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Moguldom Media creates Website to encourage business relationships in Africa

(August 8, 2013) Moguldom Media Group, which owns popular black sites Bossip and MadameNoire, announced the launch of a website for consumers and business professionals in Africa as well as investors and others interested in doing business in fast-growing African markets.

The first property in Moguldom's new Emerging Markets Division, AFK Insider will also develop subscription web apps that help entrepreneurs and investors reduce the complexity of entering and doing business in African markets. As Moguldom continues to launch additional brands around African travel and entertainment, the company aims to become the leading digital content platform across the continent of Africa in the next three years.

Considered the world's fastest-growing continent, Africa offers tremendous opportunities for business professionals. A recent report by the African Development Bank (AfDB) found that Africa's middle class has tripled to more than 310 million people over the past 30 years. AfDB President Donald Kaberuka projects economic growth of 6.6 percent on average this year for Sub-Saharan Africa.

Meanwhile, household spending in Africa is projected to increase from $860 billion in 2008 to $1.4 trillion in 2020, according to a report by McKinsey. PwC reports that the number of mobile telephone subscriptions in Africa has risen from 16 million in 2000 to more than 500 million today, while consumer spending will almost double in the next ten years.

In launching a new African economic campaign called "Doing Business in Africa" (DBIA), U.S. President Barack Obama said, "Many American entrepreneurs and business leaders are unaware of the tremendous trade and investment prospects in sub-Saharan Africa."

Despite this vast potential, there are few high-quality resources for people seeking to do business in Africa. AFK Insider will meet this need with original and aggregated daily news, proprietary reports, and features about the business climate and developments in Africa. Published in English, French, and Portuguese, the website is intended for businesspeople within Africa; investors, professionals, and entrepreneurs around the world who already do business in Africa; and others who are interested in learning more about the growing opportunities there.

AFK Insider will be supported by a Moguldom office that was established in Johannesburg, South Africa this month. South Africa has been ranked as the leading emerging economy in Africa and among the top 15 worldwide according to the Emerging Markets Opportunity Index created by international advisory firm Grant Thornton.

In addition to providing content, AFK Insider engineers will develop web applications to help entrepreneurs and professionals reduce the complexity of entering and doing business in various African markets. These premium tools will be available on a subscription basis.

"We see ourselves as a first mover in Africa digital media and are well positioned for leadership," said Jamarlin Martin, Chairman and CEO at Moguldom Media Group. "There has been no premiere resource in the U.S. that delivers information to people who want to do business in Africa. AFK Insider will be a vital resource not only for consumers and business professionals in Africa, but also for those interested in Africa business news and doing business in this exciting, fast-growing region."

The new Moguldom Emerging Markets Division is central to the company's strategy to transition to a global digital media company. The division will launch additional digital brands in entertainment and travel targeting Sub-Saharan Africa, including AFK Travel, a resource for travelers interested in exploring and experiencing premier locations in Africa to search for, organize and book luxury accommodations in the continent.

In addition to meeting the needs of audiences, the division will provide creative services and advertising opportunities that allow brands to tap into the African market and emerging markets around the world. According to Nielsen's Global AdView Pulse 2012 report, advertising in the emerging markets of the Middle East and Africa rose more than 30 percent last year.

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