How Africa’s Disruptive Media Industry Can Help To Spur Economic Growth

By Soko Directory Team / Published November 10, 2023 | 2:56 pm



Movies

Technological innovation continues to fundamentally change the global media industry. Consumers today face a proliferation of sources and social media platforms to navigate, with algorithms influencing how people engage with news and creating limited space for meaningful dialogue. Meanwhile, media companies are increasingly investing in data science and automation to better engage users and provide them with a better product.

It’s in that online information landscape and amid these new trends that industry and society face one of the biggest challenges – misinformation. Trusted, impartial information is at the heart of impactful news reporting, and keeping up with shifting digital and information consumption trends requires consistent investment and innovation.

This is understandably creating skepticism amongst consumers, particularly in Africa, with more than three-quarters of people suspecting the news they’re reading, watching, or scrolling through could be fake. The proliferation of misinformation, fuelled by polarised societies and enabled by new technology is creating a febrile media environment. That’s even before AI, the next major global disruptor, really makes its impact.

However, with change and evolution come opportunities. If Africa’s media sector can come up with new and innovative solutions needed to tackle the challenges of the 21st-century information landscape, it will reap significant benefits for the continent’s economy.

The opportunity for growth is there for the taking. Although traditional media consumption is declining, media consumption is growing overall, driven by digital media. In fact, by 2025, African markets will make up around 10% of the $2.5 trillion global media and entertainment industry.

In addition to driving up revenues for African news publishers, the rise of digital also presents important advantages for people in all corners of the continent, with new and more engaging cross-platform experiences available at the click of a button across video, audio, and mobile.

We’re already seeing this opportunity play out across Africa. Streaming video usage is higher in the Middle East and Africa than anywhere else in the globe – with users spending one minute more per day than the average North American.

How Africa capitalizes on this opportunity and tackles global challenges like misinformation will be front of mind for some of the world’s most prominent media, business, government, tech, and community leaders as they gather in Cape Town this week for the Bloomberg Africa Business Media Innovators Forum 2023. The event is part of the Bloomberg Media Initiative Africa (BMIA), a collaboration between leading African universities, non-profit groups, and the private sector, aimed at strengthening financial journalism and economic data across the continent.

With ongoing political and economic instability across the world, the need to build a vibrant and responsible media ecosystem that promotes transparency and accountability from governments has never been more important. Reliable news enables, informs, and engages its audiences so that everyone can make better decisions – the public, business, and foreign investors. This includes boosting access to news online. Reliable internet access and cellular infrastructure are critical and that requires investment in fiber networks and broadband connectivity that is still lacking in some parts of the world.

Bloomberg recently invested in new media operations in the region. Adding live reporting and new TV programming from Johannesburg, Kigali, and Lagos has enhanced our breaking news operations and analysis on the continent, and as part of it, demonstrated how a commitment like this can show investment in infrastructure. The great work we’ve started in Africa will be a content engine for all of Bloomberg’s distribution platforms.

As well as capitalizing on new technology and infrastructure, a key part of the solution is making sure we’re investing in Africa’s next generation of journalists, ensuring companies work hand in hand with business and journalism schools. The BMIA is just one small example of this, launched in 2014 to advance business journalism in Africa. Ever since it’s been leading educational programs and fellowships to increase the number of highly trained financial journalists and working to stimulate new media innovations.

Boasting the youngest and fastest-growing population of any world region, the potential for continued job creation and economic growth across Africa is palpable. The importance that the media plays in educating and empowering people means that the industry will be a crucial part of this growth. By harnessing technology and innovation across the sector, we can foster the right environment for journalists to flourish, powering prosperity now and in the future.

