Sony Ventures, also known as Sony Innovation Fund, the corporate venture capital arm of Sony Corporation, has recently announced the allocation of $10 million for investment in African entertainment startups.
The tech giant established Sony Innovation Fund: Africa (SIF: AF), a program that is needed to support and growth of entertainment businesses in Africa.
Unlike Fintech which remains the most funded sector in Africa, Sony has decided to make a foray into the investment of the region’s Entertainment sector, a move that aligns with the company’s mission.
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Speaking on the company’s plan to invest in Africa’s entertainment industry, CEO of Sony Ventures Gen Tsuchikawa said that although the company established the Sony Innovation Fund in 2016 to invest in ventures across various business fields, it remains a creative entertainment and technology company whose mission is to fill the world with sentiment through the power of creativity and technology.
In his words,
“The entertainment field has been a key area of focus for Sony Innovation Fund since the beginning and will continue to be. 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.
“We are exploring investments in these areas because we see great potential and exciting creativity from the creators, entrepreneurs, and teams in Africa, and we want to support that. There is also a growing adoption of technology overall in these areas, which we are excited about.
“Since Sony’s entertainment business group is exploring and supporting young talented creators in Africa, this fund will also try to support those creators and the growth of entertainment business in Africa in various ways such as providing technologies, collaborating with creators, intellectual property, and contents, marketing support, and others which Sony can contribute”.
Sony Ventures’ investment in Africa’s entertainment sector, signifies the company’s recognition of the rich and diverse creative talent in Africa’s entertainment sector.
The tech giant’s Africa-focused fund will serve as a much-needed boost to the continent’s entertainment tech startups, that has struggled to receive consistent venture capital over the years.
For Sony, this initiative can open up new markets and opportunities in the African entertainment space. It may also lead to the development of products, services, and content that resonate with local audiences.
Sony Ventures’ commitment to investing in African entertainment startups is a notable development that has the potential to energize and transform the African entertainment landscape.
The move reflects a broader trend of international interest and investment in the continent’s creative industries and technology sectors.