Venture capital firm Talent10 Holdings and the Industrial Development Corp (IDC) have committed R1.9-billion (US$100-million) to developing new entertainment and gaming franchises in South Africa.
The announcement was made at the premiere of Boy Kills World , a movie funded, filmed and produced entirely in South Africa.
"We identified an opportunity to provide longevity to our collective investment by creating an expanded universe of Boy Kills World that paves the way for future projects to be funded and produced in South Africa," said Talent10 CEO Wayne Fitzjohn.
Speaking to journalists at a pre-screening press conference in Johannesburg on Tuesday evening, Fitzjohn said Talent10 chose to invest in the gaming and entertainment industries because of the potential these have to create sustainable revenue while making use of the strengths local skills have to offer.
Talent10's foray into the technology space led to success for the company as a funder of IoT.nxt, the internet-of-things specialist firm that was sold to Vodacom Group in 2019 .
Its expansion into gaming and entertainment, he said, will take advantage of projected industry growth, South Africa's established reputation as a choice filming destination, and the opportunity to develop intellectual property locally while exploiting larger international markets.
Big destination"We've landed in the IP space, and we like that space because ideation is something that South Africans do pretty well. You can tell that by how many South Africans working abroad are leading in this sphere," said Fitzjohn.
"South Africa is already a big destination for films, but unfortunately none of it originates from here and the big stuff is not owned here."
Boy Kills World aims to build a universe that interweaves the film with gaming through a title called Super Dragon Punch Force, a fighting game created by Talent Digital Art, Talent10's gaming subsidiary. Super Dragon Punch Force 3 was launched at the Cape Town Comicon event on 27 April.
Talent10 believes that South Africa offers "exceptional" value for money compared to US dollar-based production costs while maintaining high quality.
In an interview with TechCentral in August, Anthony Silverston, creative director at Cape Town-based Triggerfish Animation, echoed this sentiment in how it applies to the animation industry.
South Africa has "made a big impact on the animation industry internationally", said Silverston. "Globally, people have a great respect for the local industry. People generally feel like we work hard; we add a lot of creative value. They see the quality of the work and that excites them."
"South Africa is definitely open to the international film industry. Boy Kills World is anticipated to perform well at the box office, which could signify a significant boost for South Africas entertainment industry. A successful film release would attract further investment and attention to the countrys film production capabilities," said Fitzjohn. - © 2024 NewsCentral Media
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