Read Also: 90 Media Leaders Attend The “Bloomberg Africa Business Media Innovators” Forum 2023

M. Scott Havens is the CEO, of Bloomberg Media




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

View other posts by Soko Directory Team


More Articles From This Author








Trending Stories










Other Related Articles










SOKO DIRECTORY & FINANCIAL GUIDE



ARCHIVES

2024
  • January 2024 (238)
  • February 2024 (227)
  • March 2024 (190)
  • April 2024 (133)
  • May 2024 (157)
  • June 2024 (145)
  • July 2024 (91)
  • 2023
  • January 2023 (182)
  • February 2023 (203)
  • March 2023 (322)
  • April 2023 (298)
  • May 2023 (268)
  • June 2023 (214)
  • July 2023 (212)
  • August 2023 (257)
  • September 2023 (237)
  • October 2023 (264)
  • November 2023 (286)
  • December 2023 (177)
  • 2022
  • January 2022 (293)
  • February 2022 (329)
  • March 2022 (358)
  • April 2022 (292)
  • May 2022 (271)
  • June 2022 (232)
  • July 2022 (278)
  • August 2022 (253)
  • September 2022 (246)
  • October 2022 (196)
  • November 2022 (232)
  • December 2022 (167)
  • 2021
  • January 2021 (182)
  • February 2021 (227)
  • March 2021 (325)
  • April 2021 (259)
  • May 2021 (285)
  • June 2021 (272)
  • July 2021 (277)
  • August 2021 (232)
  • September 2021 (271)
  • October 2021 (305)
  • November 2021 (364)
  • December 2021 (249)
  • 2020
  • January 2020 (272)
  • February 2020 (310)
  • March 2020 (390)
  • April 2020 (321)
  • May 2020 (335)
  • June 2020 (327)
  • July 2020 (333)
  • August 2020 (276)
  • September 2020 (214)
  • October 2020 (233)
  • November 2020 (242)
  • December 2020 (187)
  • 2019
  • January 2019 (251)
  • February 2019 (215)
  • March 2019 (283)
  • April 2019 (254)
  • May 2019 (269)
  • June 2019 (249)
  • July 2019 (335)
  • August 2019 (293)
  • September 2019 (306)
  • October 2019 (313)
  • November 2019 (362)
  • December 2019 (318)
  • 2018
  • January 2018 (291)
  • February 2018 (213)
  • March 2018 (275)
  • April 2018 (223)
  • May 2018 (235)
  • June 2018 (176)
  • July 2018 (256)
  • August 2018 (247)
  • September 2018 (255)
  • October 2018 (282)
  • November 2018 (282)
  • December 2018 (184)
  • 2017
  • January 2017 (183)
  • February 2017 (194)
  • March 2017 (207)
  • April 2017 (104)
  • May 2017 (169)
  • June 2017 (205)
  • July 2017 (189)
  • August 2017 (195)
  • September 2017 (186)
  • October 2017 (235)
  • November 2017 (253)
  • December 2017 (266)
  • 2016
  • January 2016 (164)
  • February 2016 (165)
  • March 2016 (189)
  • April 2016 (143)
  • May 2016 (245)
  • June 2016 (182)
  • July 2016 (271)
  • August 2016 (247)
  • September 2016 (233)
  • October 2016 (191)
  • November 2016 (243)
  • December 2016 (153)
  • 2015
  • January 2015 (1)
  • February 2015 (4)
  • March 2015 (164)
  • April 2015 (107)
  • May 2015 (116)
  • June 2015 (119)
  • July 2015 (145)
  • August 2015 (157)
  • September 2015 (186)
  • October 2015 (169)
  • November 2015 (173)
  • December 2015 (205)
  • 2014
  • March 2014 (2)
  • 2013
  • March 2013 (10)
  • June 2013 (1)
  • 2012
  • March 2012 (7)
  • April 2012 (15)
  • May 2012 (1)
  • July 2012 (1)
  • August 2012 (4)
  • October 2012 (2)
  • November 2012 (2)
  • December 2012 (1)
  • 2011
    2010
    2009
    2008
    2007
    2006
    2005
    2004
    2003
    2002
    2001
    2000
    1999
    1998
    1997
    1996
    1995
    1994
    1993
    1992
    1991
    1990
    1989
    1988
    1987
    1986
    1985
    1984
    1983
    1982
    1981
    1980
    1979
    1978
    1977
    1976
    1975
    1974
    1973
    1972
    1971
    1970
    1969
    1968
    1967
    1966
    1965
    1964
    1963
    1962
    1961
    1960
    1959
    1958
    1957
    1956
    1955
    1954
    1953
    1952
    1951
    1950