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A new dawn for African content creators: $40 million fund unveiled
Empowering African storytellers with substantial support
In a groundbreaking move, Next Narrative Africa and HEVA Fund have announced a $40 million fund dedicated to supporting content creators across Africa and its diaspora. This significant announcement was made during the United Nations General Assembly in New York City, marking a pivotal moment for the African creative industry.
Financial backing for African audio-visual projects
The Next Narrative Africa Fund is set to allocate $30 million in equity financing and an additional $10 million in grants over the next four years. This initiative aims to tackle the persistent challenges faced by African filmmakers, such as limited financing and resource access. By providing substantial financial support, the fund seeks to foster the production of high-quality, commercially viable content that can compete on a global stage.
Leadership and vision
The fund is spearheaded by Akunna Cook, CEO of Next Narrative Africa, and Wakiuru Njuguna, managing partner at HEVA Fund. Their leadership is crucial in steering the fund towards its goal of transforming the portrayal of Africa in Western media. The initiative is supported by the William and Flora Hewlett Foundation and USAID Prosper Africa, ensuring a robust backing for its ambitious objectives.
Strategic advisory and creative incubation
A strategic advisory board, comprising industry executives and experts, will guide the fund’s investments. Additionally, the fund will establish a Venture Studio for creative incubation, providing a nurturing environment for innovative projects. This dual approach ensures that both financial and creative aspects are well-supported, fostering a holistic development of the African content industry.
Focus on impactful themes
Initial projects funded by the Next Narrative Africa Fund will center around themes such as gender equity, democracy, climate, health, and economic growth. To be eligible, productions must have at least 60% of their production carried out in Africa and budgets ranging from $1-5 million. This focus on impactful themes ensures that the content not only entertains but also educates and inspires.
Celebrating the launch with ”The Bridge”
The fund’s launch event, aptly named “The Bridge,” will take place at New York’s iconic Apollo Theater. The event will feature performances by renowned Afrobeats artists Adekunle Gold and Patoranking, adding a vibrant cultural touch to the proceedings. Notable attendees include Nigerian Minister for Art, Culture and Creative Economy Hannatu Musawa and U.S. African Development Foundation president Travis Adkins.
Capitalizing on the growing demand for African content
With Africa’s subscription VOD users projected to reach 13 million by 2025, up from 3.9 million in 2020, the Next Narrative Africa Fund aims to tap into the burgeoning demand for African content in the global entertainment market. This growth presents a unique opportunity for African filmmakers to showcase their talent and stories to a wider audience.
Driving investment and job creation
Akunna Cook emphasized the importance of supporting fresh narratives from Africa and its diaspora, stating, “By supporting fresh narratives from Africa and its diaspora, we’re making a mark in diversifying the stories being told – and this is long overdue. This fund will be a key player in driving investment and creating jobs, especially for women and young people building skills across the continent and fueling Africa’s entire creative ecosystem.”
Wakiuru Njuguna echoed this sentiment, highlighting the fund’s potential for job creation and sustainable growth. “With this new fund, we are taking significant steps forward in investing in the TV and film sector – not just aiming for strong financial returns, but also generating meaningful employment and promoting sustainable, long-term growth across the continent. Drawing from years of experience, we have witnessed the profound impact this industry can have throughout Africa. We’re especially excited about the potential for job creation, particularly for youth and women. Based on HEVA’s track record, every $10,000 invested in film production has led to five new job opportunities, and we expect this first round to create substantial employment, with even more opportunities in the future.”
A promising future for African creatives
The launch of the Next Narrative Africa Fund marks a significant milestone in the journey towards empowering African content creators. By providing substantial financial support and fostering a nurturing environment for creative projects, the fund is set to transform the African content industry and elevate its presence on the global stage.
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