HYGH Meets with Africa Partner, Joseph Hundah
We were thrilled to meet last week, with our advisor Joseph Hundah, CEO and President of Econet Media Group. We announced our partnership with Joseph in March to join HYGH as an advisor and board member. Joseph has established a new company called Banaya Media, and has entered into an exclusive partnership for the HYGH platform for Sub-Saharan Africa.
Joseph is a seasoned media and finance executive with over 20 years’ Pan-African and international experience. His previous roles include Executive Vice President: Africa for Modern Times Group as well as Managing Director of Multichoice, Nigeria; Operations Director for M-Net, Sub-Saharan Africa, and Chief Financial officer for M-Net and Super Sport International Holdings Limited and General Manager Finance at the South African Broadcasting Corporation.
Econet Media Group ( “Kwesé”) is a subsidiary of telecommunications powerhouse Econet Wireless and are focused on developing media products ranging from traditional to new media. The company owns exclusive rights for Netflix in Africa.
The Digital out of Home Opportunity in Africa
Banaya Media wants to participate in our disruption of the advertising industry in Africa. Advertising markets are directly correlated with consumer spend, and Africa’s consumer spending is seeing explosive growth, reaching $600 billion in 2010 with forecasts to surpass $1 trillion by 2020.
Out of Home advertising makes up 30% of total ad spend in Sub-Saharan Africa (SSA), with the total SSA out of home ad spend estimated at $600mn in 2018 with a cagr of 20% ($182mn for South Africa). The OOH market has also been the exclusive platform for big brands while Africa’s economy is dominated by SME’s who have no access to advertising platforms. HYGH offers an out of home solution in a sector that currently has limited regulation and enormous opportunity.
Joseph's visit was an opportunity to meet with the team at HYGH, deep dive into our product development and the technology that underpins it. Amongst detailed discussions as to our progress and plans for the next quarter, we also provided a demonstration of our technology to date. It was a fantastic opportunity to confirm our thesis, showcase our innovation, and drive things forward for the future.