Unlocking commercial viability of Africa’s film & creative industry

Africa's creative industry has long been recognized for its vast potential, with a market size estimated at $20 billion as of 2024. In a recent interview with CNBC Africa, Janet Rogan, CEO of the Royal African Society, shed light on how the continent can attract investments into the industry and drive its growth. Rogan emphasized the significant opportunities that lie within Africa's film and creative industries, both in expanding globally and within the continent itself. She expressed her belief that the current valuation of $20 billion is a conservative estimate, highlighting the immense potential for investment, growth, and job creation across the sector. Events like the Africa Film Festival and partnerships with key industry players are vital in leveraging the untapped potential of Africa's creative industry. Rogan pointed out that such gatherings serve as platforms to bring together filmmakers, industry stakeholders, and investors to promote African creativity. By hosting these events in hubs like London, which boasts a diverse African diaspora and is a hotspot for international investment, the industry gains visibility and attracts attention from a broader audience. The Royal African Society's collaborations with partners such as APO, the British Film Institute, Rolling Stone Africa, and various financial institutions underscore a collective effort to support budding talent and drive investments in the creative sector. Initiatives like the African cinema conference summit in Accra, Ghana, highlight the industry's commitment to fostering partnerships and promoting the creative arts. In discussing the regions leading the creative charge, Rogan noted the resilience of Africa's film industries in countries like Nigeria, South Africa, and East Africa, particularly Kenya. Despite global challenges like the COVID-19 pandemic, these regions continue to meet market demands and push boundaries in creativity. With the establishment of the African Union's commission for audio-visual and the African continental free trade area, the groundwork is being laid for standardized practices and intellectual property protection within the industry. Rogan stressed the need for increased technical training, talent development, and innovation in content creation, especially focusing on digital platforms and youth engagement. By embracing new modes of distribution such as streaming, the industry can gather valuable data on audience preferences, track engagement, and drive informed decision-making. Looking ahead, as African countries aim to boost trade and economic growth, the creative industry stands out as a beacon of opportunity. From Algeria to Zimbabwe, creativity knows no bounds, with diverse content emerging from every corner of the continent. The Royal African Society's commitment to showcasing Africa's potential and supporting filmmakers in seizing investment opportunities underpins the industry's path to sustained success. As Africa's creative industry continues to captivate global audiences with its unique narratives and universal themes, the prospects for growth and innovation remain bright. By fostering collaborations, nurturing talent, and embracing technological advancements, Africa's film and creative industry is poised to unlock its full commercial potential, driving economic prosperity and cultural enrichment across the continent.