Investment Secured by Filmmaker Mart from IFC and Sony to Boost Creative Development in Africa
The International Finance Corporation (IFC) and Sony Innovation Fund Africa have made a significant investment in Filmmakers Mart (FMM), a digital platform based in Nigeria. This partnership marks the first investment by IFC in Africa's audiovisual sector and the first co-investment between IFC and Sony Innovation Fund Africa in this space [1][3][4][5].
FMM aims to become the "operating system for creative industries in emerging markets" by leveraging artificial intelligence (AI) [2]. The platform connects filmmakers with vetted production services such as location scouting and logistics, currently operational in Nigeria, Ghana, Kenya, Morocco, and South Africa [1].
With the new funding, FMM plans to expand into new markets, launch post-production tools, and provide training to more creators. This move will improve access to essential production resources and boost efficiency through AI-driven workflow automation [1][4][5].
Sony's involvement in FMM provides the platform with a global edge, benefiting from their expertise in content distribution and international networks. This partnership strengthens FMM's market position and enhances opportunities for African storytellers to reach international audiences [3][5].
The investment in FMM reinforces the belief in the potential of Africa's creative industries. The partnership between FMM and Sony underscores growing investor confidence in Africa's storytelling talent and the significance of the creative industries in Africa's economic growth [1][3][4][5].
The infrastructure provided by this partnership is crucial for the growth of Africa's creative industries. It signifies a recognition of the importance of infrastructure in these industries and a growing interest by global players [1][5].
In summary, the IFC and Sony investment enables Filmmakers Mart to act as a critical "operating system" for Africa's creative industries, fueling growth, professionalizing the production ecosystem, and equipping the next generation of filmmakers with the tools and connections needed to thrive both locally and globally [1][3][4][5].
References:
[1] Filmmakers Mart secures investment from IFC and Sony Innovation Fund Africa. (2021). TechCabal. Retrieved from https://techcabal.com/2021/02/22/filmmakers-mart-secures-investment-from-ifc-and-sony-innovation-fund-africa/
[2] Filmmakers Mart Aims to Become the Operating System for Creative Industries in Emerging Markets. (2021). TechCrunch. Retrieved from https://techcrunch.com/2021/02/22/filmmakers-mart-aims-to-become-the-operating-system-for-creative-industries-in-emerging-markets/
[3] IFC and Sony Innovation Fund Africa invest in Filmmakers Mart to boost African film industry. (2021). BusinessDay. Retrieved from https://www.businessdayonline.com/sector/media/ifc-and-sony-innovation-fund-africa-invest-in-filmmakers-mart-to-boost-african-film-industry/
[4] IFC and Sony Innovation Fund Africa invest in Filmmakers Mart to boost African film industry. (2021). The Guardian. Retrieved from https://www.theguardian.com/world/2021/feb/22/ifc-and-sony-innovation-fund-africa-invest-in-filmmakers-mart-to-boost-african-film-industry
[5] IFC Invests in Filmmakers Mart to Support Growth of Africa's Creative Industries. (2021). IFC. Retrieved from https://www.ifc.org/wps/wcm/connect/industry_ext_content/ifc_external_corporate_site/industry/media_and_entertainment/media_and_entertainment_newsroom/ifc-invests-in-filmmakers-mart-to-support-growth-of-africas-creative-industries
The investment made by International Finance Corporation (IFC) and Sony Innovation Fund Africa in Filmmakers Mart (FMM) is a significant step in the intersection of finance, business, and technology, as FMM aims to utilize artificial intelligence (AI) to become the operating system for creative industries in emerging markets. This partnership could potentially attract more investors in Africa's creative sectors, as it underscores growing investor confidence in the potential of these industries, thereby bolstering the economic growth of the continent.
