POV studios, the owners of Rushing Tap Studios and Productions, have set in motion a new method to how the business of Entertainment and Media production is executed in this part of the world. A holistic approach that makes them a brand positioned as the middle men for the Entertainment/ Media supply or distribution chain.
Co-Founded by Ayodele Soyombo, this brand is known for its note-worthy feats including the production of mega shows such as ‘Who Wants To Be A Millionaire’, trendy entertainment videos for global celebrities and music super stars in the industry, just to name a few. As investors, we are delighted to share the insights obtained from this interview session by our team at Zrosk Investment Management.
Enjoy this read.
About the Co-Founder and CBO of POV Studios: Rushing Tap Studios and Production.
I am Ayodele Soyombo. From my early years I have always been fascinated with the arts, media and entertainment.
My first Job in entertainment was working at a recording studio while studying for undergraduate degree in the US. Upon returning to Nigeria, I started work with the ‘Troyka Group’ (the biggest advertising group in Nigeria), and worked on campaigns and events for BAT, Nigerian Breweries and Nokia, just to mention a few.
I then went on to get a Masters in advertising and marketing from the UK. Once I returned, I shifted my marketing skills to promoting Lottery and Gaming companies and was part of the founding team of a few, the most recent being ‘Betika’.
While in all these roles I worked with artists, created content and concepts and once I turned 40 I decided to pursue the Media and Entertainment passion fully and after much consultation and research. POV Studios was born.
The big Idea Behind POV Studios: Rushing Tap studios and Production.
After a lot of research and watching the Media and Entertainment sector. We observed that as much as the sector was fast-rising, the surface had barely been scratched. We watched companies like Amazon and Netflix investing in the film and TV industry, and also we saw our musicians being recognized globally (increasing the need for more professional videos) and lastly, we saw that the content game was also gaining momentum.
Hence, we decided to go for a multi-purpose studio because we saw that most studios were not all inclusive. Meaning, while some had space there was no equipment to rent or offices and technology to edit or work from.
So, the goal was to create a Media Hub where you can record from Pre to Post-Production without leaving the facility. While there have been ups and downs, we are still pleased with the opportunities presented so far including wins and losses. The biggest game show in Nigeria ‘Who Wants To Be A Millionaire’ was shot in our studios.
We have worked with DSTV for game shows, shot music videos with top artists like ‘Don Jazzy’, ‘Flavour’, ‘Falz’., etc., and also worked with corporate brands and leading advertising agencies. We are also in the process of shooting our own content for TV.
The Eureka Moment for POV Studios: Rushing Tap Studios and Productions.
As mentioned earlier, I had always said before 40 I was going to pursue this dream fully.
However, I consulted on a project that enabled me work with Directors, Producers and a Musician. Apart from seeing the mind bungling budget which caught my eye, I also noticed the gaps for a proper studio to be like the middle man between content creators and content distributors. Also, there was no facility like ours on the Island. So, from observing the gaps, seeing the money involved, and remembering my self-goal to do this by 40, I knew the time was right.
Choosing Partners and Teams.
I looked at my strengths and decided to look for Partners and Team Members who could do the things I wasn’t really good at. I am more of a client service/ business development person. Therefore I needed people with more experience in creative, production and studio management. People who I could build the product/services with and I can then use my strengths to sell our products and services.
POV’s Business Model.
Our initial business model was designed to follow the ‘Paystack’, or the ‘NIBBS’ kind of business. Where we help bridge the gap between content creators and content distributors. By providing them the facility, equipment and technology to produce and distribute, hence being the middle men in the Entertainment/ Media supply or distribution chain.
Challenges, MVP Development and Scaling.
Challenges – We have seen a huge rise in the cost of Diesel, which is the primary source of power for Studio Productions. Live shows and big productions for instance cannot be shot with our unstable electricity supply and voltage. Only very big productions can manage to afford an increase in studio rental prices.
Your every-day shoots which are B and C list productions cannot afford the hike in prices. Also, a lot of marketing and media budgets have been cut down.
MVP – After being in operations for the past 9 months, we have seen we have a unique position, since we house a studio and a production company. Hence, we have started developing content for commissioning and productions, and we can have a higher profit margin as we save on equipment and studio, which is about 40% to 50% of production costs. We also have the biggest studio in these parts.
The challenges and experiences have led to us pivoting from just rental to content development. Also, to avoid the increasing cost of studio and still be profitable, we have reduced studio rental times from 12 to 8 hours, giving us similar profit margins without increasing the price.
We have also decided to pursue hybrid partnerships of cash and equity for some commissioned studio productions. Where we still make profit from the rentals and profit on the back end once the production is released.
Future Projections and Expectations for POV Studios: Rushing Tap Studios and Production.
We see ourselves being an Entertainment Hub in the future with more than just one studio.
The goal is to build a ‘Film Village’ which includes Larger Studios, Sets, Accommodation and Training Facilities.
The sector has a lot of appeal from the younger market and there is a lot to gain from Training both financially and from a CSR perspective.
We plan to bring the studio culture to prominence, as it is in major movie industries, by providing affordability and scale.
For more about Rushing Tap Studios, explore their website by visiting: https://www.rushingtap.com/