• Monday, December 04, 2023
businessday logo

BusinessDay

Sony invests $10m in African startups, Nigeria to benefit

Sony Group’s entertainment division has announced plans to invest $10 million in early-stage entertainment startups in Africa.

The investment will be made through Sony Innovation Fund: Africa (SIF: AF), a new fund established by Sony Ventures Corporation. SIF: AF will target startups in the gaming, music, film, and content distribution sectors.

The company plans to start with four countries: South Africa, Kenya, Ghana, and Nigeria. The company will then look to expand to other countries in Africa.

Sony has chosen to focus on Nigeria because of its large and growing youth population, vibrant entertainment scene, and growing tech ecosystem. Nigeria is also home to several successful startups, such as iROKOtv, Boomplay, and Stripe.

In an interview with TechCrunch, Gen Tsuchikawa, CEO of Sony Ventures, said that the company is “fully committed to its entertainment line” and that Africa is a “key area of focus” for the Sony Innovation Fund.

Read also Mavin Records set for potential sale with Universal Music Group and HYBE among bidders

“Africa, in particular, has a vibrant community of creators and entrepreneurs looking to invent new ways to enhance entertainment experiences for audiences,” Tsuchikawa said.

Sony has not yet announced a timeline for when the investment will be deployed or how many startups will benefit from the funds. However, the company says it will begin the due diligence process for potential beneficiaries in the coming days.

Sony’s investment in African entertainment startups shows the growing interest in the continent’s tech and entertainment industries. Many other global tech companies, such as Google, Microsoft, and Facebook, have also invested in African startups in recent years.

Sony’s investment is also a boost for the Nigerian entertainment industry, which is already one of Africa’s largest and most vibrant. Sony’s investment will help fuel the industry’s growth and create new opportunities for Nigerian creatives and entrepreneurs.