Creative industries call for more investments
THE entertainment fraternity is calling for more investments in the cultural and entertainment industries. During discussions at Jamaica Stock Exchange’s (JSE) 19th Regional Investments and Capital Markets Conference on Thursday at Jamaica Pegasus hotel in Kingston, veteran entertainment professionals joined forces, emphasising areas within the creative sector that could benefit from increased funding.
“We need to have a proper venture-funding facility run by people who understand creative business because that is more fit for purpose,” said chairman of Pulse Investments Limited Kingsley Cooper, highlighting key areas for potential investments.
While acknowledging that there have been previous investments in creative businesses, Cooper pointed out the potential for extraordinary returns from investing in enormous talent, citing examples like Bob Marley and
Producer and playwright Basil Dawkins
Jimmy Cliff. He suggested investing directly in talent, recognising their growth potential. Additionally, he proposed equity investment as an alternative option for the financial sector to consider.
During the COVID-19 pandemic the Government, through the Economic Recovery Task Force, conducted a study across various industries in 2020, determining that the entertainment and cultural industry had an economic impact of $84 billion.
“Specific to my area, just large festivals alone were about $28 billion out of that,” said Scott
Managing director of Dream Entertainment Limited Scott Dunn
Dunn, managing director of Dream Entertainment Limited, emphasising the industry’s potential for investment returns.
However, producer and playwright Basil Dawkins believes the authorities do not recognise the potential of marketing Jamaican cultural activities as part of tourism. He suggests moving away from the traditional tourism model to boost support for both the economy and the entertainment sector.
“Kingston may not need to rely on the beach and sun because we have so many other things that we still operate an eight-hour-a-day plant. We can’t have a city that thrives and changes its per capita GDP by operating the same way. I think we should be able to find a methodology to transform corporate Kingston into entertainment Kingston after the corporate office is closed,” suggested Dawkins.
Without the vision, he argues, there will be no development to move into committed, resilient action. Theatre-scripted plays have been on pause from international touring due to promoters overseas being unable to withstand the vigours of COVID-19, plus difficulties in obtaining work permits overseas, according to Dawkins. He suggests bringing the people to the plays instead of bringing the plays to the people, as a solution to revitalising plays locally.
“I am of the view that the vision has to be to make Kingston the cultural and entertainment capital of the region, including the eastern seaboard going up to North America. If it is not as big as that, we are wasting our time,” reiterated Dawkins.
In appealing to potential investors at the conference,
Cooper asserted that in his 40 years in the business there is still not at least one proper performing centre, which he says needs to be a public sector effort due to the high investment risk involved with the private sector attempting that independently.
“I wouldn’t encourage the folks here to put up a performing centre because they won’t make any money for a long time, and they will hold me responsible,” he said.
While international artistes have performed, such as at the recent Burna Boy concert at the National Stadium, Cooper pointed out that the infrequency of international artistes coming to perform would pose issues. However, a performing centre has to be purpose-built and must contribute to industry development.
“It must be [done by the] Government, and your return comes from the image of the country and the development of the people of the country — and that is what government is for. We somehow convince the Chinese to build so many things [so] have them build a proper performing centre and we [will] pay for it in the way
that we pay for everything else,” he explained.
To wrap up the discussions, executive director of Jamaica Intellectual Property Office (JIPO) Lilyclaire Bellamy used the opportunity to announce that, in light of requests for entertainers to have a health and pension scheme fund, progress is being made in that area to offer support to entertainers.
“The Government of Jamaica is putting in place health insurance for our entertainers, and it’s supposed to come on stream in the next financial year,” she said.
She also encouraged sports and entertainment individuals to obtain a trademark to protect themselves. She advised reaching out to the intellectual property office, or an intellectual property attorney, for proper guidance. Registration in Jamaica is facilitated by a number of international treaties, including the Madrid Protocol which will make it easier to protect your trademark in a number of other jurisdictions.