Two weeks, ago, African music service Mdundo, which listed on the Danish stock exchange (the Nasdaq First North Growth Market) in September 2020, announced a new licensing deal with Universal Music Group (UMG).
At the time, Mdundo reported to have 17 million active monthly users across Africa, which means the service had added 10 million since February 2021.
Mdundo has now issued a new update to its MAU number, revealing that its service had 20.3 million monthly active users in June 2022, which was up 74% versus June 2021.
The company says that it is aiming to reach 50 million Monthly Active Users as well as a positive EBITDA for the financial year ending June 2025.
For the 2022/2023 financial year, the company says that it expects to hit 25 million monthly active users.
Mdundo’s biggest country for Monthly Active Users in June was Nigeria, with a total of 4.9 million monthly users, followed by South Africa with 3.7 million, Kenya with 2.8 million and Tanzania with 2.4 million.
In addition to the four biggest countries, the company says that it had a strong user base in several other countries including Uganda, Ethiopia, Ghana, Congo – Kinshasa, Zambia, Sudan, Cameroon, Angola, Zimbabwe, Mozambique, Rwanda, Côte d’Ivoire, South Sudan and Malawi.
UMG was the latest major record company to ink a licensing deal with Mdundo, which was established in Kenya in 2013 and is now headquartered in Denmark.
Mdundo has also secured deals with telecommunication companies like Vodacom Tanzania, MTN Nigeria and Airtel Nigeria.
“The team has been working hard towards our goal of 18m monthly users by June 2022, set two years ago at our IPO. The target was later adjusted to 19-20 million.”
Martin Møller Nielsen, Mdundo
Martin Møller Nielsen, Mdundo CEO, said: “The team has been working hard towards our goal of 18m monthly users by June 2022, set two years ago at our IPO. The target was later adjusted to 19-20 million.
“We have had a strong focus on creating a locally relevant service for the past two years, our strategy is paying off and it is extremely satisfying to beat our user target.
“This emphasizes the growth potential for our service and we’re extremely motivated to work towards 50m monthly users by June 2025.”
“The growth is a result of continuously focusing on locally relevant service and content as well as our strategic partnerships and we expect it to continue towards our goal of 25m by June 2023 and 50m by June 2025”.
Michael Okeje, Mdundo
Michael Okeje, Head of Growth, at Mdundo, added: “We are extremely satisfied with the growth we’ve experienced over the past 12 months.
“South Africa has grown almost 20-fold in the last year, Kenya has more than doubled and Nigeria by 75% in the last year showing the huge potential for our services within our focus markets.
“The growth is a result of continuously focusing on locally relevant service and content as well as our strategic partnerships and we expect it to continue towards our goal of 25m by June 2023 and 50m by June 2025”.Music Business Worldwide