MONETISING POETRY BY LEVERAGING THE INTERNET - Jack’s Curated Business Idea
MONETISING POETRY BY LEVERAGING THE INTERNET - Jack’s Curated Business Idea
1. What's the idea?
2. The Inspiration
3. Business Model
4. Business Plan
5. Requirements
6. Side Hustle
7. Unique Selling Point or Proposition
8. Target demographics
9. Frequency
10. Methodology
11. Platforms
12. Research and Development
13. Competitor Research
14. Scaling
15. Marketing
16. Format
17. Administration and Accounting
18. Collaboration
19. Legalities
20. Outsourcing
21. Risk Management
22. Stakeholders
23. Terms and Conditions
24. Benefits and Opportunities
25. Threats and Weaknesses
26. Budget
27. Costing and Pricing
28. Funding
29. Monetisation
30. Profit Sharing Formula
31. Scoring
32. Case Study (Hypothetical)
33. Disclaimer
Yoruba Project
34. Do you need to be a poet to do this business?
35. Who is the target audience for this business model?
36. Would a poet of Bengali heritage target the same audience as a poet of Jamaican heritage, or would these be different audiences? Should the business model be customised accordingly?
1. What's the idea?
It's about monetising poetry by leveraging digitalisation, the internet, and the profit-sharing formula app.
2. The Inspiration
The idea was effectively inspired by me monetising my poems or as well as empowering others. I have a collection of poems which is called “Submission, Gratitude, Faith, and Hope.” That’s my book of poetry. I also have “Despair, Submission, Faith, and Hope, Volumes 1 and 2.” But I think the one that hit it on the nail is “Submission, Gratitude, Faith, and Hope.” So, in my quest to monetise that book, the idea struck me that there might be different ways of monetising poems.
3. Business Model
This is covered under methodology and other topics within this presentation. It’s designed to be a side hustle, and the profit may not be much, but the social impact might be.
4. Business Plan
You need to have a business plan and update it as necessary; this shall guide your activities, and hopefully facilitate beneficial outcomes.
5. Requirements
You might need a team, relevant skills, digital devices, and social media platforms. Marketing is essential, to ensure people know about what you're offering. You’ll also require relevant poems and content. For instance, “Submission, Gratitude, Faith, and Hope” could be a resource for content, or the poetry performer may require access to similar others.
Collaborators and investors are important, as well as a platforms like Zoom. Prizes for winners will be necessary, and you may need a profit-sharing formula app or suitable other, for purposes of Profit Sharing. Additionally, a stable internet connection is indispensable.
6. Side Hustle
This business model is designed to be a side hustle. Activities may take place once or twice annually or as necessary.
7. Unique Selling Point or Proposition
The internet shall be leveraged to showcase and empower poetry performers and poets. Profits shall be shared by leveraging the profit-sharing formula app or suitable others. So, it's a win-win for most of the concerned parties. And the poetry performers could also make residual income from this business model.
8. Target demographics
Your target demographics could include, lovers of poetry, children aspiring to be famous, youths, adults, specific geographical locations, or anyone seeking prizes and recognition. These groups could form the basis of your target audience, depending on your goals and preferences.
9. Frequency
You have the competition quarterly, bi-annually, or annually as it suits you.
10. Methodology
Marketing is essential for this business. Contestants will pay a fee to participate, and you’ll need to include clear terms and conditions, which performers should accept digitally before participating. Participants will have the opportunity to purchase your e-book or paperback. They will recite poems of their choice, either from “Submission, Gratitude, Faith, and Hope” or other anthologies you recommend. You should provide a list of available anthologies for them to choose from. Part of the prizes will include a profit share from your YouTube or social media channels, with selected performances featured on your YouTube channel. This process can be repeated annually or as needed. Additional prizes may include digital content, such as online courses, mentoring, coaching, and similar opportunities.
11. Platforms
You could leverage social media platforms such as Facebook, YouTube, Pinterest, TikTok, Zoom, etc.
12. Research and Development
You need to carry out research as necessary. You need to research competitors and the industry, etc. After doing all your research, you need to optimise your value proposition to get the best possible outcome.
13. Competitor Research
You need to research competitors, leverage best practices, and avoid pitfalls.
14. Scaling
You can replicate the business model for different demographics. For instance, if you start with youths in a specific area and find success, you could expand to other geographical locations targeting youths, or even adapt it for adults, children, or other groups. Additionally, you could replicate the model for different languages to reach a broader audience. Publishing on various social media platforms is another strategy—selecting the best videos to post on platforms like YouTube or its alternatives can maximise reach and engagement.
