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Creative Economy Funding - Mope Abudu.pdf

AOT 5.0 Plenary Session delivered by Mopelola Abudu

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Creative Economy:
Funding & Investment
Opportunities
Mope Abudu
Contents
1. Introduction
2. Overview of Nigerian Creative Economy
3. Empowering Emerging Creatives
4. Lagos: Opportunities & Fresh Perspectives
5. Strategic Investment Dynamics
6. Funding Diversity
7. Funding Innovation: Beyond Traditional Models
8. Government Policies & Funding Landscape
9. Conclusion
CREATIVE ECONOMY: FUNDING & INVESTMENT
OPPORTUNITIES
2
Introduction
In an era where technological advancements have disrupted traditional industries,
the Creative Economy cradles the profound potential of innovation, fostering
growth, and shaping the future.
Today, we find ourselves at the cusp of an unprecedented era of creativity, where
creators, artists, designers, writers, filmmakers, and musicians are converging
with tech-savvy entrepreneurs to birth groundbreaking ideas that challenge
conventional thinking.
CREATIVE ECONOMY: FUNDING & INVESTMENT
OPPORTUNITIES
3
Overview of Nigerian Creative
Economy
CREATIVE ECONOMY: FUNDING & INVESTMENT
OPPORTUNITIES
4
• 2nd largest employer in the country,
employing 4.2 million people.
• Create 2.7 million jobs in 2025,
contribute N5 trillion to the country’s
GDP.
• 5 sectors: Media, Entertainment,
Beauty & Lifestyle, Visual Arts, and
Tourism & Hospitality.
• Highest contributing sectors are
Broadcasting (N1.7trn), Textile,
Apparel & Footwear (1.41trn), and
Motion Picture & Music (N1.2trn).
Media
Entertainme
nt
Beauty &
Lifestyle
Visual Arts
Tourism &
Hospitality
Total
2025 0.2 0.7 0.8 0.8 0.2 2.7
2021 0.1 1.4 2.1 0.4 0.2 4.2
0
1
2
3
4
5
6
7
8
Number
of
People
in
Millions
Jobs in the creative sector
Source: Jobberman Creative Sector Report
Empowering Emerging Creatives
CREATIVE ECONOMY: FUNDING & INVESTMENT
OPPORTUNITIES
5
• Strategic funding initiatives play a pivotal role in providing the
necessary resources, mentorship, and support to emerging
creatives, enabling them to transform their visions into tangible
reality.
• With access to strategic funding, emerging creatives can
amplify their reach, influence, and ability to drive societal
change.
The only way to limit creativity is
to limit yourself.
BEN OKRI
Nigerian Poet and Novelist
CREATIVE ECONOMY: FUNDING & INVESTMENT
OPPORTUNITIES
6

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Creative Economy Funding - Mope Abudu.pdf

