TECH - Sony Bets Big On Africa's $1 Billion Gaming Industry With Carry1st Partnership | Benzinga
Sony Group Corporation (NYSE:SONY) is expanding its gaming footprint by investing in an African gaming startup, Carry1st.
What Happened: Sony, the maker of the popular PlayStation gaming console, has made an undisclosed investment in Carry1st, a gaming studio based in Cape Town, South Africa, reported CNBC on Monday. The investment is through Sony’s venture arm, the Sony Innovation Fund.
The investment is a strategic move that will see the two companies collaborating on various commercial opportunities. The partnership is currently in its early stages.
Carry1st’s CEO and co-founder, Cordel Robbin-Coker, pitched Africa to Sony as the next major gaming market. He highlighted the increasing console adoption in countries like Nigeria, Morocco, and Algeria.
According to research from Carry1st and venture capital firm Konvoy, the African gaming industry is expected to surpass $1 billion in 2024. Many African gamers purchase consoles from “gray” markets, where vendors import and resell consoles locally.
Carry1st’s partnership with Sony aims to help ...