15. Marketing
You need to leverage various channels for marketing, including social media, word of mouth, blogs, and paid advertisements on Google or social media platforms. You can also promote your activities through blogs, podcasts, influencers, WhatsApp, Telegram, and other platforms. Targeted marketing is essential to reach your chosen audience effectively. Consider creating a sales funnel with a lead magnet, upsells, down-sells, and cross-sells to optimise revenue.
16. Format
As for the format, you might start with recorded events, as they are easier to manage, and allow for editing. Once you gain confidence and expertise, you can progress to hosting live events for greater audience interaction and engagement.
17. Administration and Accounting
You need to manage documentation and finances and avoid or minimise potential conflict.
18. Collaboration
You could collaborate with like-minded individuals, successful performers, fellow poets, presenters, judges, investors, your team, and other stakeholders.
19. Legalities
You need to have terms and conditions in place, as well as contracts and agreements as necessary. You need to register your business as necessary; and manage intellectual rights issues, to minimise conflict.
You need to manage any potential conflicts by putting conflict management strategies in place. Additionally, you need to consider regulations and regulatory bodies governing your business pursuits. Carry out due diligence and comply accordingly.
20. Outsourcing
You may consider outsourcing part or all of the business to third parties. You need to agree on remuneration and legalities. Alternatively, you could execute the business yourself. If outsourcing, third parties could handle tasks such as project management, administration, video recording, or even the full project execution. You may agree to pay them a fixed amount, a profit share, or a combination of both. Once an agreement is reached, they can carry out the work on your behalf, and you receive your share of the profit. Don’t forget to take ownership of the project, legally and otherwise.
21. Risk Management
There could be technical issues, there could be staff absence or disappointment, there could be sickness of staff on the day or at any point in time, there could be an inability to break even from the business model, and there could be performances of some of the performers off script. For instance, maybe you've told them ahead of time what they are supposed to say or the script they are supposed to follow—some of them may go off script, especially if it's live. Another risk that may be in place is internet disruptions, so you need to manage that as well. And then whatever other risks you can think about, you have to manage. As you progress with the business model, you shall perfect your act.
You need to update your systems and structures, your business plan, and so on, to mitigate any risks.
22. Stakeholders
These could include funders, marketers, presenters, published poets, entrepreneurs, project managers, social media managers, profit-sharing managers, administrators, etc.
Please don't be scared by the long list; most of these jobs could be handled by the same person or by two or three people. These are some of the key aspects of the business that need to be handled.
23. Terms and Conditions
You need to spell out terms and conditions. You need to update them as necessary and you need to avoid or minimise conflict.
24. Benefits and Opportunities
This includes empowering stakeholders, empowering poetry performers, profit-sharing with performers, passive residual income, franchising, mentoring and coaching, content creation opportunities, job creation, scaling of the business model, promotion of literary works, showcasing of performers and the poets, confidence building of the performers, monetisation, impact, and of course, empowerment of the poets.
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25. Threats and Weaknesses
There could be copycats who will copy your business model and even improve on it. There could be fraud along the value chain. There could be disappointments on live events, or similar others. Staff absence is another possibility, as is greed among stakeholders. Conflict may arise, and intellectual property rights issues could occur. Technical problems may disrupt your operations. Social media channels might be terminated for the right or wrong reasons. For instance, platforms like Facebook or YouTube might decide to disable or terminate your account without providing proper reasons.
Whatever other threats you might think of should also be considered.
26. Budget
You need to calculate and articulate your budget and then fit this into your business plan. This will be a continuous exercise.
27. Costing and Pricing
You need to cost your marketing efforts, the prizes for the winners, human resources, overheads, profit, etc. When running the business, it's essential to ensure you are generating profit, such that you need to include a profit margin in your pricing structure. Additionally, you need to account for costs related to administration, equipment, social media management, internet access, and other operational expenses.
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28. Funding
Funding could be through your stakeholders or investors. You might also decide to self-fund or explore other alternatives.
29. Monetisation
You could sell paperbacks and e-books of the poems. For example, my collection of poems: “Submission, Gratitude, Faith, and Hope.” To participate in the event, performers may need to buy the book (either paperback or e-book) in advance for rehearsal purposes. This applies to other poets collaborating on the project as well. Additionally, if there are increased views and subscriptions on your social media platforms, you could monetise. When performers apply to be part of the project, they will need to pay an application and administration fee. While this fee may not be substantial, they require registration to participate in the event. As for social media monetisation, once your YouTube channel becomes monetised, you can earn revenue from a bank of recorded videos. You can also share the profit with stakeholders and the poetry performers.
You might also include your poems and additional information on a blog. Users could access the information for free, but you could monetise the blog via Affiliate Marketing, google Adsense and other adverts.
