Sony Group Set To Invest $10 Million in Africa’s Entertainment Industry
Sony Group’s Entertainment has disclosed its intentions to invest in start-up entertainment companies in some countries in Africa.
On Wednesday, October 11, 2023, Sony made a commitment to assist African entertainment companies by way of the Sony Innovation Fund: Africa (SIF: AF).
Regarding the investment, CEO of Sony Ventures Gen Tsuchikawa disclosed in an exclusive interview with TechCrunch that the company is still fully dedicated to its entertainment division even though it funds other societal sectors through the Sony Innovation Fund, which was founded in 2016.
He said, “The entertainment field has been a key area of focus for Sony Innovation Fund since the beginning and will continue to be.”
Tsuchikawa further explained that Africa’s large net of creatives influenced the company’s desire to invest in it. “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 expressed.
The $10 million investment will go toward supporting entrepreneurs in the music, film, gaming, and content distribution industries, among other entertainment sectors.
Sony intends to begin operations in South Africa, Kenya, Ghana, and Nigeria before expanding to other African countries.
Nevertheless, no specific date has been established for the investment’s deployment, and the amount of startup businesses that will receive funding at this moment is not known.
The beneficiaries are expected to go through a process of due diligence, and information will be made public in the days ahead.
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