Raknida: Revolutionizing Art Consumption Through Innovative Streaming
Raknida, a Nigerian art-tech platform, is on a mission to change the way people experience art by introducing a revolutionary streaming approach. Founded by Anthony and Afoma Ezeokoye, Raknida aims to make art as accessible as music, challenging traditional methods of art consumption.
The startup recently achieved a significant milestone by securing a $100,000 grant from Arch Grants, a non-profit organization based in St. Louis, USA. Out of 574 applicants, Raknida was the only non-US startup selected, receiving financial support and an Entrepreneurship Excellence award.
With the global art market presenting a lucrative opportunity for expansion, Raknida is strategically focusing on key markets such as the United States, China, and the United Kingdom. These markets dominate global art sales, making them crucial for Raknida’s growth strategy.
Beyond commercial success, Raknida has a core mission of providing a digital platform for underrepresented artists worldwide. The founders are committed to showcasing artists from all corners of the globe, emphasizing that artistic marginalization is not limited to a specific region.
As part of the grant agreement, Raknida will be relocating 51% of its operations to St. Louis. The company is already forging partnerships with local art institutions, including the St. Louis Art Museum, which recently hosted an African art exhibition.
The concept of art streaming fills a significant gap in the market, as music has Spotify, books have Kindle, and films have Netflix. Raknida aims to democratize art consumption, making it more accessible to a wider audience.
Despite the opportunities in the global art market, there are challenges, especially with the traditional dominance of wealthy collectors. The art streaming segment is already valued at $11 billion, with projections indicating growth to $20 billion by 2032.
Raknida’s strategic approach acknowledges the economic limitations in its home market and targets regions with established art ecosystems and disposable income. The startup’s long-term vision goes beyond commercial success, aiming to democratize art appreciation and challenge the perception that art is only for the elite.
Future expansion plans include entering the United Kingdom and China, in addition to the United States, which are key players in the global art market. European countries like France, Switzerland, Germany, and Spain also represent significant opportunities for Raknida.
As Raknida prepares to launch its art streaming platform, it symbolizes more than just a technological innovation. The startup represents a vision of artistic accessibility, breaking down geographical and economic barriers through digital technology.
From its humble beginnings as a Nigerian startup to its potential as a global art platform, Raknida showcases the transformative power of innovative thinking and strategic technological solutions. It is poised to revolutionize the way people engage with and appreciate art in the digital age.
