Fund to invest in SA’s creative, cultural industries announced
The Marketing, Advertising, and Communications (MAC) Sector Council, in collaboration with eQvest Limited, has announced the Media, Advertising, and Communications Charter (MACC) Fund.
The MACC Fund is positioned as a transformative instrument within South Africa’s creative and cultural industries, particularly the film and television sector.
The council and eQvest made the announcement during a media briefing at The Syrene Hotel in Sandton, Johannesburg, on Wednesday.
Council members, together with eQvest executives, highlighted the fund’s role in fostering social impact and its compliance with Broad-Based Black Economic Empowerment (B-BBEE) standards in the MAC sector.
According to the team, the MACC Fund represents a significant step forward in catalysing growth and transformation within the media, advertising and communications industry.
By fostering diversity and inclusivity, the fund seeks to create a more equitable playing field, empowering underrepresented voices and promoting innovation.
Chairperson of the MAC Sector Council, Angelo Tandy, hailed the collaboration with eQvest as a significant milestone in their endeavour to foster meaningful progress in the industry.
“The MACC Fund represents a powerful tool for advancing diversity, equity, and inclusion, and we are excited to see the impact it will have on the sector,” Tandy explained.
Hosted on the eQvest funding platform, the fund represents a pioneering initiative to bridge the gap between promising private companies and potential investors, driving economic empowerment and fostering diversity within the media landscape.
eQvest CEO, Nathaniel Bricknell, said his company was thrilled to collaborate with the MAC Sector Council in launching the fund.
“This initiative underscores our shared commitment to driving positive change and fostering innovation within the media, advertising, and communications industry. Together, we will work towards a more inclusive and equitable future,” Bricknell added.
By leveraging a unique private-public partnership model, the initiative aims to boost investment into areas critical for national development.
It also includes social cohesion, nation-building and poverty alleviation, above-the-line media, outdoor media buying, equipment purchasing, as well as infrastructure development.
The partnership recognised that the local industry falls short of global counterparts such as Hollywood, Bollywood and Nollywood in terms of production volume and market share.
This shortfall is often due to insufficient private sector investment and the underuse of available incentives, including tax allowances for film investors.
The MACC Fund was created as a critical response to these challenges, providing focused investment and support to promote equitable growth, bolster sectoral capabilities, and guarantee a unified strategy for transforming the landscape of these industries.
The MAC Sector Council is a leading authority in the media, advertising, and communications industry, dedicated to promoting diversity, equity, and innovation.
Comprised of industry leaders and experts, the council works collaboratively to address key challenges and opportunities facing the sector. The council is responsible for, among other things, overseeing the implementation and monitoring compliance with the council’s code.
It also guides on matters relating to BEE in the MAC sector and develops baseline indicators for all different elements of the B-BBEE.
The eQvest is a pioneering investment platform committed to driving positive change and fostering innovation in the private equity space.
With a focus on sustainability and social impact, eQvest connects investors with high-potential investment opportunities, driving growth and transformation across various sectors.
For more information on the fund visit https://maccfund.co.za. – SAnews.gov.za
Gabisile
Thu, 05/09/2024 – 12:59
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