  • 1. Creative Economy: Funding & Investment Opportunities Mope Abudu
  • 2. Contents 1. Introduction 2. Overview of Nigerian Creative Economy 3. Empowering Emerging Creatives 4. Lagos: Opportunities & Fresh Perspectives 5. Strategic Investment Dynamics 6. Funding Diversity 7. Funding Innovation: Beyond Traditional Models 8. Government Policies & Funding Landscape 9. Conclusion CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 2
  • 3. Introduction In an era where technological advancements have disrupted traditional industries, the Creative Economy cradles the profound potential of innovation, fostering growth, and shaping the future. Today, we find ourselves at the cusp of an unprecedented era of creativity, where creators, artists, designers, writers, filmmakers, and musicians are converging with tech-savvy entrepreneurs to birth groundbreaking ideas that challenge conventional thinking. CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 3
  • 4. Overview of Nigerian Creative Economy CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 4 • 2nd largest employer in the country, employing 4.2 million people. • Create 2.7 million jobs in 2025, contribute N5 trillion to the country’s GDP. • 5 sectors: Media, Entertainment, Beauty & Lifestyle, Visual Arts, and Tourism & Hospitality. • Highest contributing sectors are Broadcasting (N1.7trn), Textile, Apparel & Footwear (1.41trn), and Motion Picture & Music (N1.2trn). Media Entertainme nt Beauty & Lifestyle Visual Arts Tourism & Hospitality Total 2025 0.2 0.7 0.8 0.8 0.2 2.7 2021 0.1 1.4 2.1 0.4 0.2 4.2 0 1 2 3 4 5 6 7 8 Number of People in Millions Jobs in the creative sector Source: Jobberman Creative Sector Report
  • 5. Empowering Emerging Creatives CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 5 • Strategic funding initiatives play a pivotal role in providing the necessary resources, mentorship, and support to emerging creatives, enabling them to transform their visions into tangible reality. • With access to strategic funding, emerging creatives can amplify their reach, influence, and ability to drive societal change.
  • 6. The only way to limit creativity is to limit yourself. BEN OKRI Nigerian Poet and Novelist CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 6
  • 7. Lagos State: Opportunities & Fresh Perspectives CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 7 Lagos as Nigeria’s Commercial and Creative Hub has huge potential lying in wait. The state is the center for art, music, fashion, sports, tourism and creative experiences. The “Detty December” phenomenon is a renowned tourist attraction and huge cash cow for private entities, MSMEs and individuals alike. Its peak period for supporting industries as well. Imagine a city where: • Sports and Commerce collide: Innovative sports apparel and merchandise, designed by local creatives, are sold online and in physical stores, boosting tourism and local businesses. • Art meets Tourism: Immersive art experiences, powered by digital technology, attract visitors from around the world, generating revenue and showcasing local talent. • Food and Hospitality merge: Culinary experiences curated by local chefs and food bloggers become must-try destinations for tourists, promoting cultural exchange and gastronomic tourism.
  • 8. Strategic Investment Dynamics Ever-Evolving The complexities of investing in a dynamic sector requires staying ahead of the curve being flexible & keeping a finger on the pulse of emerging technologies, consumer behaviours, & cultural shifts. This means continuous monitoring, adaptation, and a deep understanding of the market trends. No Risk, No Reward In the creative economy, the risks are often amplified due to the inherent nature of innovation, disruption, and the ever-changing market dynamics. Mitigating risk while seeking ample returns is at the forefront of decision- making processes. Happy Hunting Identifying and assessing investment opportunities in the creative economy is key as creatives, as investors and as stakeholders. The core values of businesses don’t change across sectors: Capable Team, Sustainable Competitive Advantage, Rigorous Market Analysis & Due Diligence. CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 8
  • 9. CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 9 Traditional Channels • Venture Capital • Private Equity • Angel Investment • Loans & Debt Investments • Bootstrapping Emerging Channels • Impact Investment • Crowdfunding • Revenue Based Financing • Hybrid Investments Funding Diversity
  • 10. CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 10 • Conventional Investment Approaches: Focus primarily on assessing the financial viability, growth potential, and competitive landscape of a venture. This method has proven successful for many investors. • Avant-garde Models: These models consider factors such as the quality of artistic content, cultural impact, audience engagement, and intellectual property, alongside the financial metrics. This captures the intrinsic value of creative ventures. Funding Diversity
  • 11. Funding Innovation: Beyond Traditional Models CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 11 • Women’s Football - A funding success story: The recent surge in women's football demonstrates the power of targeted funding. Investment in the entire value chain, from grassroots training to merchandise and team development, has propelled women's football to new heights. Global investment in women's football has increased by 300% since 2015, reaching $1.2 billion in 2021. Registered Female Footballers increased by 30%, Global Viewership increased by 50%. • Lottery as a Crowd-funding model: Successful models like the UK National Lottery, uses a portion of proceeds totalling £46 billion for good causes since its inception in 1994, including £1.5 billion for arts, culture, and sport. This innovative approach leverages public participation while supporting creative endeavours. This has also generated £3.9 billion in tax revenue each year. • Infrastructure Investment: Funding the physical infrastructure that supports the creative economy is crucial. Purpose-built entertainment centres, Academies and Creative Hubs (Leveraging the National Startup Act) equipped with digital technology, data connectivity, secure environments, and seamless payment systems will attract audiences and drive economic growth.
  • 12. Government Policies & Funding Landscape CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 12 Governmental policies and incentives have a significant impact on the availability and accessibility of funding; Regulatory frameworks are particularly important in establishing a supportive environment for the creative economy. Policies that promote innovation, protect intellectual property rights, and encourage competition can create an ecosystem that fosters growth and attracts investment. This can be done through: • Direct Funding Mechanisms – Grants, Loans, Subsidies • Tax Breaks and Incentives – Tax Breaks, Deductions, Credits, Tax Free Zones • Regulatory Reforms – Simple Processes, Reduced Hurdles, Amendments • Collaboration and Knowledge Sharing Initiatives – Public-Private Partnerships, Research & Development, Creative Academies & Training Schemes, Creative Hubs & Co-working Spaces, Leveraging the National Startup Act.
  • 13. Learning from our Neighbors CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 13 Government Policies & Funding Landscape Kenya Rwanda's vibrant music scene, fostered by government initiatives and private investment, attracts international artists and music lovers alike. Initiatives like the "Made in Rwanda" campaign promote local music globally and generates $20m revenue p/a Ghana Ghana's "Year of the Return" 2019 initiative strengthened the connection between the African diaspora and Ghana by attracting tourists and investors. It also took advantage of the growing demand & social phenomenon for of the African diaspora to ‘connect to their roots’. 2,000 direct jobs & 1.2% increase in GDP was attributed to the Year of the Return activities. Rwanda Kenya's film industry, supported by government funding & international partnerships, has produced award-winning films with $100m revenue p/a and created 10,000 jobs for local talent. Collaborations with international film organizations & co- productions showcase stunning landscapes and diverse cultural tapestry.
  • 14. Global Case Studies Case Study 1: Dedicated Government Funds United Kingdom's Creative Sector tax relief program (2012) provides tax breaks of £120 million p/a to companies engaged in creative ventures like high-end television, video games, and animation. Modelled on the existing film tax relief scheme, which has supported over £5 billion of investment into British films and seen a 70% increase in the film production workforce since its introduction in 2007. Case Study 2: Tax Reliefs CREATIVE ECONOMY: FUNDING & INVESTMENT OPPORTUNITIES 14 South Korea’s comprehensive strategy includes direct funding, tax incentives, and regulatory reforms. As a result, they are a global leader in creative industries, particularly in film, music, and gaming. Singapore invested in infrastructure and initiatives like developing creative clusters, co-working spaces & attracting international talent. These efforts positioned them as a hub for innovation and creativity in Southeast Asia. Government Policies & Funding Landscape