30. Profit Sharing Formula
Profit sharing with stakeholders should include top poetry performers. For example, the top performers in your events may have their poems posted on YouTube, and you could monetise and profit share with them. You could also leverage the profit-sharing formula app. This app is on my to-do list and, hopefully, it should be ready by this year or next year. Information about the profit-sharing formula app is available on our YouTube channel Curated Business Ideas, on our blog curatedbusinessideas.com, and also available in paperback format on Amazon. If you search for Profit Sharing Formula App and include “Jack Lookman,” you should find that information. It's also available as an e-book. If you'd like to learn more about the Profit Sharing Formula App, please visit those platforms.
31. Scoring
Criteria for scoring could include: confidence, length of poem, grammar, time keeping, performance, adherence to the rules, emotions, etc.
32. Case Study (Hypothetical)
As the project manager, you collaborated with a few poets of interest, pitched the business model, managed expectations, sorted out legalities, including agreements, and contracts. You agreed on the Profit Sharing Formula as well as the project execution. You then articulated, managed and executed the plan. You created a team for project execution, advertised the event, and ensured that the different books of poetry were readily available, either digitally or on paper. You articulated the plan and included the scoring formats. The participants could record their performances in audio or video. However, for those who record on video, their performances would score higher marks than those who did it on audio. If there’s the same presentation in audio and video, then, depending on what you agree, you might multiply the video score by 1.2 or 1.5. This should be an incentive to record on video.
Also, whatever you decide will be part of the terms and conditions. The process may go on for weeks or as necessary, or you might do the recording beforehand and then schedule the videos to be presented weekly. The weekly winners shall then progress to the next round. At the end of the process, there shall be a final winner. You shall then post the best performances or interesting ones on social media and monetise them. All concerned participants shall be included in the profit share, possibly for a prescribed number of years, as agreed. You shall then give the chosen successful performers (the first three) digital or physical gifts, or both. These could include money, digital products, mentoring and coaching, or physical products.
33. Disclaimer
This presentation is basically an idea. Great financial rewards are not guaranteed, although there are potentials for such. You need to carry out due diligence and perfect the idea to hopefully reap great financial rewards.
34. Do you need to be a poet to do this business?
No. You don’t need to be a poet. If you have an entrepreneurial mind, you can collaborate with poets and necessary others to execute and monetise the business.
35. Who is the target audience for this business model?
There are two strands to consider. First, for the business itself, you're targeting collaborations with other poets and stakeholders. You can work together to execute the business.
On the other hand, those who are going to participate as performers can include children who might want to perform one or two of the poems, youths, teenagers, and even adults who simply want to showcase their talents.
In terms of those who shall consume the content, it’s mainly going to be lovers of poetry. They shall listen to poetry for free. Some of them want to consume content presented by wannabe superstars, something like “Nigeria’s Got Talent,” “Britain’s Got Talent” or “American Idol.” There might even be some people or organisations who want to leverage those performances. For example, if a few performers do extremely well; an entrepreneur might consider taking them on board and using them for a different purpose, such as showcasing them to a wider audience, or monetising the potential on offer. So, you have different sets of audiences: one for the performance, one for those consuming the content, and of course, the stakeholders involved.
36. Would a poet of Bengali heritage target the same audience as a poet of Jamaican heritage, or would these be different audiences? Should the business model be customised accordingly?
For the business, you can choose your target demographics. If I’m in the UK and doing business, it should probably be for the UK audience, irrespective of their origin; my content could be in English. If it's being done in Jamaica or Southeast Asia, it could be directed to those demographics in their respective languages.
On the one hand, you can sell this business model as a franchise and they can do their own thing in the Bengali or Jamaican languages.
There are opportunities for all of those audiences. Whoever is organising it will have their audience in mind. Others who want to replicate the model can do so accordingly. It’s therefore a win-win for everyone.
I also mentioned in the presentation that it can be done in different languages.
For our listeners of Yoruba poetry (known as ewi), the business model can be done for that demographic as well. The opportunities are vast.
One of the unique selling points for this business is the free access on YouTube. But there’s a small tweak to this business model, which is where the poetry performers also get to share the revenue from Youtube, in addition to whatever prizes they win from the competition.
For example, we record different poems or different poetry performances on YouTube. Assuming we have around 100 views and get monetized, the performers—perhaps the top 10 or 20 per session, or whatever we decide—will receive a prorated share of the profit each time we get monetised.
So, that’s an additional incentive for them to do well and also to market the video. I made a video on YouTube collaborations, which is a small tweak to the business model. With this business approach, if performers are going to share in the profits—perhaps for five years or whatever we agree upon—then even though they’ve only performed the poem once or twice, they’ll continue receiving residual income as long as we’re making money from YouTube. That’s the added twist to what’s already happening.
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