Speaking during the opening session of this year’s Social Media Week (SMW) Lagos, Jason Njoku, the founder of iROKO, has identified that the broadband speed and the cost of broadband as the major challenge the company is battling in Nigeria.
According to Njoku, even though the company has generated about US$21 million in revenues, the amount could significantly increase if broadband was improved. He stressed out that currently Nigeria accounts for less than 20 per cent of the platform’s traffic, while non-African countries such as the United States, United Kingdom and Canada account for 70 per cent of revenues.
“People consume more contents when they have broadband access as seen in business areas such as Ikoyi, Lekki. In Nigeria, peak hours are between 11am and 4pm suggesting that people are using broadband access at work to view our contents. This is further confirmed during weekends when we record very low traffic,” said Njoku.
The company is recording an increasing of online activities in regions where broadband access is available in Nigeria. Meanwhile, the company does not face many problems when it comes to payments, with Nigerians willing to pay for services they love, he added.
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