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2020 was supposed to be our year. We had a simple plan to execute. Grow member base to ~500,000 whilst in parallel, improving our Africa annual ARPU from ~$7-8 to $20-25 with additional services and features. We started well. Then COVID-19 happened. https://jason.com.ng/resizing-iroko/
https://jason.com.ng/resizing-iroko/ If dealing with COVID-19, consumer confidence collapse & devaluation wasn’t enough, our great national comrades in Abuja thought it was a solid piece of regulation to quietly introduce the 6th Amendment to the NBC code.
Our international business represents 80% of our revenue today, so by taking out Africa growth-related costs, we cut our $300k/month burn to <$50k/month. This will unfortunately lead to a pretty dramatic change in the size of our Africa teams. There will be around 150 job losses
We still believe in Nigeria, We still believe Ghana, We still believe in Africa. It’s a strange thing to realise after almost 9 years, we still may be too early for Africa. That in itself says so much about the current Internet opportunity in Africa. https://jason.com.ng/resizing-iroko/
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