Sony reportedly invests in South African gaming startup, Carry1st. This move and investment from the makers and manufacturers of PlayStation is a significant step in the African tech community.
Sony Invests In South African Gaming Startup
Sony, through its Sony Innovation Fund, has recently made a strategic investment in Carry1st, a burgeoning South African gaming startup. This investment is aimed at exploring new business opportunities in collaboration with PlayStation, Sony’s renowned gaming brand.
While specific details of the partnership are not yet disclosed, it’s clear that this initiative is still in the early stages of development. Cordel Robbin-Coker, CEO and co-founder of Carry1st stated that discussions with the Sony Innovation Fund started around eight to nine months ago. He emphasized Africa’s emerging status as a significant new market for video game sales.
What Sony’s Investment in Carry1st Represents
Sony’s investment in Carry1st represents a significant bet on the growing potential of the African video game market. This market has seen rapid expansion, even in the face of a global downturn in sales post-pandemic.
The African Video Game Market According To Data from Statista
According to data from Statista, the African video game market is expected to generate revenue of US$4,280.00 million by 2024, with projections for the market to reach US$5,417.00 million by 2027. This growth represents an annual rate of 8.17% (CAGR 2024–2027). By 2027, the user base in the African video game market is expected to reach 212.7 million.
Mordor Intelligence provides additional insights, forecasting that the African video game market will grow to $3.72 billion by 2029, expanding at a compound annual growth rate (CAGR) of 11.62% between 2024 and 2029.
The Surge in Mobile Gaming Within Africa
The surge in mobile gaming within Africa has been fueled by factors such as the widespread adoption of smartphones, enhanced Internet access, and the introduction of high-bandwidth network technologies like 5G. These advancements have collectively spurred the demand for the gaming industry in the region.
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