The International Finance Corporation (IFC) , a member of the World Bank Group, and Sony Group Corporation have come together to sign a collaborative agreement aimed at finding investment prospects in the billion-dollar creative industries of Africa.
In this recently announced agreement, IFC and Sony will actively seek out investment prospects, with a specific emphasis on emerging and early-stage start-ups, with the goal of fostering new economic avenues and generating employment opportunities.
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Sectors that will be given priority for this collaboration include film, music, animation studios, post-production services, fashion, sports, and technology and platforms that bolster the creative ecosystem.
“This partnership will harness IFC’s expertise in emerging markets and our extensive investments in the digital landscape. Sony’s exceptional track record as a leading global player in entertainment, media, and technology positions us well to contribute to the economic growth of the creative sector,” said Makhtar Diop, IFC Managing Director.
According to the IFC statement, Africa’s creative industries generate $4.2 billion annually but have a limited share in the global market, comprising only 2.9 percent of creative goods exports and less than 1 percent of Africa’s GDP. It further says that the continent’s digital economy is projected to grow six-fold to over $700 billion by 2050, with Africa’s film and audiovisual sectors alone having the potential to create 20 million jobs and $20 billion in annual revenue.
“Through the partnership agreement with IFC, we hope to accelerate the growth of the African entertainment industry and contribute to the progress and development of the region by providing opportunities for collaboration with the entertainment businesses within the Sony Group,” said Toshimoto Mitomo, Executive Vice President, Sony Group.
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As Africa’s creative industry keeps gaining attention in music, film and fashion, this partnership looks to invest in the untapped potential as a route for boosting economic growth and improving employment opportunities for young people and women in Africa.
