Cynthia Ezekwe
Foniso, a digital platform designed to revolutionise the global sports industry, is set to tap into the multi-billion dollar global sports industry by leveraging technology, community, and innovation to deliver a more immersive, engaging, and accessible experience for athletes, fans, and professionals alike. The ambitious market projections for Foniso also include a targeted acquisition of 1000 downloads in the next six months, with the goal of rapidly scaling the platform to reach one million users across all regions within the next 24 months.
The global sports industry is predicted to hit $826 billion by 2030, fueled by a 10.61 percent compound annual growth rate (CAGR) between 2022 and 2028, as reported by Allied Market Research in 2023. This growth is largely driven by the increasing interest in a wide range of sports and leagues, coupled with significant investments in sporting events, infrastructure, and technology.
To this end, Foniso stated that its voyage into the sports industry is a testament to the growing demand for technology-driven solutions in the industry. As consumers increasingly seek more interactive and engaging experiences, the company aims to offer a unique platform that promises to provide unparalleled convenience, security, and connectivity for all stakeholders within the global sports ecosystem.
Speaking at a recent press conference to herald the platform’s operation, Dominic Essien, the CEO and founder of the Foniso platform, described the digital platform as a groundbreaking innovation, stating, “We are revolutionising sports in a way that will offer a completely new experience to fans, athletes, sports legends, other industry stakeholders and the public. Our inspiration came from our commitment to ensure that a critical industry like sports is not lost in the social media space. Hence, the need to create a unique hub for people to engage and enjoy sports globally.’’
Essien underscored the massive size and vital role that the global sports industry plays, noting that its diverse stakeholders have had to contend with an inadequate online presence and scattered communication channels.
To address this problem, Essien explained that Foniso was designed with the purpose of creating a single, all-encompassing hub for the sports community, where fans, athletes, professionals, and stakeholders could seamlessly connect, share content, engage in discourse, and generally bolster the growth and visibility of the industry as a whole.
Essien highlighted the significant potential of Nigeria’s thriving sports market and the pivotal role that FONISO could play in uncovering and showcasing the vast pool of talented athletes across the African continent.
According to the CEO, the initial focus of Foniso would be to identify and nurture sporting talent within Nigeria, with the ultimate goal of providing these athletes with a global stage to display their skills and accomplishments.
Essien emphasised Foniso’s dedication to casting a wider net beyond the prominent sport of football, highlighting their commitment to promoting diverse sporting talents in basketball, golf, swimming, and more.
Essien further outlined some of the platform’s upcoming features, which will include the ability to stream live games, as well as the integration of live score updates and booking options, in partnership with major sports leagues and organisations.
The CEO explained that one of the avenues the platform aims to develop is to sponsor local games, noting that the platform seeks a well organised sports community to partner with, where it can regularly showcase local talents and promote them globally. To achieve this, he noted that the company plans to meet with the football federation and individual clubs to explore how they can utilise its platform.
“By partnering with 22 clubs for example, each with 22 players and their respective fans, we can build a significant following. Our platform will enable clubs to showcase their games and players, increasing their visibility to a global audience. We will adopt a two-pronged approach, meeting with the football federation and clubs directly to discuss how to best showcase their content and talents,’’ he noted.
Essien also dwelled on the importance of generating revenue through the platform, stating that the key to monetisation lies in the quality and engagement of the content shared by users.
He further explained, “As users generate views, likes, and followers, they will be compensated according to the platform’s monetization policy, which is currently in the works. Similar to other social media platforms, our ultimate aim is to ensure that users can monetise their content, especially as we continue to grow our user base and provide them with a feature-rich platform.”
Taiwo Ajayi, the company’s chief technical officer, addressed the critical issue of data security, highlighting FONISO’s stringent verification procedures and algorithms that ensure the platform is safeguarded against potential threats. He underscored the importance of location tracking and reiterated the commitment to securing users’ data with 100 percent assurance, stating, “In terms of data, there are things we have out in order to ensure that whatever you’re putting on Foniso is secured 100 per cent.’’
Ajayi stressed that Foniso’s commitment to data security has been strengthened by strategic partnerships with numerous domestic and international cloud service providers and organisations, whose expertise ensures optimal security and protection of user data.
The CTO further highlighted the platform’s efforts to combat the proliferation of fake news within the sports industry, stating that sophisticated algorithms have been implemented to flag false or misleading information, guaranteeing that the platform remains dedicated to accurate and trustworthy content.
