO of Publiseer said, “Starting Publiseer, we weren’t focused on profitability as an early-stage company, rather, we were focused on customer satisfaction and retention. But at the beginning of the first quarter of this year, submissions doubled and thus our releases too. It’s good building something that meets a growing need, and which eventually makes lots of money.”
The platform which is also open to well-established authors and musicians looking for new avenues to distribute and monetize their creative works on the World Wide Web. Publiseer which has distributed 92 books and 374 tracks by 73 authors and 154 artists, having received over 1,000 submissions since August 201, has also distributed the music works of A-list Nigerian artists like CDQ, Klever Jay, Erigga, and DJ Jozenga of RayPower FM.
Authors and artists who use Publiseer can sell their books and music respectively, on over 400 major online stores worldwide, including Amazon, Google Play store, and Apple store for free has over 200 new releases in the past 30 days. This Freemium Distribution Service gives Publiseer a 25% commission on all sales. However, following the profits, Publiseer has launched a Premium Distribution Service that will distribute books and songs for an upfront fee, allowing its authors and musical artists to keep 100% of their earnings. Nevertheless, old and new clients can still use its freemium service.
The company wrote that since its international popularity is growing exponentially, they are making moves to expand their services outside of Nigeria. In response to this, they have distributed the works of Canadian Youtuber Heidi Shai, American Jazz musician Ragtime Joe, and Missouri producer ANB Beats. In Africa, Publiseer has distributed the books of Cameroonian writer Juan Gutied and Zimbabwean author Godfrey Masanga.