The Entertainment division of the Sony Group has disclosed its intentions to invest in early-stage entertainment ventures in several African nations.
Sony announced on Wednesday, October 11, 2023, that it will use the Sony Innovation Fund: Africa (SIF: AF) to assist African entertainment companies.
Speaking about the investment, Sony Ventures CEO Gen Tsuchikawa disclosed in an exclusive interview with TechCrunch that the firm is still totally dedicated to its entertainment division even if it funds other societal sectors through the Sony Innovation Fund, which was founded in 2016.
He stated, “The entertainment field has been a key area of focus for the Sony Innovation Fund since the beginning and will continue to be.”
Tsuchikawa further explained that Africa’s large network 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 span across various entertainment startups, including in the music, film, gaming, and content distribution sectors.
Sony plans to start with South Africa, Kenya, Ghana, and Nigeria before moving on to other countries.
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
