Browsing: Davido

Davido, Burna boy, rayvanny, Diamond Platnumz,

Music and film are now turning the creative and entertainment tide across the continent. The creatives in Africa are now crowned and featured by other established performers in the developed world, which signals the potential of the creative industry in Africa. 

There are more than 2,500 films made each year in Nigeria’s film hub, “Nollywood”. As modern filmmaking technologies expand across Africa, more works are now done in other developing industries in East and Southern Africa. 

The United Nations Education, Scientific and Cultural Organization (UNESCO) find the audio-visual sector to be a honeypot, but it is largely untapped. The industry is estimated to account for $5 billion in revenue in Africa out of a $20 billion potential and employ at least 5 million people. 

On a global scale, cultural and creative industries are estimated to generate about $2.25 trillion annually, 3 per cent of global GDP, and employ around 30 million people worldwide (UNESCO). 

The companies that led the seed round were capital firms Distributed Global and Alter Global. Distributed Global invests mainly in blockchain companies, while Alter Global focuses on startups in emerging markets. Other firms that participated include Serena Ventures, Alameda Research, A&T Capital, MSA Capital and 4DX Ventures.

Serena Williams invested in Nestcoin to drive crypto adoption in Africa as the Nigerian startup is building products to help Africans understand and adopt crypto. Yele Bademosi and Taiwo Orilogbon co-founded Nestcoin.

According to Chainalysis, Africa’s cryptocurrency market grew by 1,200%, to US$105.6 billion, between July 2020 and June 2021. High inflation rates, weak currencies, increased unemployment rates and economic instability have supported the exponential growth of crypto in the continent.