VENTURES AFRICA – South Africa’s black business body, the National African Federated Chamber of Commerce and Industry (NAFCOC) has purchased a 20 percent stake in Mobile TV, thus becoming the body’s maiden investment in cutting edge media technology.
In a statement issued by the founder and chairperson of Mobile TV, Dr Mothobi Mutloatse, he described NAFCOC’s investment as a major step, considering the fact that the body is the first organized black business grouping that is investing in cutting edge technology in the media sector.
“This investment is likely to have a major impact on ownership, control and management demographics in South Africa,” Dr Mothobi said.
While speaking on behalf of its chairperson, Lawrence Mavundla said Mobile TV technology is the panacea to the problem of lack of access to information and entertainment in the rural areas.
“If one considers the investment required to purchase a set-top box to decode encrypted television signal, it makes complete sense to circumvent the cost and go directly to the mobile technology that is available,” he said.
It would be recalled that Mobile TV was given a temporary license 15 months ago during which the technology was tested and is now ready for the next round, which includes attracting investors and seeking a permanent broadcast licence.