Our Correspondent | Africa Guardian
Next Narrative Africa, in collaboration with HEVA Fund, has announced a $40 million fund to support African content creators and those in the diaspora. The launch was made during the United Nations General Assembly in New York City.
The initiative, named the Next Narrative Africa Fund, will allocate $30 million in equity financing and $10 million in grants over the next four years to boost audio-visual projects originating from Africa. It aims to tackle key challenges such as financing and resource access that have long hindered African filmmakers.
The fund, spearheaded by Akunna Cook, CEO of Next Narrative Africa, and Wakiuru Njuguna, managing partner at HEVA Fund, is designed to develop commercially successful content while reshaping Africa’s portrayal in Western media. It will also establish a Venture Studio to foster creative incubation.
Backed by the William and Flora Hewlett Foundation and USAID Prosper Africa, the initiative will be guided by a strategic advisory board made up of industry executives and experts to direct investments.
The fund’s early projects will focus on themes such as gender equity, democracy, climate, health, and economic growth. Eligible productions must have at least 60% of their production take place in Africa, with project budgets ranging between $1 million and $5 million.
To celebrate the fund’s launch, an event titled “The Bridge” will be held at New York’s iconic Apollo Theater, featuring performances from Afrobeats stars Adekunle Gold and Patoranking. Notable attendees will include Nigerian Minister for Art, Culture and Creative Economy, Hannatu Musawa, and U.S. African Development Foundation President, Travis Adkins.
With Africa’s subscription video-on-demand (VOD) users expected to grow to 13 million by 2025, up from 3.9 million in 2020, the Next Narrative Africa Fund aims to seize the opportunity of rising global demand for African content.
Speaking about the initiative, Cook remarked, “By championing new narratives from Africa and its diaspora, we’re contributing to the diversification of global stories – something that has been long overdue. This fund will play a crucial role in driving investment and creating jobs, especially for women and youth, while nurturing Africa’s entire creative ecosystem.”
Njuguna added, “With this fund, we are making strides in supporting Africa’s TV and film sector, not only focusing on financial returns but also creating meaningful employment and promoting sustainable growth. From our experience, every $10,000 invested in film production has resulted in five new jobs. We expect this fund’s first round to generate significant employment and open up even more opportunities in the future.”
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