Africa’s cultural goods sector is estimated to employ about half a million people
The sector generates US$4.2 billion in revenues
Digital platforms are fueling the growth of performers, artists, musicians, and others by allowing them to reach global audiences
On January 12, 2022, Warner Music Group (WMG) announced their majority acquisition of Africori – the first major acquisition of the year in the entertainment industry[1].
Momentum has been building toward this as WMG first invested in Africori in April 2020 at the height of the pandemic[2], followed in December 2020, with Africori signing a global sub-publishing deal with Warner Chappell Music France[3].
In 2019, WMG signed a partnership deal with a leading Nigerian record label, Chocolate city[4] and a licensing deal with Boomplay[5] which raised US$20 million[6]. That same year, French media giant, Canal+ acquired Nigerian production studio, ROK film studios from Video on Demand (VOD) company IROKO TV[7].
In September 2018, Netflix acquired the global rights to Genevieve Nnaji’s comedy, Lionheart[8]. That same year, Black Panther became a global success as the first African themed and predominantly black cast movie, grossing about US$13.5 billion at the global box office[9].
On January 19, 2022, Carry1st, a South African publisher of social games and interactive content across Africa raised a US$20 million Series A extension led by Andreessen Horowitz (a16z) [10]. These brought significant attention to…
