The struggle is real!
“We have a strong platform already, this project will give you exposure…” if this sound familiar to you as a creative, then make sure to read this through…
Notwithstanding the previous challenges I have discussed above, the key problem of Ibadan Creative economy is: how creatives in Ibadan can effectively commercialize and monetize their work to build sustainable businesses?
Ibadan’s creative market is still developing, and many creatives find it difficult to monetize their work. Pricing and value exchange has remained a major challenge in both creative and business industry. Brands looking to collaborate with creators in Ibadan often feel entitled to creative works (especially if they consider you a nano or micro influencer). They naturally seem to expect creatives to jump on every project either as gratitude or for far less their worth. Creators complain bitterly that brands undervalue their work, expecting premium content for so little or no pay.
On the other hand, there are some legit brands who are genuinely looking for creative value and are ready to pay for it, but they complain about creative’s overpricing, under-delivery, or outright unprofessionalism.
But here’s the hard truth—until we address pricing, value exchange, and collaboration gaps in Ìbàdàn’s creative industry, economic growth might remain stagnant. Brands won’t invest where they don’t see value, and creators won’t scale if they fail to understand the business side of their craft. Creatives and entrepreneurs collaborate to produce exceptional content but they both lack the necessary knowledge of IP protection, Contract structuring, licensing, and revenue generation strategies. It’s not just about talent—it’s about positioning, professionalism, and proving your worth.
Creativity is not just about passion—it is an intellectual property asset, a commodity that must be protected, priced, and negotiated strategically. If Ìbàdàn’s creative economy is to thrive, both brands and creatives must begin to approach creative work with a business mindset.
Despite the hunger for making a successful career out of their creativity, creators in Ìbàdàn still treat their craft as a hobby rather than a business. You should know that, the moment you start monetizing your work—whether through content creation, influencer marketing, photography, music, filmmaking, digital design, Arts, content distribution or brand collaborations—you are no longer just a creative. You are an entrepreneur – a business person.
Trust me, there is one recurring refrain every industry giants repeats and have admitted, “I wish I had treated my creativity as a business earlier.”
As an entertainment and IP lawyer, I can tell you this for free: treating your creativity like a hobby instead of a business comes with a price. Sooner or later—whether you’re ready or not—the legal and financial gremlins will come knocking!.
Every project is similar to an entrepreneurial strife where you develop a business plan, (your idea) is sold, you raise funding, create a product and test the market visibility (industry production), and a completed product is launched and released to your target audience (your fans).
So, What Does It Mean to Treat Creativity as a Business? It means:
Structuring your brand legally- Registering your business as corporate individual different from you with Corporate Affairs Commission (CAC). Registering or partnering with some collecting societies (like MCSN, COSON, AVRS), local associations, securing necessary licenses and permits that relates to your industry, Building professional relationships and formalizing partnerships or collaborations with clear and fair contracts.
Protecting your intellectual property (IP)- Commercialization and Monetizing your Intellectual assets like- Your name, brand, and every creative work you make, whether it’s a video, a social media post, a design, or a photograph. It is a form of intellectual property (IP) and they are assets. Think of it as your land, house or shares that you invested in for future returns. Taking actions to register the copyright your content, or trademark your brand, guide your trade secret, patent our innovative tech apps and gadgets among many others are ways to ensure legal ownership over your work before someone else does.
Types of IP With Monetization Potential
Copyright (Creative Works) – this applies to books, films, short videos, music, photographs, artworks, TVs and Radio Programs, software codes, graphic designs, architectural designs and digital content. Creatives can monetize their copyrights through licensing, out-right sales, digital streaming, and royalty agreements and collections.
Trademarks (Brand Identity) – Protects business names, logos, and slogans. Artists, producers, comedians, hype-men, Actors, Filmmakers, photographers, cinematographers, skit maker, businesses, hotels, lounges, restaurants, beauty and fashion designers can leverage trademarks for brand recognition and franchising opportunities.
Patents (Innovative Creations) – Covers unique inventions, industrial designs, and technology-driven solutions. Tech-driven creatives, companies and SMEs can commercialize patents through licensing or IP Assigment deals.
Trade Secrets (Exclusive Business Knowledge) – Includes confidential strategies, unique production methods, and proprietary formulas that give businesses a competitive edge.
Registering and protecting these IP assets are not just to claim ownership and stop other people from using it. It is about ensuring that you can package you creativity into a product and monetize it.
IP commercialization refers to the process of transforming intellectual property into revenue-generating assets, while IP monetization involves earning financial returns from these assets.
For Ibadan creatives, understanding the concept of IP Commercialization and IP monetization can be the game-changer, providing a pathway to financial independence and business growth.
It is not the fame that makes the money in the creative industry, it is the assets you own and what you make of it that fetch you the cash!.
(If you're a creative unsure how to structure your craft as a business, identify your IP assets, or explore monetization opportunities, our Entertainment & IP law experts at Pelican Crest Legal Practitioners can guide you.
Email us at olubunmiabosede@pelicancrestlaw.com,
Send us a message on Whatsapp: 08146425245, or reach out via our social media handles on IG @ibadanentertainmentlawyer )
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