Africa contributes only 1% to global creative economy 

John Ugbe, the Chief Executive Officer of Multichoice West Africa, has emphasized that Africa’s current contribution to the global creative economy, valued at $2.2 trillion, stands at a mere 1%. Despite this, Ugbe pointed out that African films possess a captivating allure that rivals any in the world.

In a report highlighting the economic impacts of the Africa Magic Viewers’ Choice Awards (AMVCA), Ugbe acknowledged that Multichoice has created an exhilarating platform through AMVCA to celebrate excellence and propel the African film sector to unprecedented heights. However, he also recognized the need for more vigor and dynamism to optimize the industry’s contribution to the socio-economic well-being of African countries and their people.

Ugbe pledged that the AMVCA would continue to be a key player in pursuing creative economic benefits for Africa. He emphasized the urgency of shrinking the gap in financial benefits between Africa and the Western world, given the sector’s relatively insignificant contribution to the global creative economy.

Addressing the challenges facing African movies, Dr. Busola Tejumola, the Executive Head of Content and West Africa Channels at MultiChoice, highlighted that before 2013, Multichoice recognized the immense potential of African films but was disappointed that the creativity, talent, and insights within the films were not reaching a global audience.

To address this, the Africa Magic Viewers’ Choice Awards (AMVCA) was born with the vision of showcasing the richness of African cultures and talents to the world. By recognizing exceptional works and setting high standards, the aim was to encourage practitioners to strive for excellence and elevate the industry.

Over nine successful editions, the AMVCA has not only propelled progress but also elevated African cinema to a global platform. Tejumola further mentioned that long-standing distribution challenges in the industry have been substantially resolved through digital platforms provided by companies like Showmax, Netflix, and Prime Video, enabling practitioners to maximize the benefits of their work.

Despite the progress, there is still much to be done in the sector. According to UNESCO, African films and audiovisual industries currently generate $5 billion, only a quarter of their true potential of over $20 billion to Africa’s GDP. However, with consistent promotion and projection of the industry, it is believed that the $20 billion mark will be surpassed in the coming years.

As a result, the future of AMVCA will be dedicated to accelerating the socio-economic impact of the sector, nurturing and inspiring talent, expanding industry exposure, and attracting vital investments to further boost Africa’s creative economy.