Raknida, an art-tech startup that launched in 2022 to make art accessible and help artists earn more for their work, has revealed its plans to launch an art streaming application.
The application will allow people to stream art from different artists the same way they stream music. On a call with Techpoint Africa, Raknida CEO, Anthony “Anth” Ezeokoye and COO, Afoma "Oma" Ezeokoye, explained the addition of a streaming app to Raknida, and how it will work.
"There's Spotify for music, there's Amazon Kindle for books, there's Netflix for movies, art will have Raknida art streaming," Anth said.
According to the CEO, art has mostly been appreciated through the traditional ways for a long time. The same way music lovers don't have to go to a concert to enjoy their favourite music, art lovers should also be able to enjoy art wherever and whenever.
Interestingly, the Raknida team had the inspiration for an art streaming platform when the company launched in 2022. During an exhibition, Oma shared that they had embedded augmented reality capabilities in the art exhibited at their booth and people marvelled at the technology.
The artworks were created in a way that they changed form when people viewed them through applications on their phones.
However, Oma said many people requested a way to enjoy such art forms even when they do not have the painting on their wall, and that's how the idea of art streaming began forming in their minds.
But how will art streaming work?
Raknida will develop an application where people will see art from various African artists whenever they want. Like music streaming platforms, the app will let people view artworks based on their tastes and interests.
Oma and Anth are yet to decide how much to charge for the platform, but they want to keep it affordable and have set a tentative annual subscription cost of $100.
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The sharing format with contributing artists is also yet to be worked out, but the company's current formula is 65% to the artist and 35% to Raknida on its art marketplace where you can order an artwork.
But are people interested in streaming art?
As Nigeria's economic condition worsens, people need to choose between basic needs, like food, and entertainment. MultiChoice Nigeria recently blamed Nigeria's economic condition as the reason its subscribers declined by 18%.
The company stated that "customers in countries like Nigeria had to prioritise necessities over entertainment."
Oma and Anth are aware of the state of the Nigerian economy and plan to expand Raknida's streaming platform outside Africa. The goal for Raknida is to help African artists get their work on the global stage.
The company's strategic expansion plan to get into these markets remains a secret, but the art streaming platform will be Raknida's entry into North America.
While the expansion into these regions is important for Raknida's mission to get African art on the global stage, it doesn't mean Nigerians or Africans are uninterested in art.
Anth pointed out that one might feel this because many people have been conditioned to think that only the elite love art.
"When generative AI started, people you ordinarily would not consider art enthusiasts were excited to create cartoon images of themselves. A lot of people have an innate appreciation of art."
Part of Raknida's mission is to help people discover this innate appreciation of art by creating technological platforms that make art accessible. This accessibility also gives more artists visibility, thus increasing their earning potential.
In 2022, Oma described Raknida's unique value proposition as making art scalable.
“For a very long time, most artists and digital creatives have been dependent on themselves to do everything. Create the art artwork and promote it; literally everything that has to do with the art. And then it's just like, you have one-man silos.”
This is why it built an art marketplace where you can buy artworks by African artists. It currently lists the works of 70 artists from four African countries. Most of the buyers on the platform have been businesses that need these works for their office spaces.
Raknida is doubling down on the office business by partnering with the Interior Designers Association of Nigeria (IDAN), which Anth says will grant them access to over 1,000 designers in Nigeria.
But there's big competition
Art streaming is not new, especially in the Western and Asian markets Raknida plans to enter, and their main competitor is the infinitely deep-pocketed Samsung.
Samsung's art streaming service is called The Frame TV, which it launched in 2017. This service is paired with 4K QLED TV. It has a matte, anti-glare coating that makes art look realistic.
However, Raknida believes it has a competitive advantage against this mammoth competitor. Per Oma the advantage is in the fact that Raknida prioritises underrepresented artists whereas Samsung has partnerships with huge museums and art galleries that make the most coveted art pieces available in the comfort of a living room.
Prioritising disadvantaged artists means Raknida will have access to a more diverse stream of artworks and artists. By 2025, it estimates that it will have a library of over 10,000 artworks.
Another advantage Raknida has over a competitor like Samsung is that it could also be a partner, supplying the company artworks from its library like museums do.
Like Samsung, Raknida also has plans to launch a hardware element to its art streaming service. A smart frame that can be hung on the wall, but will give owners access to thousands of artworks.
But for now, Raknida is focusing on the software side of things — getting people acquainted with its new platform before committing a lot of money to build smart frames.
These new products are extensions of Raknida's mission — helping artists reach a wider audience and improving their income.
But what happens to Raknida's income?
