Sitati Kituyi and Dicky Hokie launched AfricanStockPhoto in 2015 as a side project. The company raised $50,000 in November last year during the pre-seed round. The funds helped the startup to expand their operations.
This was achieved through the acquisition of photographers and marketing models. The company managed to bring on board 100 photographers from all over Africa. The active photographers so far have produced thousands of images.
According to Sitati Kituyi, the startup revenue began increasing from February this year. He added that the startup is looking forward to generating more revenue. To achieve this growth, the company plans to use a bulk discount strategy. The company’s photography catalog content expanded since customers demanded many images.
The company brand sales by producing authentic imagery on a daily basis. The startup leads in the market by offering normal imagery daily via the authentic online platform. Most of their competitors produce images related to wildlife, poverty, and tribe. The technique improves the startup marketing technique. This occurred through the incorporation of more advertising companies. Products like the use of Uber and peoples’ day-to-day activities are the startup’s focus.
Kituyi emphasized that the startup serves the international market via digital platforms. The company generates revenue by charging a commission ranging between 30%-50%. The commission rates charged by AfricanStockPhoto depend on the buyer type. The model attracted more photographers globally given that competitors charge higher rates of up to 70%.
Despite the low rates, the startup still records a steady growth in revenue. This shows a rapid development since AfricanStockPhoto went public in February last year. The startup projects expansion in revenue collection soon.