December 5, 2018

Bambooks digital library to grow reading culture, break illiteracy level in Nigeria

By Prince Osuagwu

Start-up company, Bambooks, recently launched a digital library to enable Nigerians to access  thousands of eBooks, magazines and comics from internet connected devices.

The mobile application boasts of books ranging from  fiction entrepreneurship, self-help, religious, and educational books.

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According to the company, users would simply go to the website or download the Bambooks mobile app from the Google Play store or App Store free and sign up to start reading. It also offers an affordable membership plan that gives users unlimited access to the library; with a N500/per month and an annual plan of N5, 000. Users can also subscribe using their debit cards or bank accounts.

Founder/CEO of Bambooks, Mr. Ugo Okoye, said: “Bambooks will not only entertain and educate people but also improve literacy levels, break the cycle of poverty and create a better future for Nigerians. Bambooks will empower local authors by distributing and monetizing their craft across Nigeria and the continent” he added.

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Corroborating him, Head of content acquisition, Mr. Seun Ashaka, said: “We estimate the publishing industry across Sub Sahara Africa to exceed a billion dollars in annual revenues by the end of 2018 and expect authors on our platform to earn a significant share of the market.”

Bambooks is eyeing the 450 million subscriber base which is expected to grow at 5 percent CAGR over the next few years. The penetration rate is forecast to reach 50 percent by the end of 2023 and 52 percent by 2025.

Nigeria has the largest mobile market in Africa with over 160 million connected lines and 100 million mobile internet users.

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Bambooks is a subsidiary of iConcepts, a leading technology company that pioneered the mobile content business in Nigeria and launched some of the first Value added services, VAS in the country such as CNN Breaking News alerts, Sky Sports, ChannelsTV news and Ring back Tunes.

The platform’s subscription services generated over $15m in annual revenues for the mobile operators in an industry that grew to a market size of $250m.