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Musical events: How lucrative are they?
Rwanda is certainly seeing investments in the entertainment industry, such as the highly anticipated Burna Boy concert, that is trending on social media. For more to explore on how lucrative this business can be CNBC Africa is joined by Matthew Rugamba, Director of the event company, Entertainment Factory.
Fri, 22 Mar 2019 10:08:17 GMT
Disclaimer: The following content is generated automatically by a GPT AI and may not be accurate. To verify the details, please watch the video
AI Generated Summary
- Rugamba and his experienced team, with a background in organizing large events, have ventured into the musical events space, starting with the Burna Boy concert to capitalize on the artist's popularity and global appeal.
- Securing funding and trust from consumers and sponsors is vital for the success of events, with meticulous planning and alignment with government development goals playing a crucial role in driving economic impact and industry growth.
- Partnerships with Visit Rwanda and the Rwanda Convention Bureau demonstrate the synergies between private event companies and government entities, showcasing the potential for Rwanda to become a leading destination for world-class entertainment experiences.
Rwanda is making waves in the entertainment industry with investments in high-profile events like the highly anticipated Burna Boy concert, which has been creating a buzz on social media platforms. To delve deeper into the lucrative business of musical events, CNBC Africa sat down with Matthew Rugamba, Director of Entertainment Factory, a leading event company in Rwanda.
Rugamba, alongside his experienced team, has a background in organizing large-scale events, including fashion weeks, giving them valuable insights into the intricacies of concert planning. Despite this being their first event as a team, Rugamba and his partners saw an opportunity with Burna Boy, one of the biggest African artists of the moment, who is set to perform at Coachella. They left no stone unturned to make this event a reality, showcasing their commitment to delivering a world-class experience.
The process of putting together such a high-caliber event requires substantial investment and building trust with consumers and sponsors. Rugamba emphasized the importance of demonstrating seriousness and reliability to stakeholders, which helps secure funding and support for future ventures. While the financial aspect remains a challenge, Rugamba and his team have meticulously planned to ensure the success of the Burna Boy concert and have already begun discussions for upcoming events, ranging from intimate gatherings to destination experiences.
One of the key partnerships that Entertainment Factory has forged is with Visit Rwanda and the Rwanda Convention Bureau, aligning their event strategies with the country's broader development goals. By strategically timing their events to coincide with major conferences, Rugamba's team maximizes the economic impact of their shows, attracting delegates to Rwanda earlier, resulting in increased spending on accommodation, dining, and entertainment. This symbiotic relationship not only benefits the entertainment industry but also contributes to the overall economic growth of the country.
Rugamba stresses the importance of aligning with the government's development priorities to garner support for future ventures. By demonstrating how their events contribute to Rwanda's goals, Entertainment Factory positions itself as a valuable partner in driving economic activity and promoting the country as a vibrant entertainment destination. Moving forward, Rugamba affirms that they will continue to prioritize collaboration with government entities to amplify the impact of their events and further enhance Rwanda's entertainment sector.
In conclusion, the success of the Burna Boy concert serves as a testament to Rwanda's growing prominence in the entertainment landscape and the potential for the country to become a hub for world-class musical events. Through strategic partnerships, meticulous planning, and a commitment to excellence, Entertainment Factory is at the forefront of shaping Rwanda's entertainment industry and paving the way for future success.
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