(Ecofin Agency) - The program, launched by Heva Fund and Next Narrative Africa, aims to provide up to $5 million for each African television or film project. It seeks to support the continent's underfunded creative industry and position this sector as a promising investment opportunity.

Heva Fund, an investment and advisory group focused on creative industries, partnered with Next Narrative Africa, an entertainment production company, to raise $40 million to support African audiovisual content over the next four years. According to the company’s statement, $30 million will be raised through equity financing and $10 million in grants.

The funding will be channeled through a new fund called the Next Narrative Africa Fund. Officially launched on Friday, September 27, 2024, it will be led by Akunna Cook, CEO of Next Narrative Africa, and Wakiuru Njuguna, managing partner at Heva Fund. The fund aims to invest in high-impact television and film projects across Africa, offering up to $5 million per project to help develop, produce, and market content that redefines African narratives.

“The fund’s investments will also boost Africa’s under-capitalized creative industry, positioning it as a compelling opportunity for investors seeking both financial returns and cultural impact,” said Akunna Cook.

Globally, the entertainment industry has significant growth potential. By 2027, it is expected to reach $2.9 trillion, up from $2.1 trillion in 2023.

In Africa, creative industries generate $4.2 billion annually, but their share of the global market is limited. They account for just 2.9% of creative goods exports and less than 1% of the continent’s GDP, according to an October 2023 report by the International Finance Corporation (IFC). The report noted that the film and audiovisual sectors alone have the potential to create 20 million jobs and generate $20 billion in annual revenue.