Okada Books, the pioneer digital publishing and bookselling platform in Nigeria, will shut down on November 30th, 2023, citing difficult conditions in the country’s financial environment.
“We explored various avenues to keep our virtual bookshelves alive, but, unfortunately, the challenges we face are insurmountable,” said Okechukwu Ofili, the CEO of the company, in a statement that was uploaded on X (formerly Twitter).
Okechukwu Ofili, a Nigerian author, established Okada Books in 2013 “to simplify distributing and selling books in Nigeria.”
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Okada Books is an online bookstore. Obtaining publishing contracts has historically been difficult for Nigerian writers, and self-publishing is also a costly endeavor in Nigeria. The foundation of Okada Books is to facilitate the process of self-publishing while also introducing authors to readers who are willing to pay for their writing.
Authors were able to benefit from their work and share their books directly with readers by using the company’s Android application as well as its web platform. According to the information provided on its website, Okada Books deducted a thirty percent (30%) commission from each sale. The price of a book on the platform ranges from N250 to N500, although the author has the ability to set a greater price for their work if they so choose.
Ruth Zakari, editor-in-chief at Zikoko, said in an interview: “Okada Books created a market where none existed, so it’s quite sad to see them shut down. But I am looking forward to what fills this gap.”
More about Okada Books
In 2017, Okada Books was one of twelve startups who were chosen to participate in Google’s Launchpad Accelerator Africa. The online publisher claimed to have a collection of more than 40,000 unique books and 400,000 readers who had registered for their services.
90% of their books were offered at no cost, while the rest were available for less than one dollar. You have your choice from among more than 7500 titles in their constantly expanding library. You have the opportunity to write your own books, publish them, and share them with other people. Engage in conversation with published and aspiring authors from all around Africa.
Publishing on OkadaBooks did not cost anything. Once a copy of your book is sold, OkadaBooks will take a 30% fee, and the remaining 70% commission will go to you (the author or publisher).
An author who has never had a book traditionally published can often anticipate receiving an advance of $1,000 to $10,000 and a percentage of the royalties ranging from 5% to 18%. Although they do not receive any advance payment, many self-published authors have claimed earning up to 70% of their earnings from their ebooks as royalties, despite the fact that they do not receive any payment at all.
Writers who rely on the site to monetize their writings will be forced to look for other options now that it has decided to shut down its activities.