Sony unveils $10m support for Africa’s entertainment sector
Sony Group has announced a significant commitment of $10 million designed to bolster the growth of the entertainment sector in Africa through “Sony Innovation Fund: Africa” (SIF:A).
The “Sony Innovation Fund: Africa” specifically targets seed to early-stage start-ups operating in the African entertainment industry.
This encompasses start-ups in gaming, music, movies, and content distribution. To kick-start this initiative, Sony is allocating an initial investment of US$10 million.
Gen Tsuchikawa, the CEO of Sony Ventures, 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.
“The entertainment field has been a key area of focus for Sony Innovation Fund since the beginning and will continue to be.” Tsuchikawa said.
Sony plans to start with South Africa, Kenya, Ghana and Nigeria before it moves on to other countries.
Tsuchikawa further explained that Africa’s large net of creatives influenced the company’s desire to invest in it.
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“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 said.
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.
The initiative is part of Sony’s commitment to promoting diversity and inclusion in the entertainment industry, and to fostering collaboration with African creatives.
