Okadabooks

Online book store.

Epitaph

“Here lies OkadaBooks. For nearly ten years it let Nigerian authors self-publish and sell cheap books straight to readers' phones, no bookshop needed. Then the wider economy wrote a chapter it could not edit, and the virtual shelves closed for good.”

Overview

Born: 2013 (Year)
Died: November 2023 (Month)
Lifespan: 11 years
Fate: Shut down
Headquarters: 🇳🇬 Nigeria
Category: E-commerce & Retail, Media & Entertainment
Stage at death: Bootstrapped
Primary cause: External shock
Contributing causes: Business model or unit economics

Death certificate

Timeline

2013Founded
Okechukwu Ofili launches OkadaBooks as a mobile self-publishing and bookselling platform in Nigeria
2018Selected by Google
OkadaBooks recognized in a Google program
2018Dusty Manuscript competition
Partners with Guaranty Trust Bank on a writing competition
21 November 2023Shutdown announced
Company says it will close its online bookstore over insurmountable challenges
30 November 2023Store closes
OkadaBooks ceases online bookstore operations

Autopsy report

Why did Okadabooks shut down?

OkadaBooks, a Nigerian mobile self-publishing and bookselling platform founded in 2013, announced on November 21, 2023 that it would close its online bookstore by November 30, 2023, citing unspecified 'insurmountable' challenges after nearly ten years of operation.

What Okadabooks attempted

Enabled Nigerian authors to self-publish and sell books directly to readers as affordable mobile-phone downloads, bypassing traditional bookshops and publishers.

What worked

Operated for nearly a decade, was selected by Google in 2018, and partnered with Guaranty Trust Bank on the 'Dusty Manuscript' writing competition that same year.

What happened

On November 21, 2023, founder Okechukwu Ofili's company announced it had 'explored various avenues to keep our virtual bookshelves alive' but could not overcome 'insurmountable' challenges; the platform closed its online bookstore on November 30, 2023. Nigerian outlets linked the closure to tough macroeconomic conditions affecting businesses at the time.

Lessons for future builders

Thin margins on affordable digital goods leave no cushion when a currency and economy turn against you. Build revenue lines beyond low-priced unit sales early, so a macro shock cannot take the whole business at once.