Goldman Sachs projects creator economy to hit $500bn by 2027

Africa's creator economy is poised for remarkable growth in the coming years as developments in the digital space continue to unlock new market opportunities. Sunny Famubode, CEO of Afroworld Music, shared insights on why the creator economy has the potential to redefine Africa's growth momentum. The creative arts industry, a powerful sector often overlooked by major stakeholders across the continent, offers immense opportunities for economic development. Famubode emphasized the importance of understanding the true essence of creative art, which encompasses various mediums such as film, music, fashion, and generative AI. He highlighted the industry's potential to uplift people's standards of living and create substantial employment opportunities across Africa. However, realizing this potential requires the establishment of a solid structure and increased investments in the sector. Famubode expressed optimism about the future of the creative art industry in Africa, acknowledging the global impact of African artists and the need for a sustainable ecosystem on the continent. To bridge existing gaps and drive growth, Afroworld Music is organizing the African Middle East Creative Arts Economic Summit. The summit aims to bring together key stakeholders, including government entities, financial institutions, and industry practitioners, to facilitate knowledge-sharing, attract investments, and build capacity within the sector across Africa. Famubode envisioned a future where Africa taps into its creative industry, leading to the creation of millions of jobs and the expansion of African products on a global scale through platforms like Netflix and YouTube. If Africa successfully harnesses the potential of the creative art industry, it could not only empower individuals to express their true identity but also spur economic growth and innovation across the continent.