Mdundo is one of the pan-African music streaming services that has been growing over the past couple of years. It ended 2021 with 13.3 million monthly active users, but in a strategy update published for investors yesterday, the company said it expects to have 19-20 million users by the end of this month.
However, Mdundo is setting its sights much higher than that in the next few years: the company is aiming to grow to 50 million monthly active users by 2025, fuelled by anticipated growth in Kenya, Tanzania, Nigeria, Ghana and South Africa.
Telco partnerships will also be part of this strategy, while Mdundo also says it is planning to add sports content and podcasts to its service in the coming years as it diversifies beyond music. “Our growth strategy the last two years has paid off with strong user growth and consistent revenue growth across our core markets,” said CEO Martin Nielsen.