Idris Elba's quest to transform Africa's entertainment industry

In recent developments, Idris Elba, the acclaimed actor born in London to Sierra Leonean and Ghanaian parents, is focusing on revolutionizing the entertainment industry in Africa. During the World Economic Forum in Davos in 2023, Elba engaged with Tanzanian President Samia Suluhu Hassan to initiate plans for a modern film studio in Zanzibar, Tanzania. This endeavor is perceived as the foundation for a broader entertainment hub akin to Hollywood and Nollywood, intending to celebrate African narratives created by African storytellers. The significance of this project extends beyond filmmaking; it aims to enhance Africa's share of the global creative economy, currently a mere 1%. Notably, with the continent represented by a median age of 19, there is a burgeoning young demographic eager to share their stories. A UNESCO report highlights that Africa's audiovisual industry could substantially boost the continent's economy, adding $20 billion to GDP and generating 20 million jobs by 2030. Despite the promising outlook, Elba acknowledges the challenges in building this new industry, including regulatory hurdles and financing issues. By fostering a suitable financial model like Akuna Wallet, which operates outside traditional banking systems, he aims to empower young artists and creators. Elba’s vision is to stimulate a robust entertainment economy that mirrors the explosive growth experienced by South Korea's entertainment sector in recent years. With further investments from global players like Netflix and Disney in the region, the time is ripe for local governments to recognize the economic potential of the creative industries, ensuring sustainable growth and development in African entertainment.