By Variety | Created at 2024-09-26 08:24:02 | Updated at 2024-09-30 09:29:23
4 days ago
Next Narrative Africa and HEVA Fund have unveiled a $40 million fund to support content creators in Africa and the diaspora. The announcement came during the United Nations General Assembly in New York City.
The Next Narrative Africa Fund will allocate $30 million in equity financing and $10 million in grants over four years to back audio-visual projects produced in Africa. The initiative aims to address longstanding challenges faced by African filmmakers, including financing and resource access.
Led by Akunna Cook, CEO of Next Narrative Africa, and Wakiuru Njuguna, managing partner at HEVA Fund, the fund seeks to develop commercially viable content while transforming narratives about Africa in Western media.
The William and Flora Hewlett Foundation and USAID Prosper Africa are supporting the fund, which will also establish a Venture Studio for creative incubation. A strategic advisory board, including industry executives and experts, will guide the fund’s investments.
Initial projects will focus on themes such as gender equity, democracy, climate, health, and economic growth. Eligible productions must have 60% or more production in Africa and budgets ranging from $1-5 million.
The fund’s launch event, “The Bridge,” will be held at New York’s Apollo Theater, featuring performances by Afrobeats artists Adekunle Gold and Patoranking. Nigerian Minister for Art, Culture and Creative Economy Hannatu Musawa and U.S. African Development Foundation president Travis Adkins are among the expected attendees.
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 capitalize on the growing demand for African content in the global entertainment market.
Cook said: “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.”
Njuguna added: “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.”
