Good news for those who want to launch a significant business in the creative industry.
The entertainment division of the Sony Group has announced its intentions to fund emerging entertainment businesses in a few African nations. Sony announced on October 11, 2023 that it would help the entertainment industry in Africa with the Sony Innovation Fund: Africa (SIF: AF).
In an exclusive interview with TechCrunch, Gen Tsuchikawa, CEO of Sony Ventures, discussed the investment and said that despite investing other societal sectors through the Sony Innovation Fund, which was launched in 2016, the business is still totally devoted to its entertainment line.
Tsuchikawa went on to say that the company’s decision to invest in Africa was driven by the continent’s extensive network of creatives. The $10 million investment will be spread out across a number of entertainment firms in the music, film, gaming, and content distribution industries.
Sony intends to begin with South Africa, Kenya, Ghana, and Nigeria before moving on to other nations. However, no specific date has been established for the investment’s deployment, and it is not yet known how many startup businesses would receive funding from it.
A due diligence process is anticipated for the recipients, and information will be made public in the upcoming days.