By Temitayo Akinyemi
NAMIP’s Knowledge Sharing Session for 2024 closed out on November 5, with a riveting session led by Chude Jideonwo, founder of Joy Inc./#WithChude. NAMIP participants learned and shared strategies for building media resilience in the face of uncertainties. The discussion highlighted key adaptive techniques, challenges in nonprofit sustainability, and actionable strategies for thriving in dynamic environments.
Understanding Media Resilience
Chude opened the session with a pressing question: “What if the grants stop coming?” This stark inquiry underscored the importance of financial independence for media organizations. He emphasized that organizations must continually challenge themselves to explore sustainable revenue streams that go beyond reliance on donor funding.
Resilience, as he explained, isn’t just about weathering crises; it’s about developing the foresight and flexibility to adapt. “Our survival,” Chude remarked, “lies in our ability to think beyond today’s grants and build tomorrow’s systems.”
Challenges in Monetizing Nonprofit Products
The session explored the tension nonprofits face when launching for-profit ventures. Chude shared his personal experience with Joy Inc.’s transition into offering paid products. While solving problems is a significant step, converting users into paying customers demands a nuanced approach:
“Even when you solve a problem, converting free users to paying customers requires strategic audience alignment and product refinement.”
He highlighted the skepticism often encountered when nonprofits pivot to for-profit models, which can be compounded by the expectations of both audiences and funders.
Balancing Donor and Audience Expectations
Navigating the priorities of funders and the entitlement of audiences to free content emerged as a recurring theme.
“Funders, like any other stakeholders, come with their preferences and priorities,” Chude observed, adding that such dynamics can inadvertently influence an organization’s independence.
Similarly, audiences accustomed to high-value, free content online often resist paid offerings, creating a need for innovative engagement strategies that balance accessibility with financial sustainability.
Strategic Insights for Building Resilience
Chude shared actionable strategies for organizations aiming to fortify their operations:
- Diversify Revenue Streams
Media organizations, especially non-profits, must experiment with various income sources, from subscription models to paid events and merchandise. - Build Trust with Core Audiences
Long-term subscribers or paying customers are critical. As Chude noted:
“Our long-term subscribers are the bedrock of our financial resilience—they stay because the product deeply matters to them.”
- Experiment Relentlessly
Organizations should continuously test audience engagement methods and refine their offerings to meet evolving needs.
The Nigerian Context: Local Challenges, Global Lessons
The session concluded with a focus on Nigeria’s changing donor landscape, particularly the withdrawal of major funders. This trend highlights the urgency for local organizations to build sustainable systems that can withstand shifts in external support.
Chude’s reflections resonated deeply:
“Audiences feel spoiled by the abundance of free, high-value content online. To stand out and thrive, we must create products that people not only value but are willing to pay for.”
Conclusion
This knowledge-sharing session provided a robust framework for understanding and navigating the complexities of media resilience. From financial independence to audience engagement, the strategies discussed serve as a blueprint for organizations striving to emerge stronger in uncertain environments.
For organizations operating in volatile economies, these lessons serve as a reminder: resilience isn’t just about survival—it’s about evolving, adapting, and thriving