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African streaming service Mdundo has published its latest annual report, with new stats on how its business is growing.

At the end of June 2023, Mdundo had 26.6 million monthly active users, up from 20.3 million a year before. The company’s annual revenues grew by 74% to DKK 12.6m ($1.79m at current exchange rates).

Within that, subscription revenues grew by 239% to DKK 4.4m, and are now 35% of Mdundo’s total revenues. That’s up from 18% the previous year.

Nigeria, Kenya, Tanzania, Ghana and South Africa are its biggest markets, accounting for 15 million of its monthly active users.

Mdundo is not profitable yet: it posted a net loss of DKK 10.2m in its last year. However, it is predicting further growth in listeners in the coming year, targeting 35 million monthly active users by the end of June 2024.

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