February 4, 2017

NETSHOP rakes in N3m from half year operation

By Princewill Ekwujuru

NETSHOP, an e-commerce and event ticketing platform, says it earned N3million ($6,000) in revenue by selling over 350 items, reached about a million people and listed over 20 products on its website.
NETSHOP Founder, Ayeni Adekunle, during the review of the activities of the e-shop in Lagos, said the platform made N3million, ($6,000) from its six months of operation, sold over 350 items, reached about a million people and listed over 20 products on its website.  “We are creating opportunities for those who love entertainment to be able to conveniently access the products they want; be it tickets to events, merchandise, books, and everything else.

We wanted to place entertainment products right where there’s demand for them – on entertainment platforms where their consumers come to regularly,” he said. The netng has over 20 million users across our different platforms, so we thought there’s no better place to discuss, say, a new 2face Idibia perfume line, a Mercy Johnson hair product, a Wizkid concert, or a Julius Agwu book”, he noted. Usually, most event planners complain of poor corporate sponsorship with many artistes unable to go on tours or host their own shows, while those who do are unable to sell to their real fans until event day. Events in Lagos, Abuja and Port Harcourt are dominated by “VVIP” tables mostly sold to corporates and money-bags.
In 2016, that trend changed a bit, with the coming of platforms like NETSHOP. From awards, shows to music concerts, over 45 percent of attendees bought their tickets online, with most of the NETSHOP events being sold out weeks before D-Day. As the trend continues, it is evident that growth opportunities still abound in Nigeria’s e-commerce sector for content publishers, particularly platforms that understand Nigerian entertainment consumers, and that have direct access to both fans and stars like NET does.
NET is one of the few media companies placing a foot in e-commerce, testing the waters and hoping to develop new business areas to ensure survival at a time when advertising revenues continue to dwindle as seen in Google’s recent decision to pull 1.7 billion ads off its network, he stated.