Cultural and Creative Industries: An Opportunity for Visionary Entrepreneurs and Investors

A thriving industry in Africa

• Film Industry:  Nigeria’s Nollywood film industry is the second largest in the world by volume, producing nearly 2,500 films annually. The sector generates $6.4 billion annually and employs over a million people. Productions like The Wedding Party and Lionheart, which are broadcast on Netflix, are a testament to the international success of African cinema. Significant progress is also being seen in other regions, such as Senegal, which supports young talent and local production companies like Kalista Production .

• Music Industry: African artists such as Burna Boy, Wizkid, and Angelique Kidjo have propelled the continent’s music to the world’s biggest stages. In 2022, the African music industry grew by 34,7% according to the  Global Music Report 2023. Platforms like Spotify and Boomplay are now making it easier to share African music with an international audience, amplifying its reach.

• Fashion and Crafts: The fashion sector contributes $15 billion to the African economy, according to the African Development Bank. Designers like Imane Ayissi and brands like Maison Château Rouge showcase African fabrics and traditions while captivating global catwalks.   

The transformation of African cultural and creative industries

The development of CCIs in Africa is based on targeted initiatives and public policies that have fostered an environment conducive to creation and distribution.

• Strengthened public and private policies: Countries like Nigeria and Rwanda are adopting laws to facilitate access to financing and protect the rights of creators. Senegal, for example, actively supports its audiovisual sector through dedicated funds like FOPICA which supports young talent and local studios. Private institutions like the pan-African bank Afreximbank offer creators resources to produce and promote their creative projects on a large scale.
• Digital transformation: Digitalization has opened up new horizons for creators. Platforms like TikTok and Instagram allow African artists to monetize their creativity and reach a global audience. In 2022, TikTok saw a 90% increase in African content, providing an opportunity for local talent to monetize their creativity.

• Support from international institutions: Programs such as the African Development Bank’s (AfDB) Creative Africa Nexus fund innovative cultural projects and promote professional training in CCIs. These funds aim to develop creative hubs and support professional training for artists and entrepreneurs.

Focus on new perspectives for the sector

With a growing demand for authentic cultural content, African CCIs offer considerable potential, but require targeted strategies:

• Market Diversification:  African creators must explore new markets such as Asia and Latin America, where demand for original content is growing. However, to succeed in these competitive environments, it is essential to ensure the quality of their production and maintain consistency in their artistic identity. Collaborating with branding agencies like Moonlook can help refine their positioning and create a strong brand image.
• Developing local infrastructure:  Creating modern creative hubs is a priority. The The Nest in Kenya and EbonyLife Studios in Nigeria are fostering the sector’s growth and attracting investors.
• Training and international collaboration: Creating partnerships between African designers and international studios can accelerate innovation and quality improvement. Opportunities like Sèmè City’s FLY in Benin, in collaboration with the French Fashion Institute,  allow African talent to train and develop their creative projects on the continent.

African CCIs represent a unique opportunity to transform the continent by enhancing its heritage, creating jobs, and generating inclusive growth. Whether you’re a designer, investor, or entrepreneur, it’s time to participate in this cultural and economic revolution. To better understand how African heritage is shaping the global brands of tomorrow, don’t miss the free. masterclass  with Nelly Wandji, CEO of Moonlook.

If you are looking for personalized and directly applicable advice, book a session with our Entourage experts.