February: a short month, but full of wins for African Sports and Entertainment, from AFCON, to the Grammys, the Super Bowl, the Berlinale Film Festival, the Annie Awards and even the Michelin restaurant guide.
But the biggest winners might be Mavin Records’ investors, who have arguably achieved the biggest exit in African entertainment history when Universal Music acquired their majority stake earlier this week
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I spoke to Jeune Afrique (in French) and The Africa Report about the recent interest from large development banks (such as IFC, Afreximbank or Proparco) for the African Creative Industries.
Both articles are behind a paywall, but here’s an extract for you, readers of HUSTLE & FLOW:
“Why did these large institutions wait so long to support sectors which, according to IFC, currently represent $4.2 billion on the continent?
For Frenchwoman Marie Lora-Mungai, founder of the consulting company Restless Global and specialist in the Creative Industries in Africa, the relatively recent enthusiasm of investors is the product of two factors.
On the one hand, “over the last two or three years, the world has discovered great artists from the continent who have made it on their own and have proven that their activity can generate significant income”, explains the one who accompanies large development finance institutions such as IFC or Proparco, to better understand the Creative Industries and to imagine suitable financing mechanisms.
On the other hand, around 2013, the rebasing of the Nigerian GDP (from $270 to $510 billion) raised awareness that an industry like film, accounting for 1.3% of national wealth, was likely to provide a significant contribution to the economy.”
Development institutions have also become aware of the capacity of the Creative Industries to create numerous jobs, particularly for young people and women.
