I was thrilled to speak at the Milken Institute Global Conference in Los Angeles a few weeks ago on the digital and creative economies in Africa.
The basis of our discussion revolved around the POTENTIAL within our digital and creative economies.
Did you know that Africa’s digital economy is projected to grow six times by 2050 to over $700 billion? And that the creative artistic economy is exploding, with Africa’s film, music and audiovisual alone is expected to create 20 million jobs and generate $20 billion per year?
We are already beginning to see the impact of this with the likes of Burna boy becoming the first African Artist to headline a stadium show in the UK.
As reported by the BBC, a crowd of 60,000 fans created a carnival like atmosphere as they sang along with Burna Boy.
We have so much potential as a continent, but as I said during our discussion at the Milken Institute conference, there are a number of PRACTICAL STEPS that we need to take to realise our full POTENTIAL:
1. Create a supportive environment for African creatives to thrive by investing in infrastructure, technology, and education.
2. Foster partnerships with international companies and investors to provide access to funding and expertise.
3. Promote African talent and creativity by showcasing it on global platforms and through collaborations with international artists.
4. Develop policies and practices that support and incentivize the growth of the creative economy, such as tax incentives and intellectual property protections.
5. Provide training and mentorship opportunities to help African creatives develop their skills and build their networks.
African culture brings new perspectives, voices, and experiences to the global cultural conversation. This diversity enriches global culture, promoting inclusion and understanding of different ways of life and traditions. This is what we offer and this is what must be monetized.
Story Source: Mo Abude IG