Hollywood icon Idris Elba is turning his attention to Africa as he embarks on an ambitious mission to transform the continent’s entertainment industry. Known for his iconic roles in “The Wire” and “Luther,” the actor, whose parents are from Sierra Leone and Ghana, plans to establish film studios across Africa, beginning with a 200-acre studio in Zanzibar, Tanzania.
The idea was sparked during discussions with Tanzanian President Samia Suluhu Hassan at the World Economic Forum in Davos. Elba envisions the Zanzibar studio as the foundation of a global entertainment hub, comparable to Hollywood, Bollywood, and Nigeria’s Nollywood.
Africa’s Creative Potential
Elba’s vision extends far beyond film production. He believes that Africa’s creative sector is vastly underrepresented on the global stage. “Much of the imagery about Africa isn’t even generated from Africa,” Elba said during an event in London. He emphasized the importance of allowing Africa’s young, optimistic population to tell their own stories.
With Africa making up 18% of the global population but contributing just 1% to the world’s creative economy, there is untapped potential. According to Goldman Sachs, this sector is expected to double in size over the next five years.
A recent UNESCO report highlighted that the African film industry alone could generate 20 million jobs and add $20 billion to the continent’s GDP by 2030. Global entertainment giants such as Netflix and Disney have already recognized this potential, investing in countries like Kenya, South Africa, and Nigeria.
Challenges and Solutions for Growth
Despite the potential, governments across Africa have yet to fully realize the economic value of the creative sector, according to Elba. The absence of regulation and investment—particularly in areas like copyright and financing—has hindered the industry’s growth. However, Elba sees the potential for Africa to experience a creative boom similar to South Korea’s entertainment industry, which saw explosive growth and contributed $27 billion to the economy.
Elba’s project isn’t just about building studios. He recognizes the need for innovative solutions to address payment challenges in regions with limited banking infrastructure. To tackle this, he has partnered with Stellar, a blockchain platform, to introduce Akuna Wallet, a digital wallet designed specifically for the creative economy.
Akuna Wallet: Enabling Financial Inclusion
The Akuna Wallet allows artists, filmmakers, and musicians to manage payments and royalties using peer-to-peer digital currency transactions. This innovation aims to overcome the financial barriers faced by many young Africans, particularly in regions where traditional banking is inaccessible.
A pilot program has already been launched in Ghana, where nearly 60% of the population is under 25 and many remain unbanked. By providing a secure way for creatives to manage their income, the wallet could help revolutionize the continent’s entertainment industry.
“Elba said, ‘We need a financial model that allows for consistent quality creation,’” highlighting the significance of such tools in fostering a sustainable entertainment economy in Africa.
The Future of Africa’s Entertainment Industry
Elba’s efforts to build studios, create financial systems, and empower local creators may be the start of a new era for Africa’s entertainment industry. If governments recognize the potential economic growth, they are likely to support and invest in the sector. As Elba optimistically concluded, “It will grow, and it can grow.”
