The African cultural industry is booming and attracting increasing interest from investors. Whether in the fields of cinema, music, video games or even comics, African creators are making their mark on the international scene. This was highlighted during the first Création Africa forum which was held in Paris at the beginning of October.
According to figures, African cultural sectors are experiencing average growth of 7% per year on the continent, with significant economic benefits, creating hundreds of thousands of jobs. It is a veritable pool of talent and creativity that is emerging in Africa.
Bayard Afrique, a subsidiary of the French press group, is an example of success in this area. Based in Ivory Coast, this company publishes two pan-African magazines aimed at young people. It employs around fifty African illustrators and authors, while supporting local industry. By printing their magazines with an Ivorian printer, they contribute to developing the book chain in Ivory Coast and stimulating the local economy.
However, not all African creators benefit from foreign partnerships. The main obstacle to the development of the cultural industry in Africa remains the lack of capital. It is crucial to reassure potential investors about the profitability of their investments. This is why structures like Sème City, Benin’s innovation hub, are working to establish a framework that facilitates investment in the creative and cultural industries.
In this context, the entrepreneurial training of artists is essential. It is essential to teach them how to make a living from their passion by developing their business management skills. Initiatives like Kobo Hub in Kinshasa set up programs to help artists become entrepreneurs. In addition, it is necessary to create a real cultural industry in Africa, supporting the different components of the value chain.
Despite these challenges, the African cultural industry is poised to take a more important place on the international scene. Currently, Africa represents only 5% of the global cultural industry, estimated at nearly $2.5 trillion according to the World Bank. However, with sustained growth in the sector and growing investor interest, Africa has the potential to become a major player in the global cultural industry. It is therefore essential to continue to support and invest in African creativity to promote its development and influence throughout the world.