Africa’s creative economy is on the rise, with a valuation of nearly $59 billion. This sector is starting to gain global recognition, even though it only makes up a small portion of the $2 trillion global industry. The recent $200 million investment by Netflix in African markets and Canal+’s planned acquisition of Multichoice are clear indicators of the continent’s growing commercial appeal.
Efforts to support and boost the creative economy include initiatives such as Afreximbank’s expansion of funding for the Creative Africa Nexus program and the launch of an investor network for sports and creative startups by the African Business Angel Network. These developments show a growing interest in investing in the creative industries in Africa.
Global interest in African exports like Nollywood films and Afrobeats music is also playing a significant role in attracting investors to the region. The economic potential of Africa’s creative industries is becoming more apparent, and investors are taking notice.
It is clear that Africa’s creative economy is on an upward trajectory, with increasing investments and global recognition. As the continent continues to showcase its creative talents on a global stage, the future looks bright for this burgeoning industry.
Source: Semafor
