Sony to invest $10 million in African entertainment
Japanese tech giant Sony Corporation has allocated $10 million to invest in the African entertainment industry.
The Sony Group's timing aligns well with the growing prominence of the African entertainment industry on the global stage. Still, there is room for more substantial efforts to bolster Africa's competition against other entertainment giants. In an exclusive with Techcrunch, Chief Executive Officer Gen Tsuchikawa said, "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,"
In addition to the investment injection, Sony Group will offer follow-on investments to portfolio companies. Due diligence into the portfolio companies has already begun, yet no timeframe has been allotted for the utilisation of the $10 million. Sony Ventures Europe will manage the funds, and a dedicated team in Africa will eventually oversee the venture capital.
Sony Innovation Fund Africa will begin investing in Nigeria, South Africa, Ghana, and Kenya. The Vice President of Sony, Toshimoto Mitomo, said, "Sony Group has been fostering next-generation technologies and startups and promoting open innovation through its corporate venture capital activities.
Sony Corporation's main goal is to expedite the expansion of the African entertainment industry by creating and offering diverse opportunities. This includes fostering talent, promoting creative endeavours, and supporting the production of high-quality content