Investors should overcome their fear of investing in the entertainment industry as artists continue to prove their worth and there is more untapped potential in the industry, according to renowned Rwandan journalist David Bayingana.
Bayingana, who has been in the creative industry for over the past two decades, recently posted an open letter to investors and business companies via his social media platforms, challenging them to fearlessly invest in the entertainment industry as artists have consistently proven themselves worthy of investment.
"It has come to attention that several companies, particularly in the marketing and PR sectors, have shown reluctance to support local artists, often due to misguided advice about the viability or impact of such partnerships," he noted
Bayingana emphasized that Rwandan artists have consistently demonstrated their relevance and influence, both locally and regionally by staging concerts at big venues like BK Arena.
Yet, one crucial challenge continues to persist as companies aren't showing full commitment in investing in the sector.
This hesitancy, Bayingana argued, hinders investors from recognizing the untapped potential within the entertainment industry.
"This speaks volumes about the untapped potential that businesses are failing to recognize," he noted.
The fear factor
Igor Mabano, a Rwandan singer, songwriter, and producer, echoed Bayingana's perspective on investors' hesitancy. He noted that the fear of financial loss often stems from the limited examples of successful entertainment investments in Rwanda.
"The business is growing; we can't ignore what has been achieved so far. But we cannot also condemn investors for their reluctance," the artiste told The New Times.
"Usually, it is the fear of losing, due to the fact that they do not have examples of at least more than five people who have done it and made money out of it. Even those who came, they left earlier, so there are a lot of factors that act as hindrances."
Mabano admits that lack of financial investment continues to hold the growth of local artistes back and encourages investors not to wait for someone else to inspire them to invest in the entertainment industry.
"I think what we can do as artists is to use all our energy to entertain people without giving up. For investors, I can advise them to be fearless and see that it is possible to invest in entertainment without waiting for someone else to do it and act as an example for them to act," he said.
Bayingana emphasized that companies are missing out on untapped opportunities in the industry that do not only contribute on the development of an artist, but also the economy of the country as a whole.
"By failing to engage with this community, companies are missing out on valuable opportunities to connect with a passionate, loyal audience & contribute to the economic development of Rwanda," he said.
"Rwandan artists have already shown what they are capable of; now it is up to businesses to step up and be part of that success story", he said.
Renowned Rwandan promoter and artistes' manager Alex Muyoboke highlighted cases where Rwandan artists outperformed international acts in terms of audience turnout.
"The Ben sold out the BK Arena, but some companies refused to sponsor his concert and gave their support to Ruger instead. Ruger's concert, however, had a smaller audience compared to The Ben's," Muyoboke argued, emphasizing the need for investors to trust local talents.
"Investors are making the wrong choices by not trusting Rwandan artists. If they invested in them, they would see significant returns. The numbers speak for themselves--The Ben did amazing," he said.
Muyoboke indicated that the issue discourages promoters when investors choose a foreign or international artist over a local artist.
"As promoters, it discourages us when investors do not give money to a local artist and give it to a foreign artist, yet Rwandan artists have proven themselves capable multiple times," he said.
"Banks, investors, and more should give their trust to artists. If a bank can give a car loan to an individual, why can't they trust an artist with a talent and give them that chance?"
On the investors side, though the number is still small, some investors and business companies have showed confidence in Rwandan music industry by allocating sponsorship to various entertainment activities.
SKOL Brewery is one of few local companies which spend a portion of their budget in sponsoring entertainment events in Rwanda.
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For instance, the brewer sponsored Isango na Muzika Awards and a host of concerts while it also signed a deal with renowned Rwanda gospel musician Israel Mbonyi as the brand ambassador of their non-alcoholic product 'Maltona.'
Karim Tuyishimire, the commercial operations manager at SKOL Brewery Ltd in Rwanda, called on investors to view entertainment as a strategic investment rather than an expense.
"We encourage investors to see entertainment not merely as an expense but as a strategic investment in culture, youth empowerment, and community building. When we nurture our creative industries, we unlock a vibrant sector that contributes significantly to national development and offers immense social and economic benefits," Tuyishimire said.
He said there is more untapped potential in Rwandan creative industry as the country continues to experience rapid development, adding that partnerships with artistes create brand visibility and foster growth in Rwanda's entertainment ecosystem.
"We see these partnerships as mutually beneficial, as they allow us to support talent, inspire innovation, and foster the growth of Rwanda's entertainment ecosystem."
