Sony invests in South African gaming startup Carry1st

Sony, through its venture arm, the Sony Innovation Fund, has made an investment in South African gaming startup Carry1st, aimed at unlocking new commercial opportunities in collaboration with the PlayStation creator. Despite the details of the partnership being unclear at this stage, it represents a significant development in the early stages.

Carry1st’s CEO and co-founder, Cordel Robbin-Coker, disclosed that discussions with Sony Innovation Fund began approximately eight or nine months ago. He emphasized that Africa is emerging as the next major territory for video game sales, underscoring Sony’s investment as a major bet on the African video game market’s potential growth, which has seen a rapid pace, even as global sales slowed post-pandemic.

According to Statista, Africa’s video game market is forecasted to accumulate $4,280.00 million in revenue by 2024, potentially growing to a projected market size of $5,417.00 million by 2027, exhibiting an annual growth rate of 8.17% (CAGR 2024–2027). By 2027, the African video game market is projected to house 212.7 million users.

Meanwhile, Mordor Intelligence projects the African video game market value to stand at $3.72 billion by 2029, expanding at a compound annual growth rate (CAGR) of 11.62% from 2024 to 2029.

Factors such as the widespread use of smartphones, enhanced internet access, and the advent of high-bandwidth network connectivity such as 5G have spurred the growth of mobile gaming in Africa and accelerated demand for the gaming industry in the region.