Classifieds work everywhere. Why haven’t they worked in Nigeria? Part 1

So as you know, over the last decade operating in Africa, I have been a massive fan of linear revenue models. It was central to my whole Spark 2.0 thesis almost 6 years ago. When I mean linear, I mean models where you can clearly extract real net revenue value from your customer base (lead generation/subscription/payments/classifieds) whether the customers number in the 100s or 1,000s or 100,000s. Them merely being a customer isn't enough (advertising alone requires too much scale - i.e. YouTube with 50m+ Africa users or Facebook with 100m+). There should be enough buying power and buying intent to drive real value across the ecosystem, directly from customers or from businesses who want to access that customer base. This is why I have always had my eye on classifieds. Naspers were massive investors in classifieds and their annual reports provided great reading into the the deals they were doing with OLX Group across other emerging economies (Russia, MENA, Eastern Europe and LATAM...

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