Based in Africa, Mdundo is now one of the handful of music streaming services that are publicly traded companies – in its case, in Denmark. That means we get a regular look at its user stats and finances, as with its latest report covering the second half of 2020.
Mdundo ended the year with seven million monthly active users, up from five million at the end of June. Mdundo says it’s aiming for rapid growth this year though: nine million users by June, and 18 million towards 2022. How is this paying off? Mdundo generated DKK 1.3m from ads in the second half of 2020, which is around $211.6k.
Although it does have a premium subscription tier, the company says it is focusing on the ad-supported free tier for now. However, a partnership with telco Vodacom Tanzania launched early in January has so far signed up 5,000 paying beta subscribers, with a full launch to come. As for profits, well, they’re something for the future too: Mdundo posted an operating loss of DKK 2.9m ($472.1k) for the second half of 2020.
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