Sony Group is set to invest $10 million in Africa’s entertainment sector
Sony announces investment plans in Africa’s entertainment sector [Sony]
Good news for people seeking to start something impactful in the creative sector.
Sony Group’s Entertainment has revealed its plans to invest in start-up entertainment companies in some countries in Africa.
In an announcement on Wednesday, October 11, 2023, Sony pledged to support Africa’s entertainment businesses through Sony Innovation Fund: Africa (SIF: AF).
Speaking on the investment, Gen Tsuchikawa, the CEO of Sony Ventures, in an exclusive with TechCrunch, revealed that the company remains fully committed to its entertainment line despite funding other sectors of society through the Sony Innovation Fund established in 2016.
He revealed, “The entertainment field has been a key area of focus for Sony Innovation Fund since the beginning and will continue to be.”
Tsuchikawa further explained that Africa’s large net of creatives influenced the company’s desire to invest in it. “Africa, in particular, has a vibrant community of creators and entrepreneurs looking to invent new ways to enhance entertainment experiences for audiences and that propelled Sony to establish SIF: AF,” he expressed.
The $10 million investment will span across various entertainment startups, including in music, film, gaming and content distribution sectors.
Sony plans to start with South Africa, Kenya, Ghana and Nigeria before it moves on to other countries.
However, no time frame has been set for when the investment will be deployed and there is currently no particular number of startup companies that would be benefiting from the funds.
The beneficiaries are expected to undergo a due diligence process and the details would be released in the coming days.
Pulse.ng
