Earlier this year, African music streaming service Mdundo outlined its ambitions to reach 50 million monthly active users [MAUs] by 2025. How’s that going? Well, the company’s latest report for investors shows that at the end of the last quarter it had 21.5 million MAUs, up 107% year-on-year. Nigeria is its biggest market with more than 6.5 million users, followed by Kenya, South Africa and Tanzania.
Mdundo said that it remains on track for the 50 million milestone by June 2025. The company cited its recent licensing deal with UMG and the launch of its Mdundo Premium service with Ghanaian telco MTN as highlights. The report’s publication follows last month’s annual financials for Mdundo, which revealed that in the year to 30 June 2022 the company’s revenues grew by 215.6% to DKK 7.3m ($947k), although its annual losses totalled DKK 9.7m ($1.3m).
Mdundo is still a mainly ad-supported service, but revenues from subscriptions accounted for 18% of the company’s revenue in its last financial year, up from 2% the year before.
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