Mdundo is one of the fast-growing music-streaming services in Africa, and because it’s a public company we get more insight on that growth than from its rivals.
The company has just published guidance for its next financial year, which runs until June 2024. It expects to grow from 26 million monthly active users to 35 million by that point – “a remarkable 35% surge” – while it also predicts 31% growth in its revenues.
Those are still relatively small by global DSP standards – DKK 17-21m ($2.5m-$3.1m at current exchange rates) – but Mdundo sees strong growth ahead in its focus markets of Nigeria, Kenya, Tanzania, Ghana and South Africa.
Those five countries currently account for just under 68% of Mdundo’s active users.
The company is also continuing to sign partnerships with mobile operators, with its existing deals with telcos including Vodacom, Airtel and MTN generating a third of its revenues at the moment.