MACC Fund launched to transform SA’s creative and cultural industries

Members of the council and eQvest executives underscored the fund’s commitment to social impact and adherence to Broad-Based Black Economic Empowerment (B-BBEE) standards within the MAC sector.

The Marketing, Advertising, and Communications (MAC) Sector Council, in partnership with eQvest Limited, has launched the Media, Advertising, and Communications Charter (MACC) Fund, a new initiative aimed at transforming South Africa’s creative and cultural industries, with a particular focus on the film and television sectors.

The announcement was made during a media briefing held at The Syrene Hotel in Sandton, Johannesburg, on Wednesday. Members of the council and eQvest executives underscored the fund’s commitment to social impact and adherence to Broad-Based Black Economic Empowerment (B-BBEE) standards within the MAC sector.

The MACC Fund is designed to catalyze growth and transformation within the media, advertising, and communications industry by promoting diversity and inclusivity. This initiative aims to level the playing field by empowering marginalized voices and spurring innovation.

Angelo Tandy, Chairperson of the MAC Sector Council, described the partnership with eQvest as a critical milestone in their efforts to drive significant progress within the industry. “The MACC Fund is a vital tool for advancing diversity, equity, and inclusion. We are eager to witness its positive effects on the sector,” said Tandy.

Hosted on eQvest’s funding platform, the fund is a pioneering effort to connect promising private companies with potential investors, thereby driving economic empowerment and enhancing diversity in the media landscape.

Nathaniel Bricknell, CEO of eQvest, expressed his enthusiasm about the collaboration, stating, “This initiative highlights our mutual dedication to effecting positive change and fostering innovation in the media, advertising, and communications industry. Together, we aim to cultivate a more inclusive and equitable future.”

The initiative employs a unique public-private partnership model to stimulate investment into key areas essential for national development, including social cohesion, nation-building, poverty alleviation, media buying, equipment purchases, and infrastructure development.

The partnership also acknowledges the local industry’s lag behind major global markets like Hollywood, Bollywood, and Nollywood in production volume and market share, often due to a lack of private sector investment and underutilization of available incentives, such as tax allowances for film investors.

The creation of the MACC Fund is a strategic response to these challenges, aiming to provide targeted investment and support to foster equitable growth, strengthen industry capabilities, and ensure a cohesive approach to transforming these industries.

The MAC Sector Council is a leading body within the media, advertising, and communications industry, dedicated to advancing diversity, equity, and innovation. Comprising industry leaders and experts, the council actively works to address the pivotal challenges and opportunities in the sector, including overseeing compliance with the council’s code and guiding B-BBEE matters.

eQvest is an innovative investment platform committed to driving positive change and innovation in the private equity space. Focused on sustainability and social impact, eQvest connects investors with high-potential investment opportunities, driving growth and transformation across various sectors.